Registered number
03257754
Shorrock Motorcycles limited
Unaudited Filleted Accounts
31 December 2024
Shorrock Motorcycles limited
Registered number: 03257754
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 325,347 332,874
Investments 4 102,520 102,520
427,867 435,394
Current assets
Stocks 423,010 545,692
Debtors 5 9,110 7,653
Cash at bank and in hand 897,768 846,203
1,329,888 1,399,548
Creditors: amounts falling due within one year 6 (49,316) (67,031)
Net current assets 1,280,572 1,332,517
Total assets less current liabilities 1,708,439 1,767,911
Provisions for liabilities (2,850) (3,300)
Net assets 1,705,589 1,764,611
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,705,489 1,764,511
Shareholders' funds 1,705,589 1,764,611
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C W A Shorrock
Director
Approved by the board on 16 April 2025
Shorrock Motorcycles limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 332,972 64,138 34,364 431,474
At 31 December 2024 332,972 64,138 34,364 431,474
Depreciation
At 1 January 2024 14,389 58,536 25,675 98,600
Charge for the year 4,667 1,120 1,740 7,527
At 31 December 2024 19,056 59,656 27,415 106,127
Net book value
At 31 December 2024 313,916 4,482 6,949 325,347
At 31 December 2023 318,583 5,602 8,689 332,874
4 Investments
Freehold
investment
property
£
Cost
At 1 January 2024 102,520
At 31 December 2024 102,520
The freehold investment property was acquired on 15 December 2010. The directors are satisfied with the cost valuation at the balance sheet date.
5 Debtors 2024 2023
£ £
Other debtors 9,110 7,653
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 12,184 12,384
Taxation and social security costs 27,908 48,113
Directors current accounts 1,575 1,476
Other creditors 7,649 5,058
49,316 67,031
7 Other information
Shorrock Motorcycles limited is a private company limited by shares and incorporated in England. Its registered office is:
84/86 Leyland Road
Penwortham
Preston
PX1 9XS
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