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East Midland Superbike Limited
ABRIDGED Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 04384559
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,779 41,038
30,779 41,038
CURRENT ASSETS
Stocks 601,333 654,171
Debtors 23,820 5,373
Cash at bank and in hand 251,133 188,734
876,286 848,278
Creditors: Amounts Falling Due Within One Year (537,275 ) (534,931 )
NET CURRENT ASSETS (LIABILITIES) 339,011 313,347
TOTAL ASSETS LESS CURRENT LIABILITIES 369,790 354,385
Creditors: Amounts Falling Due After More Than One Year - (879 )
NET ASSETS 369,790 353,506
CAPITAL AND RESERVES
Called up share capital 6 2 2
Profit and Loss Account 369,788 353,504
SHAREHOLDERS' FUNDS 369,790 353,506
Page 1
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 May 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Philip Stevens
Director
18 February 2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Abridged Financial Statements
1. General Information
East Midland Superbike Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04384559 . The registered office is 52 Alfreton Road, Derby, Derbyshire, DE21 4AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The tax expense represents tax currently payable by the company.  Current tax is recognised in the profit and loss account based on the taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expenses that are taxable or deductible in other years and items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is not recognised on timing differences arising from gains or losses in the financial statements that are taxable or deductible in future periods. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
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4. Tangible Assets
Total
£
Cost
As at 1 June 2023 191,572
As at 31 May 2024 191,572
Depreciation
As at 1 June 2023 150,534
Provided during the period 10,259
As at 31 May 2024 160,793
Net Book Value
As at 31 May 2024 30,779
As at 1 June 2023 41,038
5. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 879 5,274
Later than one year and not later than five years - 879
879 6,153
879 6,153
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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