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Company registration number: SC072282
Jim Allan Motorcycles Limited
Unaudited filleted financial statements
31 December 2024
Jim Allan Motorcycles Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Jim Allan Motorcycles Limited
Directors and other information
Directors I Allan
D Allan
V Allan
Secretary I Allan
Company number SC072282
Registered office 20 North Bridge Street
Bathgate
West Lothian
EH48 4PS
Business address 20 North Bridge Street
Bathgate
West Lothian
EH48 4PS
Accountants Barrie Scott & Co.
16-18 Weir Street
Falkirk
FK1 1RA
Jim Allan Motorcycles Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Jim Allan Motorcycles Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jim Allan Motorcycles Limited for the year ended 31 December 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/regulation-technical-resources/documents/framework-for-the-preparation -of-accounts-revised-june-2020.
This report is made solely to the board of directors of Jim Allan Motorcycles Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jim Allan Motorcycles Limited and state those matters that we have agreed to state to the board of directors of Jim Allan Motorcycles Limited as a body, in this report in accordance with the requirements of ICAS as detailed at https://www.icas.com/regulation-technical-resources/ documents/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jim Allan Motorcycles Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Jim Allan Motorcycles Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jim Allan Motorcycles Limited. You consider that Jim Allan Motorcycles Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Jim Allan Motorcycles Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Street
Falkirk
FK1 1RA
16 June 2025
Jim Allan Motorcycles Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 273,688 287,391
_______ _______
273,688 287,391
Current assets
Stocks 729,401 678,534
Debtors 6 11,850 11,145
Cash at bank and in hand 34,037 55,316
_______ _______
775,288 744,995
Creditors: amounts falling due
within one year 7 ( 545,021) ( 516,489)
_______ _______
Net current assets 230,267 228,506
_______ _______
Total assets less current liabilities 503,955 515,897
Creditors: amounts falling due
after more than one year 8 ( 60,433) ( 67,593)
Provisions for liabilities ( 24,912) ( 27,502)
_______ _______
Net assets 418,610 420,802
_______ _______
Capital and reserves
Called up share capital 20,000 20,000
Revaluation reserve 73,635 73,635
Profit and loss account 324,975 327,167
_______ _______
Shareholders funds 418,610 420,802
_______ _______
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
D Allan
Director
Company registration number: SC072282
Jim Allan Motorcycles Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Jim Allan Motorcycles Limited, 20 North Bridge Street, Bathgate, West Lothian, EH48 4PS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Training bikes - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss.If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 17 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Training bikes Total
£ £ £ £ £ £
Cost
At 1 January 2024 317,205 21,562 37,571 29,061 29,020 434,419
_______ _______ _______ _______ _______ _______
At 31 December 2024 317,205 21,562 37,571 29,061 29,020 434,419
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2024 76,203 17,411 29,139 12,716 11,559 147,028
Charge for the year 3,344 642 1,266 4,086 4,365 13,703
_______ _______ _______ _______ _______ _______
At 31 December 2024 79,547 18,053 30,405 16,802 15,924 160,731
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2024 237,658 3,509 7,166 12,259 13,096 273,688
_______ _______ _______ _______ _______ _______
At 31 December 2023 241,002 4,151 8,432 16,345 17,461 287,391
_______ _______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors - 199
Other debtors 11,850 10,946
_______ _______
11,850 11,145
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loan 7,000 7,000
Trade creditors 446,217 406,573
Corporation tax 19,108 18,222
Social security and other taxes 14,523 18,283
Other creditors 58,173 66,411
_______ _______
545,021 516,489
_______ _______
The Royal Bank of Scotland plc hold a standard security over 208 and 214 Grahams Road, Falkirk. They also hold a bond and floating charge for all monies due together with a guarantee by I Allan .
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loan 60,433 67,593
_______ _______
The Royal Bank of Scotland plc hold a standard security over 208 and 214 Grahams Road, Falkirk. They also hold a bond and floating charge for all monies due together with a guarantee by I Allan .
9. Controlling party
The company is controlled by D Allan , a majority shareholder of the company.