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Registration number: 09035280

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2024

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 9

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Company Information

Directors | P L Thomas G E Owen

Registered office | The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 1GP

Accountants | Coates and Partners Limited Chartered Accountants The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 1GP

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

(Registration number: 09035280)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 24,253 | 27,906
Current assets |  |  |
Stocks |  | 113,591 | 117,283
Debtors | 5 | 297,347 | 324,427
Cash at bank and in hand |  | 47,506 | 60,559
|  | 458,444 | 502,269
Creditors: Amounts falling due within one year | 6 | (224,150) | (215,494)
Net current assets |  | 234,294 | 286,775
Total assets less current liabilities |  | 258,547 | 314,681
Creditors: Amounts falling due after more than one year | 6 | (65,786) | (154,704)
Provisions for liabilities |  | (6,063) | (6,977)
Net assets |  | 186,698 | 153,000
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 186,598 | 152,900
Shareholders' funds |  | 186,698 | 153,000

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

(Registration number: 09035280)
Balance Sheet as at 31 December 2024 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 20 May 2025 and signed on its behalf by:

......................................... P L Thomas Director

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 09035280.

The address of its registered office is:
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 20 May 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 15% reducing balance
Office equipment | 33% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2 | Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4 | Tangible assets

| Plant and machinery £ | Total £
Cost or valuation
At 1 January 2024 | 61,571 | 61,571
Additions | 920 | 920
At 31 December 2024 | 62,491 | 62,491
Depreciation
At 1 January 2024 | 33,665 | 33,665
Charge for the year | 4,573 | 4,573
At 31 December 2024 | 38,238 | 38,238
Carrying amount
At 31 December 2024 | 24,253 | 24,253
At 31 December 2023 | 27,906 | 27,906

5 | Debtors

Current | Note | 2024 £ | 2023 £
Trade debtors |  | 12,037 | 11,812
Amounts owed by related parties | 8 | 236,937 | 246,421
Prepayments |  | 53 | 215
Other debtors |  | 48,320 | 65,979
|  | 297,347 | 324,427

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 7 | 88,184 | 92,244
Trade creditors |  | 74,251 | 97,903
Taxation and social security |  | 49,634 | 21,322
Accruals and deferred income |  | 6,169 | 4,025
Other creditors |  | 5,912 | -
|  | 224,150 | 215,494

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate, amounting to £nil (2023 - £487), bank borrowings which are secured by personal guarantee amounting to £11,222 (2023 - £31,917) and a Coronavirus Business Interruption Loan which is secured by the Government amounting to £54,877 (2023 - £39,834).

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 7 | 65,786 | 154,704

Creditors include bank borrowings which are secured by personal guarantee amounting to £nil (2023 - £11,222) and a Coronavirus Business Interruption Loan which is secured by the Government amounting to £nil (2023 - £55,611).

Owen ATV's & Garden Machinery Centre Limited
trading as Llyn ATV's & Garden Machinery

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 66,099 | 71,751
Hire purchase contracts | - | 487
Other borrowings | 22,085 | 20,006
| 88,184 | 92,244

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | - | 66,833
Other borrowings | 65,786 | 87,871
| 65,786 | 154,704

8 | Related party transactions

Summary of transactions with parent

During the period, the company provided a loan to its parent company of £246,421 (2023 - £246,421). There has been no interest charged and there are no set repayment dates.