Registration number: 09035280

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