REGISTERED NUMBER: 02454930 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2024 |
for |
Bike Alert Plc |
REGISTERED NUMBER: 02454930 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2024 |
for |
Bike Alert Plc |
Bike Alert Plc (Registered number: 02454930) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
Bike Alert Plc |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
Freedman House |
Christopher Wren Yard |
117 High Street |
Croydon |
Surrey |
CR0 1QG |
Bike Alert Plc (Registered number: 02454930) |
Group Strategic Report |
for the Year Ended 31 December 2024 |
The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
Bike Alert Plc is the holding company of the Bike Alert group of companies (the 'Group'). The principal activity of the group in the year was that of the manufacture and wholesale distribution of motor cycle parts. |
REVIEW OF BUSINESS |
The Group's operations have continued to grow for the year under review. |
The turnover from continuing activities was £42.49m (2023 - £39.47m) and gross profit was £18.46m (2023 - £16.93m). |
The gross profit margin for the year of 43.44% (2023 - 42.91%) increased despite the increase in transport costs. Costs of raw materials as well as labour costs in both Asia and UK continue to increase. |
The Group's operating profit was £12.46m (2023 - £11.60m). |
Profit before tax was £12.07m (2023 - £12.37m) due to the high negative effect of the exchange rate (loss)/profit on the Group's profitability (2024 FX loss £1.52m vs 2023 FX profit of £0.2m) |
At the year-end date the group's net assets increased to £79.92m (2023 - £72.45m). |
The USA subsidiary, in 2024 achieved results similar to 2023 despite the overall negative North American market performance. The Group expects in 2025 similar results despite the problems and confusion caused so far this year with the tariffs' policy of the US Administration. |
The Group continues to experience growth in its activities in the Greek market. The Greek subsidiary's local sales were up by 5.4% in relation to 2023. The Group expects in 2025 a steady growth on the domestic Greek market and a strong growth in exports to the neighbouring Balkan countries. |
The Group has continued to invest in commercial properties in Greece for expanding its current distribution operations. |
During the year the company made an investment in a leading motor cycle clothing and accessories company as part of the decision to add motorcycle protective clothing and accessories to its range of motorcycle replacement parts. |
Despite the challenges faced and the current events that have affected the global economy since 2020, the directors are satisfied with the Group's results and its strong financial position. |
ON BEHALF OF THE BOARD: |
27 June 2025 |
Bike Alert Plc (Registered number: 02454930) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
DIVIDENDS |
An interim dividend of £7.143 per share was paid on 10 December 2024. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2024 will be £ 1,500,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The group manages its liquidity by maintaining a good balance between the continuity of funding and flexibility through the use of the group's cash resources and the bank overdraft facility if called upon. |
CHARITABLE DONATIONS |
Charitable donations amounting to £8,470 were made during the year. |
EMPLOYMENT POLICY |
The group's employment policies are regularly reviewed and updated to ensure they remain effective. Our overall aim is to create and sustain a high-performing organisation by building the commitment of our people. |
We aim to provide a common awareness amongst employees of the financial and economic factors affecting the performance of the business. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Bike Alert Plc (Registered number: 02454930) |
Report of the Directors |
for the Year Ended 31 December 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, CWF & Partners Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
BY ORDER OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bike Alert Plc |
Opinion |
We have audited the financial statements of Bike Alert Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Bike Alert Plc |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Bike Alert Plc |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
Based on our understanding of the group and the industry in which it operates, we identified that the principal risks of non- compliance with relevant laws and regulations related to Companies Act 2006, UK tax legislation, health and safety regulations and employment laws.Non-compliance with these laws and regulations might have a material effect on the financial statements. |
We evaluated management's incentives and opportunity for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were posting of unusual journal entries outside the normal course of business. Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue to manipulate the group's performance measures and other key performance indicators. |
Audit procedures performed included: review of the financial statements and disclosures to underlying supporting documentation, review of compliance with the above laws and regulations, enquiries with management, testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
To address the risk of improper recognition of revenue , we obtained an understanding of the group's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Bike Alert Plc |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditor |
Freedman House |
Christopher Wren Yard |
117 High Street |
Croydon |
Surrey |
CR0 1QG |
Bike Alert Plc (Registered number: 02454930) |
Consolidated Income Statement |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
TURNOVER | 4 | 42,490,368 | 39,465,540 |
Cost of sales | (24,033,536 | ) | (22,532,321 | ) |
GROSS PROFIT | 18,456,832 | 16,933,219 |
Distribution costs | (478,675 | ) | (362,783 | ) |
Administrative expenses | (5,659,380 | ) | (5,111,136 | ) |
12,318,777 | 11,459,300 |
Other operating income | 144,917 | 143,860 |
GROUP OPERATING PROFIT | 7 | 12,463,694 | 11,603,160 |
Share of operating profit in |
Associates | 408,570 | - |
Profit/(loss) on exchange | 8 | (1,517,191 | ) | 205,303 |
11,355,073 | 11,808,463 |
Interest receivable and similar income | 9 | 719,851 | 558,240 |
12,074,924 | 12,366,703 |
Interest payable and similar expenses | 10 | (10,048 | ) | (110 | ) |
PROFIT BEFORE TAXATION | 12,064,876 | 12,366,593 |
Tax on profit | 11 | (2,782,510 | ) | (2,830,467 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 9,278,227 | 9,533,476 |
Non-controlling interests | 4,139 | 2,650 |
9,282,366 | 9,536,126 |
Bike Alert Plc (Registered number: 02454930) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 9,282,366 | 9,536,126 |
OTHER COMPREHENSIVE INCOME |
Exchange adjustment | (308,652 | ) | (116,557 | ) |
Income tax relating to other comprehensive income | - | - |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (308,652 | ) | (116,557 | ) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 8,973,714 | 9,419,569 |
Total comprehensive income attributable to: |
Owners of the parent | 9,021,822 | 9,402,700 |
Non-controlling interests | (48,108 | ) | 16,869 |
8,973,714 | 9,419,569 |
Bike Alert Plc (Registered number: 02454930) |
Consolidated Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 14 | (73,113 | ) | (147,534 | ) |
Tangible assets | 15 | 13,158,965 | 12,744,261 |
Investments | 16 |
Interest in associate | 7,223,306 | 6,650,558 |
Investment property | 17 | 10,510,964 | 10,964,306 |
30,820,122 | 30,211,591 |
CURRENT ASSETS |
Stocks | 18 | 16,186,792 | 15,278,044 |
Debtors | 19 | 6,046,985 | 4,320,164 |
Cash at bank and in hand | 32,917,075 | 31,949,696 |
55,150,852 | 51,547,904 |
CREDITORS |
Amounts falling due within one year | 20 | 5,767,792 | 9,019,404 |
NET CURRENT ASSETS | 49,383,060 | 42,528,500 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 80,203,182 | 72,740,091 |
CREDITORS |
Amounts falling due after more than one year | 21 | (59,882 | ) | (46,287 | ) |
PROVISIONS FOR LIABILITIES | 22 | (222,417 | ) | (246,558 | ) |
NET ASSETS | 79,920,883 | 72,447,246 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 210,000 | 210,000 |
Share premium | 24 | 40,000 | 40,000 |
Fair value reserve | 24 | (2,617,136 | ) | (2,730,013 | ) |
Other reserves | 24 | 9,384 | 9,384 |
Retained earnings | 24 | 81,052,938 | 73,644,070 |
SHAREHOLDERS' FUNDS | 78,695,186 | 71,173,441 |
NON-CONTROLLING INTERESTS | 25 | 1,225,697 | 1,273,805 |
TOTAL EQUITY | 79,920,883 | 72,447,246 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by: |
C Boyiantzeas - Director |
Bike Alert Plc (Registered number: 02454930) |
Company Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 14 |
Tangible assets | 15 |
Investments | 16 |
Investment property | 17 |
CURRENT ASSETS |
Stocks | 18 |
Debtors | 19 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 20 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 22 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 8,094,910 | 8,593,184 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bike Alert Plc (Registered number: 02454930) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up | Fair |
share | Retained | Share | value |
capital | earnings | premium | reserve |
£ | £ | £ | £ |
Balance at 1 January 2023 | 210,000 | 68,410,854 | 40,000 | (2,699,497 | ) |
Changes in equity |
Dividends | - | (4,200,000 | ) | - | - |
Total comprehensive income | - | 9,433,216 | - | (30,516 | ) |
Balance at 31 December 2023 | 210,000 | 73,644,070 | 40,000 | (2,730,013 | ) |
Changes in equity |
Dividends | - | (1,500,000 | ) | - | - |
Total comprehensive income | - | 8,908,868 | - | 112,877 |
Balance at 31 December 2024 | 210,000 | 81,052,938 | 40,000 | (2,617,136 | ) |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 January 2023 | 9,384 | 65,970,741 | 1,256,936 | 67,227,677 |
Changes in equity |
Dividends | - | (4,200,000 | ) | - | (4,200,000 | ) |
Total comprehensive income | - | 9,402,700 | 16,869 | 9,419,569 |
Balance at 31 December 2023 | 9,384 | 71,173,441 | 1,273,805 | 72,447,246 |
Changes in equity |
Dividends | - | (1,500,000 | ) | - | (1,500,000 | ) |
Total comprehensive income | - | 9,021,745 | (48,108 | ) | 8,973,637 |
Balance at 31 December 2024 | 9,384 | 78,695,186 | 1,225,697 | 79,920,883 |
Bike Alert Plc (Registered number: 02454930) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
Changes in equity |
Dividends | - | ( | ) | - | ( | ) |
Total comprehensive income | - | - |
Balance at 31 December 2024 |
Bike Alert Plc (Registered number: 02454930) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 29 | 5,665,098 | 11,955,435 |
Interest paid | (10,048 | ) | (110 | ) |
Tax paid | (3,121,899 | ) | (2,184,982 | ) |
Net cash from operating activities | 2,533,151 | 9,770,343 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (49,537 | ) | (84,796 | ) |
Purchase of tangible fixed assets | (1,059,949 | ) | (2,064,730 | ) |
Purchase of fixed asset investments | (168,406 | ) | (6,650,558 | ) |
Purchase of investment property | - | (159,370 | ) |
Sale of tangible fixed assets | - | 3,988 |
Interest received | 719,851 | 558,240 |
Net cash from investing activities | (558,041 | ) | (8,397,226 | ) |
Cash flows from financing activities |
Dividends paid | (1,500,000 | ) | (4,200,000 | ) |
Net cash from financing activities | (1,500,000 | ) | (4,200,000 | ) |
Increase/(decrease) in cash and cash equivalents | 475,110 | (2,826,883 | ) |
Cash and cash equivalents at beginning of year | 30 | 31,949,696 | 35,083,030 |
Effect of foreign exchange rate changes | 492,269 | (306,451 | ) |
Cash and cash equivalents at end of year | 30 | 32,917,075 | 31,949,696 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Bike Alert Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page. |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value. |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies (see below). |
The financial statements are presented in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Basis of consolidation |
The consolidated financial statements include the results of Bike Alert Plc and its subsidiary undertakings made up to the year end date. The group profit and loss account includes the results of its subsidiary undertakings for the period from the date of their acquisition and up to the date of disposal. |
Turnover and profits arising on trading between group companies are excluded. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Provision for slow moving stock |
A provision is made for slow moving and obsolete stock. The directors have assessed the quality and ageing of stock to determine the provisions required in writing down the carrying value of certain stock lines. This judgement considers the age and marketability of the stock, as well as its condition and its technological obsolescence. |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods supplied during the year exclusive of value added tax. The fair value of consideration takes into account trade discounts and settlement discounts. |
Revenue from sale of goods is recognised when significant risks and rewards of ownership of the goods have been passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Goodwill arising on an acquisition of a subsidiary or associate undertaking is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life which ranges from 5 to 10 years. |
Goodwill can be subsequently adjusted for changes to estimates of contingent considerations given in a business combination or additional information concerning the fair value of the net assets acquired in the year following the acquisition. |
Negative goodwill |
Negative goodwill may arise on the acquisition of subsidiary and associated undertakings. It represents the difference between the fair value of the separable net assets and the fair value of the consideration for an acquired undertaking. On 15 June 2009 the company increased its shareholding in D J Demades & Sons Limited to 51%, which gave rise to a negative goodwill of £1,661,769. In accordance with FRS102, negative goodwill has been capitalised and amortised through the income statement in the period in which the non-monetary assets acquired are recovered. In the case of fixed assets this is the period over which they are depreciated or realised, and in the case of current assets, the period over which they are sold or otherwise realised. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
No depreciation is provided on freehold land. |
Investments in associates |
An associate is an entity over which the group has significant influence. Significant influence is the power to participate in, but not to control or jointly control, the financial and operating policy decisions of the investee. |
Company |
Investments in associates are measured at cost less impairment. |
Group |
Investments in associates are recognised initially in the consolidated statement of financial position at cost (including transaction costs). Subsequently, they are accounted for using the equity method. |
Investment properties |
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties are measured at fair value. The surplus or deficit arising on the revaluation of investment properties at their fair values are recognised in the income statement. |
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Company |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Group |
The assets and liabilities in the financial statements of the overseas subsidiary undertakings are translated at the closing rate of exchange ruling at the balance sheet date. The profit and loss transactions are translated at the average rate for the year. The exchange differences arising on the re-translation of opening net assets are taken directly to reserves. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on the going concern basis. The directors have considered the company's and group's cash flow requirements for the 12 month period from the date of approval of these financial statements and have concluded that the company and group will be able to meet their liabilities as when they fall due for the period. |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group and company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and intra-group balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
For financial assets measured at amortised costs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank overdraft and intra-group balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
The whole of the turnover and profit before taxation from continuing activities is attributable to the manufacture and wholesale distribution of motor cycle parts. |
Geographical analysis |
Segmental analysis has not been provided on the bases that in the directors' opinion such information would be seriously prejudicial to the group's interest. |
5. | EMPLOYEES AND DIRECTORS |
31.12.24 | 31.12.23 |
£ | £ |
Wages and salaries | 1,964,797 | 1,832,015 |
Social security costs | 172,894 | 158,709 |
Other pension costs | 24,209 | 22,259 |
2,161,900 | 2,012,983 |
The average number of employees during the year was as follows: |
31.12.24 | 31.12.23 |
Management and administration | 60 | 58 |
Warehousing | 38 | 35 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
6. | DIRECTORS' EMOLUMENTS |
31.12.24 | 31.12.23 |
£ | £ |
Directors' remuneration | 203,029 | 187,632 |
Information regarding the highest paid director for the year ended 31 December 2024 is as follows: |
31.12.24 |
£ |
Emoluments etc | 103,029 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.24 | 31.12.23 |
£ | £ |
Other operating leases | 312,622 | 321,549 |
Depreciation - owned assets | 287,749 | 270,072 |
Negative goodwill amortisation | (54,172 | ) | (54,172 | ) |
Computer software amortisation | 25,368 | 7,921 |
Auditors' remuneration | 28,942 | 25,839 |
8. | EXCEPTIONAL ITEMS |
Foreign exchange |
The group holds significant amounts of bank deposits in foreign currency denomination. In addition, the group has significant trading activity undertaken in foreign currency denomination. These can result in material fluctuations from one year to the next in profits or losses on exchange. The directors consider it appropriate and relevant to the understanding of the financial position of the company, that the profits and losses on exchange amount is shown as a separate item on the income statement, as it does not relate to the operating expenditure by nature. The loss on exchange during the year was £1,517,191 (2023 - £205,303 profit). |
9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.12.24 | 31.12.23 |
£ | £ |
Deposit account interest | 718,546 | 543,777 |
Other interest | 1,305 | 14,463 |
719,851 | 558,240 |
10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.24 | 31.12.23 |
£ | £ |
Interest on overdue taxation | 10,048 | 110 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
11. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Current tax: |
UK corporation tax | 2,324,271 | 2,306,491 |
Overseas tax | 472,803 | 526,811 |
Total current tax | 2,797,074 | 2,833,302 |
Deferred tax | (14,564 | ) | (2,835 | ) |
Tax on profit | 2,782,510 | 2,830,467 |
UK corporation tax has been charged at 25 % (2023 - 25 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.24 | 31.12.23 |
£ | £ |
Profit before tax | 12,064,876 | 12,366,593 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | 3,016,219 | 3,091,648 |
Effects of: |
Expenses not deductible for tax purposes | 17,394 | 26,250 |
Income not taxable for tax purposes | (115,024 | ) | (12,433 | ) |
Depreciation in excess of capital allowances | 20,778 | 9,410 |
Adjustments to tax charge in respect of previous periods | (7,331 | ) | 6,919 |
Goodwill and negative goodwill arising on consolidation | (13,543 | ) | (13,543 | ) |
Overseas taxation losses carried forward | 14,802 | 520 |
Other timing and taxation differences | 10,096 | 6,476 |
Different tax rates on overseas earnings | (146,316 | ) | (137,401 | ) |
Deferred tax | (14,565 | ) | (2,835 | ) |
Effect of UK tax rate change | - | (144,544 | ) |
Total tax charge | 2,782,510 | 2,830,467 |
Tax effects relating to effects of other comprehensive income |
31.12.24 |
Gross | Tax | Net |
£ | £ | £ |
Exchange adjustment | (308,652 | ) | - | (308,652 | ) |
31.12.23 |
Gross | Tax | Net |
£ | £ | £ |
Exchange adjustment | (116,557 | ) | - | (116,557 | ) |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
12. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
13. | DIVIDENDS |
31.12.24 | 31.12.23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 1,500,000 | 4,200,000 |
14. | INTANGIBLE FIXED ASSETS |
Group |
Negative | Computer |
Goodwill | goodwill | software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 | 631,114 | (1,661,769 | ) | 138,711 | (891,944 | ) |
Additions | - | - | 49,537 | 49,537 |
Exchange differences | - | - | (5,736 | ) | (5,736 | ) |
At 31 December 2024 | 631,114 | (1,661,769 | ) | 182,512 | (848,143 | ) |
AMORTISATION |
At 1 January 2024 | 631,113 | (1,419,433 | ) | 43,910 | (744,410 | ) |
Amortisation for year | - | (54,172 | ) | 25,368 | (28,804 | ) |
Exchange differences | - | - | (1,816 | ) | (1,816 | ) |
At 31 December 2024 | 631,113 | (1,473,605 | ) | 67,462 | (775,030 | ) |
NET BOOK VALUE |
At 31 December 2024 | 1 | (188,164 | ) | 115,050 | (73,113 | ) |
At 31 December 2023 | 1 | (242,336 | ) | 94,801 | (147,534 | ) |
On 15 June 2009 the group increased its shareholding in D J Demades & Son Limited from 40.21% to 51% which gave rise to a negative goodwill of £1,661,179. In accordance with FRS 102 the negative goodwill has been capitalised and amortised through the income statement in the period in which the non monetary assets acquired are recovered. |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
15. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Long |
property | leasehold | leasehold |
£ | £ | £ |
COST |
At 1 January 2024 | 11,431,594 | 95,701 | 2,208,696 |
Additions | 860,156 | - | - |
Exchange differences | (276,195 | ) | (952 | ) | (91,324 | ) |
At 31 December 2024 | 12,015,555 | 94,749 | 2,117,372 |
DEPRECIATION |
At 1 January 2024 | 1,110,453 | 95,701 | 173,800 |
Charge for year | 120,939 | - | 33,634 |
Exchange differences | (11,865 | ) | (952 | ) | (7,186 | ) |
At 31 December 2024 | 1,219,527 | 94,749 | 200,248 |
NET BOOK VALUE |
At 31 December 2024 | 10,796,028 | - | 1,917,124 |
At 31 December 2023 | 10,321,141 | - | 2,034,896 |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 | 1,835,631 | 1,215,989 | 595,187 | 17,382,798 |
Additions | 68,947 | 57,748 | 73,098 | 1,059,949 |
Exchange differences | (31,573 | ) | (37,377 | ) | (19,977 | ) | (457,398 | ) |
At 31 December 2024 | 1,873,005 | 1,236,360 | 648,308 | 17,985,349 |
DEPRECIATION |
At 1 January 2024 | 1,647,192 | 1,132,484 | 478,907 | 4,638,537 |
Charge for year | 77,118 | 27,116 | 28,942 | 287,749 |
Exchange differences | (30,217 | ) | (34,301 | ) | (15,381 | ) | (99,902 | ) |
At 31 December 2024 | 1,694,093 | 1,125,299 | 492,468 | 4,826,384 |
NET BOOK VALUE |
At 31 December 2024 | 178,912 | 111,061 | 155,840 | 13,158,965 |
At 31 December 2023 | 188,439 | 83,505 | 116,280 | 12,744,261 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
15. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
16. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 January 2024 | 6,650,558 |
Additions | 168,406 |
Share of profit/(loss) | 408,570 |
At 31 December 2024 | 7,227,534 |
PROVISIONS |
Provision for year | 4,228 |
At 31 December 2024 | 4,228 |
NET BOOK VALUE |
At 31 December 2024 | 7,223,306 |
At 31 December 2023 | 6,650,558 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
Group |
Interest in associate |
Share of |
net |
assets | Goodwill |
£ | £ |
COST |
At 1 January 2024 | 6,650,558 | - |
Additions | (702 | ) | 169,108 |
Share of profit/(loss) | 408,570 | - |
At 31 December 2024 | 7,058,426 | 169,108 |
PROVISIONS |
Provision for year | - | 4,228 |
At 31 December 2024 | - | 4,228 |
NET BOOK VALUE |
At 31 December 2024 | 7,058,426 | 164,880 |
At 31 December 2023 | 6,650,558 | - |
On 2 October 2024, the group acquired 36% of the share capital of O'Neal Europe GmbH & Co. KG for a cash consideration of £168,406 (€200,000). |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2024 | 9,412,195 |
Additions | 168,406 |
At 31 December 2024 | 9,580,601 |
NET BOOK VALUE |
At 31 December 2024 | 9,580,601 |
At 31 December 2023 | 9,412,195 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
16. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Name of company | Country of | Proportion of | Principal |
incorporation | shares held | activity |
Bike Alert Inc | USA | 100% | Motor cycle parts |
D J Demades & Sons Limited | Cyprus | 51% | Property investments |
Bike Alert Limited | Cyprus | 100% | Motor cycle parts |
Bike Alert Hellas S.A. | Greece | 100% | Motor cycle parts |
Bike Alert Investments Limited * | Cyprus | 100% | Property investments |
Wenzhou Gexin Sprocket Manufacturing Co Limited | China | 49% | Manufacturer |
O'Neal Europe GmbH & Co. KG | Germany | 36% | Motor cycle clothing & accessories |
* Held by a subsidiary undertaking |
17. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2024 | 10,964,306 |
Exchange differences | (453,342 | ) |
At 31 December 2024 | 10,510,964 |
NET BOOK VALUE |
At 31 December 2024 | 10,510,964 |
At 31 December 2023 | 10,964,306 |
The investment properties are valued by the directors on an open market existing use basis. |
18. | STOCKS |
Group | Company |
31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
£ | £ | £ | £ |
Finished goods | 16,186,792 | 15,278,044 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
19. | DEBTORS |
Group | Company |
31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,439,969 | 3,354,254 |
Amounts owed by group undertakings | - | - |
Amounts owed by associated undertakings | 303,132 | - | 303,132 | - |
Other debtors | 161,709 | 192,834 |
Tax | 347,290 | 166,509 |
VAT | 760,968 | 435,428 |
Prepayments and accrued income | 167,915 | 151,355 |
5,180,983 | 4,300,380 |
Amounts falling due after more than one | year: |
Amounts owed by associated undertakings | 842,034 | - | 842,034 | - |
Other debtors | 23,968 | 19,784 |
866,002 | 19,784 |
Aggregate amounts | 6,046,985 | 4,320,164 |
20. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
£ | £ | £ | £ |
Trade creditors | 2,087,217 | 1,999,708 |
Tax | 59,871 | 203,915 |
Social security and other taxes | 148,518 | 137,716 |
Other creditors | 13,932 | 23,729 |
Directors' current accounts | 3,282,712 | 6,527,077 | 2,706,877 | 5,901,973 |
Accruals and deferred income | 175,542 | 127,259 |
5,767,792 | 9,019,404 |
21. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.12.24 | 31.12.23 |
£ | £ |
Other creditors | 59,882 | 46,287 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
£ | £ | £ | £ |
Deferred tax | 222,417 | 246,558 | 26,508 | 22,121 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2024 | 246,558 |
Credit to Income Statement during year | (14,565 | ) |
Exchange adjustments | (8,909 | ) |
Adjustment to prior year | (667 | ) |
Balance at 31 December 2024 | 222,417 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Charge to Income Statement during year |
Balance at 31 December 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | £1 | 210,000 | 210,000 |
24. | RESERVES |
Group |
Fair |
Retained | Share | value | Other |
earnings | premium | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 January 2024 | 73,644,070 | 40,000 | (2,730,013 | ) | 9,384 | 70,963,441 |
Profit for the year | 9,278,227 | - | - | - | 9,278,227 |
Dividends | (1,500,000 | ) | - | - | - | (1,500,000 | ) |
Exchange adjustments | (367,093 | ) | - | 112,877 | - | (254,216 | ) |
Transfer to non distributable reserve | (2,266 | ) | - | - | - | (2,266 | ) |
At 31 December 2024 | 81,052,938 | 40,000 | (2,617,136 | ) | 9,384 | 78,485,186 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
24. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2024 | 64,235,503 |
Profit for the year | - |
Dividends | ( | ) | - | ( | ) |
At 31 December 2024 | 70,830,413 |
25. | NON-CONTROLLING INTERESTS |
31.12.24 | 31.12.23 |
£ | £ |
Balance at 1 January 2023 | 1,273,805 | 1,256,936 |
Share of profit/(loss) in the year | 24,139 | 2,650 |
Share of exchange adjustment | (52,247 | ) | 14,219 |
Balance at 31 December 2023 | 1,225,697 | 1,273,805 |
The non-controlling interest represents 49% of the issued share capital in D J Demades & Sons Limited. |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in creditors falling due within one year are the following interest free loans from the directors; |
31.12.24 | 31.12.23 |
£ | £ |
Group |
C Boyiantzeas | 2,014,353 | 5,549,553 |
S Marsh | 1,254,959 | 963,144 |
C Constantinou | 14,400 | 14,400 |
3,283,712 | 6,527,077 |
Company |
C Boyiantzeas | 1,475,387 | 4,957,994 |
S Marsh | 1,218,090 | 929,579 |
C Constantinou | 14,400 | 14,400 |
2,707,877 | 5,901,973 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
27. | RELATED PARTY DISCLOSURES |
1) Bike Alert Plc owns 51% of the share capital of DJ Demades & Sons Limited. There is an interest free loan payable to Bike Alert Plc and as at 31 December 2024 the balance was £3,588,112 (2023 - £3,742,869). |
The loan is secured by mortgage on the company's immovable property based in Nicosia and Limassol, Cyprus. |
The loan is repayable to Bike Alert Plc at the earliest of: |
- the sale of one, two or all of the company's immovable property on the condition that the total proceeds less any costs and taxes will be used for the repayment of the outstanding loan. |
- the company's financial ability to repay the outstanding loan balance. |
2) Bike Alert MCA Limited is a company that shares common ownership with the group. During the year sales of £50,797 were made to Bike Alert MCA Limited. The balance receivable as at 31 December 2024 was £50,997 (2023 - £83,386) and is included within trade debtors. |
3) During the year, the group made a contribution of £1,145,167 (€1,360,000) to O'Neal Europe GmbH & Co. KG, an associated undertaking. The amount is repayable to the group, with £842,034 (€1,000,000) incurring interest at 5% p.a and repayable after 5 years. The contribution of £303,132 (€360,000) has no fixed repayment date. |
28. | ULTIMATE CONTROLLING PARTY |
Throughout the year the company was under the control of Mr C Boyiantzeas, the major shareholder and managing director of the company. |
29. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.24 | 31.12.23 |
£ | £ |
Profit before taxation | 12,064,876 | 12,366,593 |
Depreciation charges | 267,357 | 224,066 |
Share of profit/loss in associates | (408,570 | ) | - |
Finance costs | 10,048 | 110 |
Finance income | (719,851 | ) | (558,240 | ) |
11,213,860 | 12,032,529 |
Increase in stocks | (908,748 | ) | (90,951 | ) |
(Increase)/decrease in trade and other debtors | (1,546,041 | ) | 710,545 |
Decrease in trade and other creditors | (3,093,973 | ) | (696,688 | ) |
Cash generated from operations | 5,665,098 | 11,955,435 |
Bike Alert Plc (Registered number: 02454930) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2024 |
30. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2024 |
31.12.24 | 1.1.24 |
£ | £ |
Cash and cash equivalents | 32,917,075 | 31,949,696 |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 31,949,696 | 35,083,030 |
31. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.24 | Cash flow | At 31.12.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 31,949,696 | 967,379 | 32,917,075 |
31,949,696 | 967,379 | 32,917,075 |
Total | 31,949,696 | 967,379 | 32,917,075 |