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COMPANY REGISTRATION NUMBER: 02499337
Motorcycle and Scooter Centre Limited
Filleted Unaudited Financial Statements
31 January 2025
Motorcycle and Scooter Centre Limited
Statement of Financial Position
31 January 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
5
82,460
89,625
Current assets
Stocks
1,172,348
1,086,790
Debtors
6
6,205
5,588
Cash at bank and in hand
124,997
79,116
------------
------------
1,303,550
1,171,494
Creditors: amounts falling due within one year
7
580,809
568,879
------------
------------
Net current assets
722,741
602,615
---------
---------
Total assets less current liabilities
805,201
692,240
Creditors: amounts falling due after more than one year
8
365,982
383,717
---------
---------
Net assets
439,219
308,523
---------
---------
Capital and reserves
Called up share capital
4
4
Other reserves
14,149
16,382
Profit and loss account
425,066
292,137
---------
---------
Shareholders funds
439,219
308,523
---------
---------
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.
For the year ending 31 January 2025 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 .
Motorcycle and Scooter Centre Limited
Statement of Financial Position (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 11 July 2025 , and are signed on behalf of the board by:
Ms R O Webster-Noble
Director
Company registration number: 02499337
Motorcycle and Scooter Centre Limited
Notes to the Financial Statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Pasture Road, Stapleford, Nottingham, Nottinghamshire, NG9 8GG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. 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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Long leasehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15 % reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2024: 9 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2024
76,976
25,887
131,217
47,518
72,825
354,423
Additions
653
653
Disposals
( 3,905)
( 3,905)
--------
--------
---------
--------
--------
---------
At 31 Jan 2025
76,976
21,982
131,217
47,518
73,478
351,171
--------
--------
---------
--------
--------
---------
Depreciation
At 1 Feb 2024
17,615
16,174
118,622
44,631
67,756
264,798
Charge for the year
1,539
1,197
1,831
752
766
6,085
Disposals
( 2,172)
( 2,172)
--------
--------
---------
--------
--------
---------
At 31 Jan 2025
19,154
15,199
120,453
45,383
68,522
268,711
--------
--------
---------
--------
--------
---------
Carrying amount
At 31 Jan 2025
57,822
6,783
10,764
2,135
4,956
82,460
--------
--------
---------
--------
--------
---------
At 31 Jan 2024
59,361
9,713
12,595
2,887
5,069
89,625
--------
--------
---------
--------
--------
---------
6. Debtors
2025
2024
£
£
Other debtors
6,205
5,588
-------
-------
The debtors above include the following amounts falling due after more than one year:
2025
2024
£
£
Other debtors
6,205
5,588
-------
-------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
475,484
477,162
Corporation tax
44,047
21,874
Social security and other taxes
5,423
24,281
Other creditors
45,855
35,562
---------
---------
580,809
568,879
---------
---------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,334
13,333
Other creditors
362,648
370,384
---------
---------
365,982
383,717
---------
---------
9. Fair value reserve
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2025
2024
£
£
At start of year
16,382
166,588
Capital contribution
(2,233)
(150,206)
--------
---------
At end of year
14,149
16,382
--------
---------
10. Directors' advances, credits and guarantees
The amount owed to directors and their close family members totals £376,797 (2024: £386,767). Interest is payable to the directors at 9% on the amounts owed by the company. In prior years the Directors' loans were initially recorded at the present value of future payments discounted at a market rate of interest, and subsequently measured at amortised cost.