| REGISTERED NUMBER: |
| CRESCENT MOTORCYCLE COMPANY LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| CRESCENT MOTORCYCLE COMPANY LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 |
| CRESCENT MOTORCYCLE COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 8th Floor |
| Becket House |
| 36 Old Jewry |
| London |
| EC2R 8DD |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The following information is given in accordance with S417 of the Companies Act 2006. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the Company in the year under review were those of motorcycle, clothing, accessory and after sales retailing from four branch locations and the operation and management of an official FIM World Superbike motorcycle racing team. |
| BACKGROUND / MARKET SECTOR |
| The Company operates franchised motorcycle dealerships from dedicated showroom sites in both Bournemouth and Verwood in Dorset, and Southampton in Hampshire as well as a dedicated used motorcycle showroom site in Bournemouth. During 2024 the Company operated the Official Yamaha World Superbike motorcycle racing team in the FIM World Superbike Championship from a dedicated facility and premises in Verwood. |
| RISKS |
| With its principle business in the motorcycle retailing sector it is at risk to any changes in customer demand, product supply or legislation influences within this market sector. The management of World Superbike racing operations is dependent on the ongoing agreement with Yamaha Motor Europe NV, together with the support of commercial sponsors and business partners |
| The Company is closely monitoring the potential future business and operational prospects of environmental and regulatory factors that will influence and impact the motorcycle retail sector with the development and manufacturer introduction of two-wheel electric vehicles (EV). |
| DEVELOPMENT AND PERFORMANCE |
| i) Total Company turnover in 2024 increased by £1,474,741 (+8.17%) to £19,519,514 following increased new and used motorcycle sales and increased gross profit across the retail group whilst the UK motorcycle total market sales in 2024 remained relatively static. |
| ii) Total Company gross profit in 2024 increased by £78,449 (+4.63%) to £1,772,781 reflecting the level of increased turnover following a buoyant period of sales, improved product availability over the previous year and increased after sales/service business. Within operating costs for the Company, £97,358 of expenditure post any recharges was incurred in 2024 in respect of preparations and development for the 2025 FIM World Superbike Championship racing season. |
| iii) Operating profit of £197,065 in 2024 prior to any adjustments and tax was a result of the factors mentioned above. |
| iv) Net assets in 2024 increased to just over £5.7 million due to operating performance and capital expenditure. |
| FUTURE PROSPECTS AND DEVELOPMENTS |
| The Directors report that the UK motorcycle market remains competitive and highly price sensitive with limited overall growth opportunity in the short term. Its retail operation will continue to develop incremental business across all product categories including the marketing and development of its high-performance Yamaha Pro Shop sector to maximise sales and profitability. All franchise representations and locations are continually reviewed as an integral part of the Company's retail strategic development, representation and growth. |
| During 2024 the Company completed its ninth year of its contractual partnership with Yamaha Motor Europe NV to operate the Official Yamaha World Superbike team. The Company manages team operational aspects on behalf of Yamaha Motor Europe NV including sponsorship acquisition for the achievement and support of operational budget objectives. |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| SUMMARY |
| Crescent Motorcycle Company Limited has completed a year of focused development in key product and locational areas following its expansions of its Yamaha franchise representation and the continued progression of its World Superbike racing activities. The Directors are objectively planning to achieve continued improvement across all business operational areas in 2025. |
| ON BEHALF OF THE BOARD: |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 of the profit or loss of the company 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; |
| - | 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CRESCENT MOTORCYCLE COMPANY LIMITED |
| Opinion |
| We have audited the financial statements of Crescent Motorcycle Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2024 and of its 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 company 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 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 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 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 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 |
| CRESCENT MOTORCYCLE COMPANY LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the 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 four, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
| 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: |
| We are reasonably capable of detecting fraud and error and we consider the testing performed to be sufficient for the size, nature and risk profile of the business. |
| 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 |
| CRESCENT MOTORCYCLE COMPANY LIMITED |
| 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 & Statutory Auditors |
| 8th Floor |
| Becket House |
| 36 Old Jewry |
| London |
| EC2R 8DD |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 193,872 | 252,181 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 16 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Tax refunded | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) |
| Capital repayments in year | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
1,228,703 |
| Cash and cash equivalents at end of year | 2 | 1,649,997 | 442,461 |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance income | (10,135 | ) | (2,219 | ) |
| 387,974 | 385,821 |
| Decrease/(increase) in stocks | ( |
) |
| Decrease in trade and other debtors |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | 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 | 1,649,997 | 442,461 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 442,461 | 1,228,703 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 442,461 | 1,207,536 | 1,649,997 |
| 442,461 | 1,649,997 |
| Total | 442,461 | 1,207,536 | 1,649,997 |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Crescent Motorcycle Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Goodwill |
| Goodwill being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful economic life of ten years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| It is the company's policy to maintain the freehold properties to a high standard, so that the estimated residual value will not be impaired over time. The costs of this maintenance are charged to the profit and loss account as incurred. The directors are of the opinion that any depreciation in respect of the company's freehold property would be immaterial and consequently no provision is made in the accounts for such depreciation. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Turnover |
| Turnover represents net invoiced sales of goods, services and sponsorship, excluding Value Added Tax. |
| Turnover is recognised in respect of retail sales at the point the sale occurs or services are provided. Sponsorship revenue is recognised in the period in which the events occur. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| United States of America |
| Asia |
| Africa | 292 | 398 |
| Canada | 257 | - |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Sales | 19 | 22 |
| Mechanics | 13 | 11 |
| Administration | 8 | 9 |
| Technicians | - | 2 |
| Managers | 4 | 2 |
| Drivers | 2 | 1 |
| Directors | 3 | 2 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Goodwill amortisation |
| Foreign exchange differences | ( |
) |
| 6. | AUDITORS' REMUNERATION |
| Fees payable to the company's auditor for the audit of the company's financial statements were £18,750 (2023 - £18,750) |
| In addition to the items above, £8,550 (2023 - £12,810) was paid to the auditor in respect of non audit work in the period. |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax | ( |
) |
| Tax on profit | ( |
) |
| Reconciliation of total tax (credit)/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: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Utilisation of tax losses | ( |
) |
| Research & development claim | (58,101 | ) | (56,943 | ) |
| Deferred tax movement | (10,493 | ) | 104,028 |
| Pension contributions | (1,614 | ) | (33 | ) |
| Effect of Marginal Relief | (1,590 | ) | - |
| Total tax (credit)/charge | (5,456 | ) | 27,805 |
| The company has trading losses of £nil (2023 - £77,119) to carry forwards against future trading profits. |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Finance lease agreements |
| Included within the net book value of £2,446,808 is £nil (2023 - £nil) relating to assets held under finance lease agreements. |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Shares in group undertakings |
| Other investments not loans |
| Additional information is as follows: |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Investments (neither listed nor unlisted) were as follows: |
| 2024 | 2023 |
| £ | £ |
| Investments | 3,167 | 3,167 |
| 11. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Parts stock |
| Clothing stock | 68,117 | 246,775 |
| New and used bike stock |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Tax |
| Prepayments |
| Accrued income |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 320,506 | 9,489 |
| Other creditors |
| Accruals and deferred income |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The total lease payments recognised as an expense in the year to 31 December 2024 is £97,000 (2023 - £92,750) |
| 15. | SECURED DEBTS |
| Bank securities held by the Company are secured by debenture deeds which provide for fixed and floating charges over the undertaking, and all property and assets present and future including goodwill, bookdebts uncalled capital, buildings, fixtures, and fixed plant and machinery |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 98,865 | 109,358 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 December 2024 |
| CRESCENT MOTORCYCLE COMPANY LIMITED (REGISTERED NUMBER: 03475588) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 18. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Profit for the year |
| At 31 December 2024 |
| 19. | RELATED PARTY DISCLOSURES |
| The controlling party is Mr P Denning by virtue of his beneficial ownership of 90% (2023 - 90%) of the issued ordinary share capital of the Company. |
| The Company occupies a premises owned by a pension scheme for the benefit of the Director Mr P Denning. A normal commercial rent of £75,000 (2023 - £75,000) per annum is payable. At the balance sheet date no amount was outstanding (2023 - nil). |