Phillip McCallen Motorcycles Ltd. Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI036668

Phillip McCallen Motorcycles Ltd.

Filleted Unaudited Financial Statements

31 October 2024

Phillip McCallen Motorcycles Ltd.

Statement of Financial Position

31 October 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	137,298	161,061

Current assets

Stocks		3,324,743	2,727,014
Debtors	6	130,828	153,439
Cash at bank and in hand		184,069	350,270
		------------	------------
		3,639,640	3,230,723

Creditors: amounts falling due within one year	7	2,081,152	1,683,832
		------------	------------
Net current assets		1,558,488	1,546,891
		------------	------------
Total assets less current liabilities		1,695,786	1,707,952

Creditors: amounts falling due after more than one year	8	91,211	99,893

Provisions

Taxation including deferred tax	20,676	31,586
	------------	------------
Net assets	1,583,899	1,576,473
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,583,897	1,576,471
	------------	------------
Shareholders funds	1,583,899	1,576,473
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its 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 .

Phillip McCallen Motorcycles Ltd.

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

Phillip McCallen
Secretary

Company registration number: NI036668

Phillip McCallen Motorcycles Ltd.

Notes to the Financial Statements

Year ended 31 October 2024

1. General information

The company is a private company limited by shares, registered in N Ireland. The address of the registered office is Unit 10/11 Portman Business Park, Lissue Industrial Estate West, Lisburn, BT28 2XF.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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.

Income tax

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:

Leasehold Property	-	2% reducing balance
Fixtures & Fittings	-	20% reducing balance
Equipment	-	20 % 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2023: 12 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2023	38,384	351,116	181,891	571,391
Additions	–	–	3,256	3,256
	--------	---------	---------	---------
At 31 October 2024	38,384	351,116	185,147	574,647
	--------	---------	---------	---------
Depreciation
At 1 November 2023	9,531	240,944	159,855	410,330
Charge for the year	577	22,035	4,407	27,019
	--------	---------	---------	---------
At 31 October 2024	10,108	262,979	164,262	437,349
	--------	---------	---------	---------
Carrying amount
At 31 October 2024	28,276	88,137	20,885	137,298
	--------	---------	---------	---------
At 31 October 2023	28,853	110,172	22,036	161,061
	--------	---------	---------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	90,807	117,559
Other debtors	40,021	35,880
	---------	---------
	130,828	153,439
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	25,551	25,298
Trade creditors	1,146,641	909,671
Corporation tax	40,000	38,199
Social security and other taxes	134,888	187,512
Company Credit Card	2,613	3,800
Commercial & Inventory Financing Facility	439,196	383,170
Other creditors	292,263	136,182
	------------	------------
	2,081,152	1,683,832
	------------	------------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	31,972	57,776
Directors Current account	59,239	42,117
	--------	--------
	91,211	99,893
	--------	--------

SECURITIES HELD ON BANK LOAN ACCOUNT -Fixed Charge over book debts. -Floating Charge over assets and undertakings of the Company. -Mortgage on real property - Unit 11, Block B, Portman Business Park -Joint and Several Letter of Guarantee for £150,000 completed by Phillip McCallen and Manda McCallen -Guarantee for £150,000 from Department for Business Energy Industrial Strategy. OTHER CREDITORS -Guarantee to KTM Sport Motorcycle Austria for £50,000 -Guarantee to Driver and Vehicle Licensing Agency for £2,000

9. Related party transactions

The company was under the control of the sole shareholders Mr Phillip McCallen and Mrs Manda McCallen. During the year the company paid rent of £25,200 to Mr & Mrs McCallen in respect of a retail unit from which the company trades(£23,600 - 2024).