Sheffield Motorcycle Centre Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05797684

Sheffield Motorcycle Centre Limited

Filleted Unaudited Financial Statements

31 December 2024

Sheffield Motorcycle Centre Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

Sheffield Motorcycle Centre Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sheffield Motorcycle Centre Limited

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sheffield Motorcycle Centre Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Sheffield Motorcycle Centre Limited in accordance with the terms of our engagement letter dated 9 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Sheffield Motorcycle Centre Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheffield Motorcycle Centre Limited and its director for our work or for this report.

It is your duty to ensure that Sheffield Motorcycle Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sheffield Motorcycle Centre Limited. You consider that Sheffield Motorcycle Centre Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Sheffield Motorcycle Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

31 December 2025

Sheffield Motorcycle Centre Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	81,563	94,617

Current assets

Stocks		323,570	1,485,706
Debtors	6	104,855	193,695
Cash at bank and in hand		144	1,266
		---------	------------
		428,569	1,680,667

Creditors: amounts falling due within one year	7	626,740	1,509,602
		---------	------------
Net current (liabilities)/assets		( 198,171)	171,065
		---------	---------
Total assets less current liabilities		( 116,608)	265,682

Creditors: amounts falling due after more than one year	8	7,608	26,839
		---------	---------
Net (liabilities)/assets		( 124,216)	238,843
		---------	---------

Sheffield Motorcycle Centre Limited

Statement of Financial Position (continued)

31 December 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	100	100
Share premium account	149,900	149,900
Profit and loss account	( 274,216)	88,843
	---------	---------
Shareholders (deficit)/funds	( 124,216)	238,843
	---------	---------

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 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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

Mr F Hayes
Director

Company registration number: 05797684

Sheffield Motorcycle Centre Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sheffield Road, Sheepbridge, Unstone, Chesterfield, S41 9EH.

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.

Going concern

At the period end date, the closing Statement of Financial Position reflects a net liability position. As the company activities have now ceased, assets are being realised and funding put in place to address the liability position and, on that basis, the director considers that the going concern basis of preparation of the accounts, remains valid.

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:

Leasehold Property	-	Straight line over the term of the lease
Plant and Machinery	-	25% reducing balance basis
Fixtures and Fittings	-	15% - 25% reducing balance basis
Motor Vehicles	-	25% reducing balance basis

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 8 (2023: 17 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	69,588	104,632	123,712	22,150	320,082
Disposals	–	–	–	( 22,150)	( 22,150)
	--------	---------	---------	--------	---------
At 31 December 2024	69,588	104,632	123,712	–	297,932
	--------	---------	---------	--------	---------
Depreciation
At 1 January 2024	8,592	90,884	110,866	15,123	225,465
Charge for the year	726	3,373	1,928	293	6,320
Disposals	–	–	–	( 15,416)	( 15,416)
	--------	---------	---------	--------	---------
At 31 December 2024	9,318	94,257	112,794	–	216,369
	--------	---------	---------	--------	---------
Carrying amount
At 31 December 2024	60,270	10,375	10,918	–	81,563
	--------	---------	---------	--------	---------
At 31 December 2023	60,996	13,748	12,846	7,027	94,617
	--------	---------	---------	--------	---------

Included within motor vehicles above are assets with a net book value of nil (2023 £6,644) which are subject to security by reference to the associated finance agreement liabilities.

6. Debtors

	2024	2023
	£	£
Trade debtors	3,029	53,694
Other debtors	101,826	140,001
	---------	---------
	104,855	193,695
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	295,540	398,365
Trade creditors	221,186	939,996
Amounts owed to group undertakings and undertakings in which the company has a participating interest	69,842	52,000
Social security and other taxes	23,823	7,846
Other creditors	16,349	111,395
	---------	------------
	626,740	1,509,602
	---------	------------

Included within creditors as above, are bank borrowings of £254,705 (2022 £233,934), which are secured over the assets of the company.

Within other creditors above are finance agreement balances totalling nil (2023 £4,200) which are secured on the subject assets.

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

	2024	2023
	£	£
Bank loans and overdrafts	7,608	25,789
Other creditors	–	1,050
	-------	--------
	7,608	26,839
	-------	--------

The company has borrowed £100,000 under the Government's Covid-19 loan scheme.

This loan is repayable over a 66 month term, with a total outstanding balance at the period end date of £25,789 (2023 £43,971), of which £18,182 (2023: £18,181) is repayable within twelve months.

Interest of 2.5% is payable monthly, in arrears, on this loan; the Government covered the first 12 months interest charge.

The Government acts as guarantor to the lender for this loan.

Other creditors in the prior year above comprise finance agreement balances which are secured on the subject assets.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Later than 1 year and not later than 5 years	–	86,200
	----	--------

10. Contingencies

A contingent liability exists in relation to a bank guarantee provided to support the borrowings of the holding company, Hayes Holdings (Sheffield) Limited. At 31 December 2024, these borrowings amounted to £223,785 (2023 £245,946).

11. Events after the end of the reporting period

The activities of the company have now effectively been brought to an end in a controlled manner in recognition of the commercial challenges in the industry.

12. Controlling party

The company is a wholly owned subsidiary of Hayes Holdings (Sheffield) Limited, being a company incorporated in England whose registered office is situated at 35 Walker Street, Wicker Arches, Sheffield S3 8GZ. This company is itself controlled by Mr F Hayes , a director of Sheffield Motorcycle Centre Ltd.