REGISTERED NUMBER: SC312712 (Scotland)

Financial Statements for the Year Ended 31 October 2025

for

Mitchells Motorcycles Ltd.

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs H Matheson

K Matheson

SECRETARY:

Mrs H Matheson

REGISTERED OFFICE:

Delmore

Inverness

IV3 8RG

REGISTERED NUMBER:

SC312712 (Scotland)

ACCOUNTANTS:

Highland Accountancy Practice

Chartered Accountants

Suite 1A, Willow House

Stoneyfield Business Park

Inverness

Highland

IV2 7PA

FIXED ASSETS

Tangible assets

4

95,926

115,205

CURRENT ASSETS

Stocks

736,775

727,663

Debtors

6,251

5,989

Cash at bank

109,447

145,240

852,473

878,892

CREDITORS

Amounts falling due within one year

322,354

342,671

NET CURRENT ASSETS

530,119

536,221

TOTAL ASSETS LESS CURRENT LIABILITIES

626,045

651,426

CREDITORS

Amounts falling due after more than one year

(4,377

)

(28,523

)

PROVISIONS FOR LIABILITIES

(17,271

)

(18,400

)

NET ASSETS

604,397

604,503

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

604,395

604,501

SHAREHOLDERS' FUNDS

604,397

604,503

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

K Matheson - Director

1.	STATUTORY INFORMATION

Mitchells Motorcycles Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to Property

-

2% on cost

Plant and Machinery

-

15% on reducing balance

Fixtures and Fittings

-

15% on reducing balance

Motor Vehicles

-

25% on reducing balance

Computer Equipment

-

33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation, impairment losses, and reversals of impairment losses (where applicable).

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2024

279,031

Additions

2,307

Disposals

(10,200

)

At 31 October 2025

271,138

DEPRECIATION

At 1 November 2024

163,826

Charge for year

17,283

Eliminated on disposal

(5,897

)

At 31 October 2025

175,212

NET BOOK VALUE

At 31 October 2025

95,926

At 31 October 2024

115,205

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 November 2024

35,992

Additions

1,386

Transfer to ownership

(37,378

)

At 31 October 2025

-

DEPRECIATION

At 1 November 2024

8,998

Transfer to ownership

(8,998

)

At 31 October 2025

-

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

26,994

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2025 and 31 October 2024:

31.10.25

31.10.24

£

£

K Matheson and Mrs H Matheson

Balance outstanding at start of year

(7,951

)

(2,687

)

Amounts advanced

511

883

Amounts repaid

(6,386

)

(6,147

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(13,826

)

(7,951

)

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the two directors, K Matheson and Mrs H Matheson.