REGISTERED NUMBER:
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Fiveways Motorcycle Centre Limited |
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Unaudited Financial Statements for the Year Ended 31st December 2019 |
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REGISTERED NUMBER:
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Fiveways Motorcycle Centre Limited |
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Unaudited Financial Statements for the Year Ended 31st December 2019 |
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Fiveways Motorcycle Centre Limited (Registered number: 03958906) |
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Contents of the Financial Statements |
for the year ended 31st December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Fiveways Motorcycle Centre Limited |
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Company Information |
for the year ended 31st December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Fiveways Motorcycle Centre Limited (Registered number: 03958906) |
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Balance Sheet |
31st December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Fiveways Motorcycle Centre Limited (Registered number: 03958906) |
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Balance Sheet - continued |
31st December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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Fiveways Motorcycle Centre Limited (Registered number: 03958906) |
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Notes to the Financial Statements |
for the year ended 31st December 2019 |
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1. | STATUTORY INFORMATION |
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Fiveways Motorcycle Centre Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis. The directors are content that the |
company has available the financial resources to continue to trade over the next 12 months, despite the |
challenges brought about by the Coronavirus pandemic. The pandemic and the social restrictions that have |
resulted give rise to many uncertainties, as well as some opportunities, and have required significant effort to |
maintain operations. The directors will continue to monitor the situation in a fast changing environment taking |
advantage of any government assistance. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. The policies adopted for the recognition of turnover are as follows: |
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Sale of goods |
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Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic |
benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in |
respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Intangible assets - goodwill |
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and |
amortised on a straight line basis over its useful life. Provision is made for any impairment as and when the need |
arises. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended. |
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Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated |
residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Land and buildings | - 15% on cost |
Plant and machinery etc | - 15%, 25% and 33% on cost |
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Stocks |
Stocks are stated 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 stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
slow- moving stock where appropriate. |
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Fiveways Motorcycle Centre Limited (Registered number: 03958906) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the |
current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial |
statements of current and previous periods. It is recognised in respect of all timing differences, with certain |
exceptions. Timing differences are differences between taxable profits and total comprehensive income as |
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in |
periods different from those in which they are recognised in the financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
balance sheet date that are expected to apply to the reversal of timing differences. |
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Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating |
unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable |
amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where |
the impairment loss is a revaluation decrease. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2019 |
and 31st December 2019 |
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AMORTISATION |
At 1st January 2019 |
and 31st December 2019 |
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NET BOOK VALUE |
At 31st December 2019 |
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At 31st December 2018 |
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Fiveways Motorcycle Centre Limited (Registered number: 03958906) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st January 2019 |
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Additions |
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At 31st December 2019 |
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DEPRECIATION |
At 1st January 2019 |
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Charge for year |
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At 31st December 2019 |
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NET BOOK VALUE |
At 31st December 2019 |
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At 31st December 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 23,626 | - |
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Hire purchase contracts are secured over the assets to which the agreements relate. |
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10. | CALLED UP SHARE CAPITAL |
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The share capital of £1,000 (2018: £1,000) is allotted, called up and fully paid. |