Reiten Motorrad Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11020032 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

REITEN MOTORRAD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Halsall

Mrs R A M Halsall

REGISTERED OFFICE:

The Old Filling Station

Lower Road

Glemsford

Sudbury

Suffolk

CO10 7QU

REGISTERED NUMBER:

11020032 (England and Wales)

ACCOUNTANTS:

RE Group Accountants Limited

Chartered Certified Accountants

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

FIXED ASSETS

Tangible assets

4

79,325

71,608

CURRENT ASSETS

Stocks

951,314

762,809

Debtors

5

48,201

57,959

Cash at bank and in hand

22,755

83,879

1,022,270

904,647

CREDITORS

Amounts falling due within one year

6

1,109,282

939,364

NET CURRENT LIABILITIES

(87,012

)

(34,717

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,687

)

36,891

CREDITORS

Amounts falling due after more than one year

7

146,770

144,490

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

(254,457

)

(207,599

)

(154,457

)

(107,599

)

(7,687

)

36,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 19 May 2023 and were signed on its behalf by:

Mrs R A M Halsall - Director

D J Halsall - Director

1.	STATUTORY INFORMATION

Reiten Motorrad Limited is a private company, limited by shares , registered in England and Wales. 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.

Going Concern

The company meets its working capital requirements by the finance provided by BMW Financial Services (GB) Limited which continue at its present level unless and until amended or withdrawn.

The company's forecast and projections, taking account of possible changes in trading performance, show that the company should be able to operate within the level of its current facility.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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 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

-

10% on cost

Plant and machinery

-

15% - 33% on reducing balance

Fixtures and fittings

-

15% - 33% on reducing balance

Motor vehicles

-

33% on cost and 25% on cost

Computer equipment

-

33% on cost

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 13 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2022

84,558

36,712

13,211

Additions

-

1,829

-

Disposals

-

(822

)

-

At 31 December 2022

84,558

37,719

13,211

DEPRECIATION

At 1 January 2022

31,952

25,132

9,447

Charge for year

8,482

3,720

1,129

Eliminated on disposal

-

(179

)

-

At 31 December 2022

40,434

28,673

10,576

NET BOOK VALUE

At 31 December 2022

44,124

9,046

2,635

At 31 December 2021

52,606

11,580

3,764

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

36,947

31,860

203,288

Additions

27,636

-

29,465

Disposals

-

-

(822

)

At 31 December 2022

64,583

31,860

231,931

DEPRECIATION

At 1 January 2022

34,424

30,725

131,680

Charge for year

7,018

756

21,105

Eliminated on disposal

-

-

(179

)

At 31 December 2022

41,442

31,481

152,606

NET BOOK VALUE

At 31 December 2022

23,141

379

79,325

At 31 December 2021

2,523

1,135

71,608

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

Motor

vehicles

£

COST

At 1 January 2022

20,000

Additions

25,707

Transfer to ownership

(20,000

)

At 31 December 2022

25,707

DEPRECIATION

At 1 January 2022

19,167

Charge for year

5,075

Transfer to ownership

(20,000

)

At 31 December 2022

4,242

NET BOOK VALUE

At 31 December 2022

21,465

At 31 December 2021

833

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

13,191

10,078

Other debtors

35,010

47,881

48,201

57,959

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

19,398

32,556

Hire purchase contracts (see note 8)

6,262

5,273

Trade creditors

658,516

397,189

Taxation and social security

38,646

63,524

Other creditors

386,460

440,822

1,109,282

939,364

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

24,167

43,565

Hire purchase contracts (see note 8)

22,603

925

Other creditors

100,000

100,000

146,770

144,490

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

6,262

5,273

Between one and five years

22,603

925

28,865

6,198

Non-cancellable operating

leases

2022

2021

£

£

Within one year

1,966

1,966

Between one and five years

2,457

4,423

4,423

6,389

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

43,565

76,121

Hire purchase contracts

28,865

6,198

Trade creditors

522,700

257,131

595,130

339,450

The dealer finance facility is provided by BMW Financial Services (GB) Ltd and is secured by deed of assignment. The deed creates a charge over all monies due from BMW (UK) Ltd on the refund, or repayment, of any deposits paid to BMW (UK) ltd on the supply of motor vehicles on a consignment basis to the company.

The company's bank loans are secured by a fixed and floating charge over the undertaking of the company.

10.	TRANSACTIONS WITH DIRECTORS

The Directors have provided a long term loan to the company on commencement of trade of £100,000 (2021: £100,000) which is including within other creditors (note 8). The loan is unsecured and interest free.