31/03/2019
2019-03-31
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
false
No description of principal activities is disclosed
2018-04-01
Sage Accounts Production 19.0 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
07957009
2018-04-01
2019-03-31
07957009
2019-03-31
07957009
2018-03-31
07957009
2017-04-01
2018-03-31
07957009
2018-03-31
07957009
2017-03-31
07957009
core:NetGoodwill
2018-04-01
2019-03-31
07957009
core:PlantMachinery
2018-04-01
2019-03-31
07957009
core:FurnitureFittingsToolsEquipment
2018-04-01
2019-03-31
07957009
core:MotorVehicles
2018-04-01
2019-03-31
07957009
bus:OrdinaryShareClass1
2018-04-01
2019-03-31
07957009
bus:OrdinaryShareClass2
2018-04-01
2019-03-31
07957009
bus:OrdinaryShareClass3
2018-04-01
2019-03-31
07957009
bus:Director1
2018-04-01
2019-03-31
07957009
core:WithinOneYear
2019-03-31
07957009
core:WithinOneYear
2018-03-31
07957009
core:NetGoodwill
2018-03-31
07957009
core:NetGoodwill
2019-03-31
07957009
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-03-31
07957009
core:PlantMachinery
2018-03-31
07957009
core:FurnitureFittingsToolsEquipment
2018-03-31
07957009
core:MotorVehicles
2018-03-31
07957009
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-03-31
07957009
core:PlantMachinery
2019-03-31
07957009
core:FurnitureFittingsToolsEquipment
2019-03-31
07957009
core:MotorVehicles
2019-03-31
07957009
core:DeferredTaxation
2018-04-01
2019-03-31
07957009
core:AfterOneYear
2019-03-31
07957009
core:AfterOneYear
2018-03-31
07957009
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-04-01
2019-03-31
07957009
core:ShareCapital
2019-03-31
07957009
core:ShareCapital
2018-03-31
07957009
core:RetainedEarningsAccumulatedLosses
2019-03-31
07957009
core:RetainedEarningsAccumulatedLosses
2018-03-31
07957009
bus:OrdinaryShareClass1
core:ShareCapital
2019-03-31
07957009
bus:OrdinaryShareClass1
core:ShareCapital
2018-03-31
07957009
bus:OrdinaryShareClass2
core:ShareCapital
2019-03-31
07957009
bus:OrdinaryShareClass2
core:ShareCapital
2018-03-31
07957009
bus:OrdinaryShareClass3
core:ShareCapital
2019-03-31
07957009
bus:OrdinaryShareClass3
core:ShareCapital
2018-03-31
07957009
core:NetGoodwill
2018-03-31
07957009
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-03-31
07957009
core:PlantMachinery
2018-03-31
07957009
core:FurnitureFittingsToolsEquipment
2018-03-31
07957009
core:MotorVehicles
2018-03-31
07957009
core:DeferredTaxation
2018-03-31
07957009
core:DeferredTaxation
2019-03-31
07957009
bus:Director1
2018-03-31
07957009
bus:Director1
2019-03-31
07957009
bus:Director2
2018-03-31
07957009
bus:Director2
2019-03-31
07957009
bus:Director1
2017-03-31
07957009
bus:Director1
2018-03-31
07957009
bus:Director2
2017-03-31
07957009
bus:Director2
2018-03-31
07957009
bus:Director2
2018-04-01
2019-03-31
07957009
bus:Director1
2017-04-01
2018-03-31
07957009
bus:Director2
2017-04-01
2018-03-31
07957009
bus:SmallEntities
2018-04-01
2019-03-31
07957009
bus:AuditExemptWithAccountantsReport
2018-04-01
2019-03-31
07957009
bus:FullAccounts
2018-04-01
2019-03-31
07957009
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
07957009
bus:PrivateLimitedCompanyLtd
2018-04-01
2019-03-31
07957009
core:WithinOneYear
2018-04-01
2019-03-31
Company registration number:
07957009
GT Motorcycles (2012) Ltd
Unaudited filleted financial statements
31 March 2019
GT MOTORCYCLES (2012) LTD
Contents
Statement of financial position
Notes to the financial statements
GT MOTORCYCLES (2012) LTD
STATEMENT OF FINANCIAL POSITION
31 MARCH 2019
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
70,000
|
|
|
|
80,000
|
|
|
Tangible assets
|
|
6
|
2,267,317
|
|
|
|
2,275,183
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
2,337,317
|
|
|
|
2,355,183
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
2,532,047
|
|
|
|
2,535,671
|
|
|
Debtors
|
|
7
|
98,373
|
|
|
|
64,807
|
|
|
Cash at bank and in hand
|
|
|
66,050
|
|
|
|
99,884
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
2,696,470
|
|
|
|
2,700,362
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
1,624,966)
|
|
|
|
(
1,394,626)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
1,071,504
|
|
|
|
1,305,736
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
3,408,821
|
|
|
|
3,660,919
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
9
|
|
|
(
3,048,871)
|
|
|
|
(
3,324,032)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
10
|
|
|
(
95,258)
|
|
|
|
(
72,707)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
264,692
|
|
|
|
264,180
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
11
|
|
|
102
|
|
|
|
102
|
Profit and loss account
|
|
12
|
|
|
264,590
|
|
|
|
264,078
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
264,692
|
|
|
|
264,180
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2019 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.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 December 2019
, and are signed on behalf of the board by:
Mr S A Haith
Director
Company registration number:
07957009
GT MOTORCYCLES (2012) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, PL6 8LT.
Principal activity
The principal activity of the company is trading as a main dealer for multiple motorcycle franchises.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
10 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
|
|
|
|
|
|
Freehold property
|
-
|
Not depreciated
|
|
|
Plant and machinery
|
-
|
15 %
|
reducing balance
|
|
Fittings fixtures and equipment
|
-
|
15 %
|
reducing balance
|
|
Motor vehicles
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
40
(2018:
41
).
5.
Intangible assets
|
|
Goodwill
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2018 and 31 March 2019
|
100,000
|
100,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 April 2018
|
20,000
|
20,000
|
|
|
|
|
|
Charge for the year
|
10,000
|
10,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2019
|
30,000
|
30,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2019
|
70,000
|
70,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2018
|
80,000
|
80,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Freehold property
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
£
|
£
|
£
|
£
|
£
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2018
|
2,086,545
|
126,308
|
183,824
|
92,118
|
2,488,795
|
|
|
|
Additions
|
16,397
|
-
|
19,984
|
-
|
36,381
|
|
|
|
Disposals
|
-
|
-
|
-
|
(
28,000)
|
(
28,000)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 31 March 2019
|
2,102,942
|
126,308
|
203,808
|
64,118
|
2,497,176
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2018
|
-
|
74,766
|
87,849
|
50,997
|
213,612
|
|
|
|
Charge for the year
|
-
|
7,730
|
17,377
|
7,328
|
32,435
|
|
|
|
Disposals
|
-
|
-
|
-
|
(
16,188)
|
(
16,188)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 31 March 2019
|
-
|
82,496
|
105,226
|
42,137
|
229,859
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2019
|
2,102,942
|
43,812
|
98,582
|
21,981
|
2,267,317
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 31 March 2018
|
2,086,545
|
51,542
|
95,975
|
41,121
|
2,275,183
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
96,228
|
62,690
|
|
Other debtors
|
|
2,145
|
2,117
|
|
|
|
_______
|
_______
|
|
|
|
98,373
|
64,807
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Stocking finance
|
|
380,832
|
471,657
|
|
Trade creditors
|
|
1,191,723
|
843,606
|
|
Accruals and deferred income
|
|
6,250
|
32,517
|
|
Social security and other taxes
|
|
44,951
|
43,801
|
|
Other creditors
|
|
1,210
|
3,045
|
|
|
|
_______
|
_______
|
|
|
|
1,624,966
|
1,394,626
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Honda Finance Europe plc hold a mortgage debenture over the assets of the company as security for any amounts due to them.
The stocking finance is secured against the specific motorcycles being financed.
9.
Creditors: amounts falling due after more than one year
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Other creditors
|
|
3,048,871
|
3,324,032
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Provisions
|
|
Deferred tax
|
Total
|
|
|
|
|
|
£
|
£
|
|
|
|
|
At 1 April 2018
|
72,707
|
72,707
|
|
|
|
|
Additions
|
22,551
|
22,551
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
At 31 March 2019
|
95,258
|
95,258
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
11.
Called up share capital
Issued, called up and fully paid
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary
shares of £
1.00 each
|
|
100
|
|
100
|
|
100
|
|
100
|
|
A Ordinary
shares of £
1.00 each
|
|
1
|
|
1
|
|
1
|
|
1
|
|
B Ordinary
shares of £
1.00 each
|
|
1
|
|
1
|
|
1
|
|
1
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
102
|
|
102
|
|
102
|
|
102
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
12.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
13.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 April 2018
|
Loans to / (from) the directors
|
Amounts repaid
|
Balance at 31 March 2019
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
(
3,287,245)
|
-
|
260,661
|
(
3,026,584)
|
|
|
|
|
(36,787)
|
-
|
14,500
|
(22,287)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
(
3,324,032)
|
-
|
275,161
|
(
3,048,871)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to / (from) directors at 1 April 2017
|
Loans to / (from) the directors
|
Amounts repaid
|
Balance at 31 March 2018
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
(
3,178,821)
|
(
108,424)
|
-
|
(3,287,245)
|
|
|
|
|
(72,787)
|
-
|
36,000
|
(36,787)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
(
3,251,608)
|
(
108,424)
|
36,000
|
(
3,324,032)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|