IRIS Accounts Production v19.1.0.729 06718623 Board of Directors 1.4.17 31.3.18 31.3.18 true false true true false false false true true true false Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure 06718623 2017-03-31 06718623 2018-03-31 06718623 2017-04-01 2018-03-31 06718623 2016-03-31 06718623 2016-04-01 2017-03-31 06718623 2017-03-31 06718623 ns15:EnglandWales 2017-04-01 2018-03-31 06718623 ns14:PoundSterling 2017-04-01 2018-03-31 06718623 ns10:Director1 2017-04-01 2018-03-31 06718623 ns10:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 06718623 ns10:FRS102 2017-04-01 2018-03-31 06718623 ns10:Audited 2017-04-01 2018-03-31 06718623 ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport 2017-04-01 2018-03-31 06718623 ns10:LargeMedium-sizedCompaniesRegimeForAccounts 2017-04-01 2018-03-31 06718623 ns10:FullAccounts 2017-04-01 2018-03-31 06718623 1 2017-04-01 2018-03-31 06718623 ns10:OrdinaryShareClass1 2017-04-01 2018-03-31 06718623 ns10:Director2 2017-04-01 2018-03-31 06718623 ns10:RegisteredOffice 2017-04-01 2018-03-31 06718623 1 2017-04-01 2018-03-31 06718623 1 2016-04-01 2017-03-31 06718623 ns5:CurrentFinancialInstruments 2018-03-31 06718623 ns5:CurrentFinancialInstruments 2017-03-31 06718623 ns5:Non-currentFinancialInstruments 2018-03-31 06718623 ns5:Non-currentFinancialInstruments 2017-03-31 06718623 ns5:ShareCapital 2018-03-31 06718623 ns5:ShareCapital 2017-03-31 06718623 ns5:FurtherSpecificReserve1ComponentTotalEquity 2018-03-31 06718623 ns5:FurtherSpecificReserve1ComponentTotalEquity 2017-03-31 06718623 ns5:FurtherSpecificReserve3ComponentTotalEquity 2018-03-31 06718623 ns5:FurtherSpecificReserve3ComponentTotalEquity 2017-03-31 06718623 ns5:RetainedEarningsAccumulatedLosses 2018-03-31 06718623 ns5:RetainedEarningsAccumulatedLosses 2017-03-31 06718623 ns5:ShareCapital 2016-03-31 06718623 ns5:RetainedEarningsAccumulatedLosses 2016-03-31 06718623 ns5:FurtherSpecificReserve1ComponentTotalEquity 2016-03-31 06718623 ns5:FurtherSpecificReserve3ComponentTotalEquity 2016-03-31 06718623 ns5:RetainedEarningsAccumulatedLosses 2016-04-01 2017-03-31 06718623 ns5:FurtherSpecificReserve1ComponentTotalEquity 2016-04-01 2017-03-31 06718623 ns5:FurtherSpecificReserve3ComponentTotalEquity 2016-04-01 2017-03-31 06718623 ns5:RetainedEarningsAccumulatedLosses 2017-04-01 2018-03-31 06718623 ns5:FurtherSpecificReserve1ComponentTotalEquity 2017-04-01 2018-03-31 06718623 ns5:FurtherSpecificReserve3ComponentTotalEquity 2017-04-01 2018-03-31 06718623 ns5:NetGoodwill 2017-04-01 2018-03-31 06718623 ns5:IntangibleAssetsOtherThanGoodwill 2017-04-01 2018-03-31 06718623 ns5:LandBuildings ns5:ShortLeaseholdAssets 2017-04-01 2018-03-31 06718623 ns5:LongLeaseholdAssets ns5:LandBuildings 2017-04-01 2018-03-31 06718623 ns5:LeaseholdImprovements 2017-04-01 2018-03-31 06718623 ns5:PlantMachinery 2017-04-01 2018-03-31 06718623 ns5:FurnitureFittings 2017-04-01 2018-03-31 06718623 ns5:MotorVehicles 2017-04-01 2018-03-31 06718623 ns5:ComputerEquipment 2017-04-01 2018-03-31 06718623 ns15:UnitedKingdom 2017-04-01 2018-03-31 06718623 ns15:UnitedKingdom 2016-04-01 2017-03-31 06718623 ns15:Europe 2017-04-01 2018-03-31 06718623 ns15:Europe 2016-04-01 2017-03-31 06718623 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2017-04-01 2018-03-31 06718623 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2016-04-01 2017-03-31 06718623 ns5:OwnedAssets 2017-04-01 2018-03-31 06718623 ns5:OwnedAssets 2016-04-01 2017-03-31 06718623 ns5:LeasedAssets 2017-04-01 2018-03-31 06718623 ns5:LeasedAssets 2016-04-01 2017-03-31 06718623 ns5:NetGoodwill 2016-04-01 2017-03-31 06718623 ns5:PatentsTrademarksLicencesConcessionsSimilar 2017-04-01 2018-03-31 06718623 ns5:PatentsTrademarksLicencesConcessionsSimilar 2016-04-01 2017-03-31 06718623 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-04-01 2018-03-31 06718623 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2016-04-01 2017-03-31 06718623 5 2017-04-01 2018-03-31 06718623 5 2016-04-01 2017-03-31 06718623 ns5:HirePurchaseContracts 2017-04-01 2018-03-31 06718623 ns5:HirePurchaseContracts 2016-04-01 2017-03-31 06718623 2 2016-04-01 2017-03-31 06718623 ns5:NetGoodwill 2017-03-31 06718623 ns5:PatentsTrademarksLicencesConcessionsSimilar 2017-03-31 06718623 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-03-31 06718623 ns5:NetGoodwill 2018-03-31 06718623 ns5:PatentsTrademarksLicencesConcessionsSimilar 2018-03-31 06718623 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-03-31 06718623 ns5:NetGoodwill 2017-03-31 06718623 ns5:PatentsTrademarksLicencesConcessionsSimilar 2017-03-31 06718623 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2017-03-31 06718623 ns5:LandBuildings ns5:ShortLeaseholdAssets 2017-03-31 06718623 ns5:LongLeaseholdAssets ns5:LandBuildings 2017-03-31 06718623 ns5:LeaseholdImprovements 2017-03-31 06718623 ns5:PlantMachinery 2017-03-31 06718623 ns5:LandBuildings ns5:ShortLeaseholdAssets 2018-03-31 06718623 ns5:LongLeaseholdAssets ns5:LandBuildings 2018-03-31 06718623 ns5:LeaseholdImprovements 2018-03-31 06718623 ns5:PlantMachinery 2018-03-31 06718623 ns5:LandBuildings ns5:ShortLeaseholdAssets 2017-03-31 06718623 ns5:LongLeaseholdAssets ns5:LandBuildings 2017-03-31 06718623 ns5:LeaseholdImprovements 2017-03-31 06718623 ns5:PlantMachinery 2017-03-31 06718623 ns5:FurnitureFittings 2017-03-31 06718623 ns5:MotorVehicles 2017-03-31 06718623 ns5:ComputerEquipment 2017-03-31 06718623 ns5:FurnitureFittings 2018-03-31 06718623 ns5:MotorVehicles 2018-03-31 06718623 ns5:ComputerEquipment 2018-03-31 06718623 ns5:FurnitureFittings 2017-03-31 06718623 ns5:MotorVehicles 2017-03-31 06718623 ns5:ComputerEquipment 2017-03-31 06718623 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2017-03-31 06718623 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2017-04-01 2018-03-31 06718623 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2018-03-31 06718623 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2017-03-31 06718623 ns5:CostValuation 2017-03-31 06718623 ns5:CostValuation 2018-03-31 06718623 ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2018-03-31 06718623 ns5:Subsidiary1 2017-04-01 2018-03-31 06718623 1 ns5:Subsidiary1 2017-04-01 2018-03-31 06718623 ns5:Subsidiary2 2017-04-01 2018-03-31 06718623 3 ns5:Subsidiary2 2017-04-01 2018-03-31 06718623 4 ns5:Subsidiary2 2017-04-01 2018-03-31 06718623 ns5:Associate1 2017-04-01 2018-03-31 06718623 ns5:Associate1 1 2017-04-01 2018-03-31 06718623 ns5:CurrentFinancialInstruments ns5:WithinOneYear 2018-03-31 06718623 ns5:CurrentFinancialInstruments ns5:WithinOneYear 2017-03-31 06718623 ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts ns5:WithinOneYear 2018-03-31 06718623 ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts ns5:WithinOneYear 2017-03-31 06718623 ns5:BetweenOneFiveYears ns5:HirePurchaseContracts 2018-03-31 06718623 ns5:BetweenOneFiveYears ns5:HirePurchaseContracts 2017-03-31 06718623 ns5:HirePurchaseContracts 2018-03-31 06718623 ns5:HirePurchaseContracts 2017-03-31 06718623 ns5:Secured 2018-03-31 06718623 ns5:Secured 2017-03-31 06718623 ns10:OrdinaryShareClass1 2018-03-31 06718623 ns5:RetainedEarningsAccumulatedLosses 2017-03-31 06718623 ns5:FurtherSpecificReserve1ComponentTotalEquity 2017-03-31 06718623 ns5:FurtherSpecificReserve3ComponentTotalEquity 2017-03-31 06718623 ns10:Director1 1 2017-03-31 06718623 ns10:Director1 1 2016-03-31 06718623 ns10:Director1 1 2017-04-01 2018-03-31 06718623 ns10:Director1 1 2016-04-01 2017-03-31 06718623 ns10:Director1 1 2018-03-31 06718623 ns10:Director1 1 2017-03-31


REGISTERED NUMBER: 06718623 (England and Wales)

























Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2018

for

Norton Motorcycles (UK) Limited

Norton Motorcycles (UK) Limited (Registered number: 06718623)






Contents of the Financial Statements
for the Year Ended 31 March 2018




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Norton Motorcycles (UK) Limited

Company Information
for the Year Ended 31 March 2018







DIRECTORS: S J Garner
S P Skinner





REGISTERED OFFICE: Donington Hall
Castle Donington
Derbyshire
DE74 2SG





REGISTERED NUMBER: 06718623 (England and Wales)





AUDITORS: HSKS Greenhalgh
Chartered Accountants &
Statutory Auditor
18 St Christopher's Way
Pride Park
Derby
DE24 8JY

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Strategic Report
for the Year Ended 31 March 2018

The directors present their strategic report for the year ended 31 March 2018.

REVIEW OF BUSINESS
Norton Motorcycles (UK) Limited, "Norton", manufactures and sells motorcycles and related parts,
accessories and clothing merchandise both directly and indirectly through independent distributors and
dealerships around the world. In addition to this, Norton also receives royalty payments through licence deals
fo use of the brand and design IP.

The company has performed strongly over the last few years with revenues and EBITDA continuing to grow,
creating a stronger balance sheet. Intangibles have grown significantly over the last three years as the
business has invested money into the research and development of new engine platforms and model ranges,
being the V4 and 650 model ranges. Both of these new model variants have achieved strong order books.
With our V4 model now delivering and our 650cc range expected to deliver Summer/Autumn 2019, we expect
continued growth going forward.

The company continues to expand its geographic footprint and invest in the development of its dealer and
distribution network.

PRINCIPAL RISKS AND UNCERTAINTIES
Risk management is a high priority. Processes are designed to identify, mitigate and manage risk. The board
of directors are ultimately responsible for the risk management.

Strict processes are followed to evaluate varying levels of opportunities, whether this be new funding
opportunities, investment in new motorcycle models, entering new markets and geographical locations, or
selection of new suppliers.

ON BEHALF OF THE BOARD:





S J Garner - Director


24 April 2019

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Report of the Directors
for the Year Ended 31 March 2018

The directors present their report with the financial statements of the company for the year ended 31 March 2018.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacture and sale of
motorcycles and related merchandise.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2018.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this
report.

S J Garner
S P Skinner

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made political donations as follows:

North West Leicester Conservative Association £2,500
Others £183

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial
statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company
law the directors must not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In
preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the company's transactions and disclose with reasonable accuracy at any time the financial position of the
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Report of the Directors
for the Year Ended 31 March 2018


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps
that he ought to have taken as a director in order to make himself aware of any relevant audit information and
to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S J Garner - Director


24 April 2019

Report of the Independent Auditors to the Members of
Norton Motorcycles (UK) Limited

Disclaimer of opinion
We were engaged to audit the financial statements of Norton Motorcycles (UK) Limited (the ‘company’) for the
year ended 31 March 2018 which comprise the Income Statement, Other Comprehensive Income, Balance
Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of
significant accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally
Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements of the company. Because of the
significance of the matters described in the basis for disclaimer of opinion section of our report, we have not
been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these
financial statements.


Basis for disclaimer of opinion
The financial statements of the year ended 31 March 2017 were not audited. We have obtained audit
evidence to support certain opening balances for the year ended 31 March 2018. However, there were
opening balances that could not be audited as detailed in the following five paragraphs:

Development costs reflected in the company's assets at 31 March 2017 with a carrying value of £3,718,992
include an estimate of labour and other costs which is based on an apportionment of costs incurred. These
estimates are judgemental and therefore subject to an inherent estimation uncertainty and this asset
represents 34.5% of the company's gross assets. As a result of this estimation uncertainty we are unable to
determine whether any adjustments were necessary in respect of the carrying value of this asset at 31 March
2017.

The company's investment in Norton America LLC, a foreign subsidiary, is carried at £1,511,063 in the
balance sheet as at 31 March 2017. We were unable to obtain sufficient appropriate audit evidence about the
carrying amount of Norton Motorcycles (UK) Limited's investment in Norton America LLC as at 31 March
2017 because financial information for this entity was not available. Consequently, we were unable to
determine whether any adjustment to the amount of the investment was necessary.

Stock as at 31 March 2017 had a carrying value of £1,257,889. The audit evidence available to us was limited
because we did not observe counting of the physical stock at 31 March 2017, since that date was prior to our
appointment as auditor of the company. We were unable to obtain sufficient appropriate evidence regarding
the stock quantities by using other audit procedures and were therefore unable to determine whether any
adjustments were necessary in respect of the carrying value of this asset.

Trade debtors as at 31 March 2017, and after the prior period adjustment totalled £166,472, and we were
unable to obtain sufficient appropriate evidence regarding this balance by using other audit procedures.

Included within other debtors as at 31 March 2017 were amounts totalling £348,087 due from two related
parties and we were unable to obtain sufficient appropriate evidence regarding this balance by any other audit
procedures.

Furthermore, with regard to the year ended 31 March 2018:

Development expenditure has not been accounted for in line with the accounting policy or FRS 102 in so far
as a proportion of development expenditure incurred in the year has been expensed through the income
statement. Development cost additions have been understated by £1,054,888 and pre tax profit for the year
has been understated by the same amount. As a result the amortisation of development costs, being £300
per motorcycle, is potentially insufficient. Furthermore, given that we were unable to determine whether any
adjustment was necessary in respect of the carrying value of this asset at 31 March 2017, we are unable to
determine similar at 31 March 2018.

Report of the Independent Auditors to the Members of
Norton Motorcycles (UK) Limited


Given that development costs have been accounted for incorrectly as above, the grant income receivable
during the year ended 31 March 2018 relating to such development costs has also been accounted for
incorrectly. Grant income of £1,054,888 should be recognised on a systematic basis over the expected useful
life of the asset with any deferred income being carried in the balance sheet. Furthermore the accounting
policy for government grants is not compliant with FRS 102. As a result, other income and net profit before
tax for the year are overstated by £1,054,688 and deferred income is understated by the same amount. The
overall effect on net profit before tax of this incorrect accounting treatment and that described in the
preceeding paragraph is £nil for the year ended 31 March 2018.

The company's investment in Norton America LLC, a foreign subsidiary, is carried at £1,511,063 in the
balance sheet as at 31 March 2018. We were unable to obtain sufficient appropriate audit evidence about the
carrying amount of Norton Motorcycles (UK) Limited's investment in Norton America LLC as at 31 March
2018 because financial information for this entity was not available. Consequently, we were unable to
determine whether any adjustment to the amount of the investment was necessary.

Material uncertainty relating to going concern
We draw attention to the going concern section in note 2 in the financial statements which indicates that the
company made a pre tax profit of £33,701 (equating to a loss after tax of £1,537) during the year ended 31
March 2018 and, as of that date, the company's current liabilities exceeded its current assets by £3,384,200.
As stated in the going concern section in note 2, these conditions, along with the other matters as detailed in
that section, indicate that a material uncertainty exists that may cast significant doubt on the company's ability
to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report
of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are required to determine whether there is a
material misstatement in the financial statements or a material misstatement of the other information. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006
Because of the significance of the matters described in the basis for disclaimer of opinion section of our
report, we have been unable to form an opinion, whether based on the work undertaken in the course of the
audit:
- the information given in the strategic report and directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
- the strategic report and directors’ report have been prepared in accordance with applicable legal
requirements.

Other matter
In the previous accounting period the directors of the company took advantage of audit exemption under s477
of the Companies Act. Therefore the prior period financial statements were not subject to audit.

Report of the Independent Auditors to the Members of
Norton Motorcycles (UK) Limited


Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and
understanding of the company and its environment obtained in the course of the audit performed subject to
the pervasive limitations described above, we have not identified material misstatements in the strategic
report or the directors’ report.

Arising from the limitation of our work referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of
our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the directors determine necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the company's financial statements in accordance with
International Standards on Auditing (UK) and to issue an auditor's report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were
not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these
financial statements.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit
of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.

Report of the Independent Auditors to the Members of
Norton Motorcycles (UK) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's
members those matters we are required to state to them in a Report of the Auditors and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company and the company's members as a body, for our audit work, for this report, or for the opinions we
have formed.




Philip Handley FCA (Senior Statutory Auditor)
for and on behalf of HSKS Greenhalgh
Chartered Accountants &
Statutory Auditor
18 St Christopher's Way
Pride Park
Derby
DE24 8JY

26 April 2019

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Income Statement
for the Year Ended 31 March 2018

2018 2017
as
restated
Notes £    £   

TURNOVER 3 6,718,914 5,599,337

Cost of sales (5,092,384 ) (4,503,811 )
GROSS PROFIT 1,626,530 1,095,526

Administrative expenses (2,116,371 ) (2,322,387 )
(489,841 ) (1,226,861 )

Other operating income 1,127,931 1,103,540
OPERATING PROFIT/(LOSS) 5 638,090 (123,321 )

Loan written off 7 373,359 186,680
Related party balances written
off 7 (479,335 ) -
532,114 63,359

Interest receivable and similar income 1,981 271
534,095 63,630
Amounts written off investments 8 (125,321 ) -
408,774 63,630

Interest payable and similar expenses 9 (375,073 ) (265,472 )
PROFIT/(LOSS) BEFORE TAXATION 33,701 (201,842 )

Tax on profit/(loss) 10 (35,238 ) -
LOSS FOR THE FINANCIAL YEAR (1,537 ) (201,842 )

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Other Comprehensive Income
for the Year Ended 31 March 2018

2018 2017
as
restated
Notes £    £   

LOSS FOR THE YEAR (1,537 ) (201,842 )


OTHER COMPREHENSIVE INCOME
Reduction in capital contribution (80,138 ) 163,682
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(80,138

)

163,682
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(81,675

)

(38,160

)

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Balance Sheet
31 March 2018

2018 2017
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 5,237,572 3,824,695
Tangible assets 14 2,626,397 2,179,422
Investments 15 1,683,446 1,808,767
9,547,415 7,812,884

CURRENT ASSETS
Stocks 16 1,487,290 1,257,889
Debtors 17 2,545,968 1,706,401
Cash at bank and in hand 58,116 3,465
4,091,374 2,967,755
CREDITORS
Amounts falling due within one year 18 7,475,574 4,066,527
NET CURRENT LIABILITIES (3,384,200 ) (1,098,772 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,163,215

6,714,112

CREDITORS
Amounts falling due after more than one
year

19

5,712,150

6,181,372
NET ASSETS 451,065 532,740

CAPITAL AND RESERVES
Called up share capital 23 1 1
Capital contribution reserve 24 475,753 705,328
Fair value reserve 24 42,661 42,661
Retained earnings 24 (67,350 ) (215,250 )
SHAREHOLDERS' FUNDS 451,065 532,740

The financial statements were approved by the Board of Directors on 24 April 2019 and were signed on its
behalf by:





S J Garner - Director


Norton Motorcycles (UK) Limited (Registered number: 06718623)

Statement of Changes in Equity
for the Year Ended 31 March 2018

Called up Capital Fair
share Retained contribution value Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 April 2016 1 (177,090 ) - 42,661 (134,428 )

Changes in equity
Total comprehensive income - (38,160 ) 705,328 - 667,168
Balance at 31 March 2017 1 (215,250 ) 705,328 42,661 532,740

Changes in equity
Total comprehensive income - 147,900 (229,575 ) - (81,675 )
Balance at 31 March 2018 1 (67,350 ) 475,753 42,661 451,065

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements
for the Year Ended 31 March 2018

1. STATUTORY INFORMATION

Norton Motorcycles (UK) 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 Standards 102
"The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies
Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements for the year ended 31 March 2018 detail a pre-tax profit of £33,701 for the
year (2017 - £201,842 loss) with net current liabilities of £3,384,200 (2017 - £1,098,772).

The company is therefore dependent on the future financial support of its bankers and creditors.

Net current liabilities have grown in the year due to use of a new overdraft facility for the funding of V4
SS stock as this new model went into production. As the new model is now successfully in production
the company has received Heads of Terms to develop a new funding proposal to convert short term
overdraft funding into a committed term loan, which would improve the net current liabilities position.

With an incredibly successful new model launch, it should also be noted that short-term creditors
include customer deposits. Despite being classed as current liabilities, the directors consider it very
unlikely this would ever materialise in any material short term cash requirements given current trading
conditions and given the minimal number of cancellations in the past resulting in customer refunds.

The company meets its day to day working capital requirements through an agreed overdraft facility,
provided by Santander Bank on an evergreen automatic renewal basis.

The company has a wide range of banking facilities and its bankers continue to support all of these
facilities. Further to this, as above the company has received Heads of Terms to develop a proposal
for refinancing, including the provision of further growth capital to enable Norton to expand and scale
its business.

The directors have prepared projected cash flow information for the period ending 12 months from the
date of their approval of these financial statements. On the basis of the cash flow information and on
the basis of the information above, the directors consider it appropriate to prepare the financial
statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Norton Motorcycles (UK) Limited as an individual
company and do not contain consolidated financial information as the parent of a group. The company
is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare
consolidated financial statements as it and its subsidiary undertaking are included by full consolidation
in the consolidated financial statements of its parent, Norton Motorcycle Holdings Limited, Donington
Hall, Castle Donington, Derbyshire, DE74 2SG.

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

2. ACCOUNTING POLICIES - continued

Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of
the goods have passed to the customer. Sales of motorcycles and related parts, merchandise and
accessories are recognised in turnover at the point of dispatch, which is when the risks and rewards of
ownership pass to the customer. Turnover is measured at the fair value of the consideration
receivable, excluding value added tax and discounts.

Goodwill
Goodwill, being the amount paid in connection with the aquisition of two businesses in 2013, is being
amortised evenly over it's estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Developments costs are being amortised at a rate of £300 per motorcycle sold in the financial year.

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.
Short leasehold - 10% on cost
Demonstrators - 10% on cost
Tooling - 10% on cost
Plant and machinery - 33% on cost and 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Office and computer equipment - 15% on cost

Tooling expenditure is depreciated once the asset has been brought into operational use.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost less any provision for
impairment.

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.


Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

2. ACCOUNTING POLICIES - continued
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.

Development
Development expenditure is capitalised where the project is technically, commercially and financially
viable. The expenditure is deferred and amortised over the period the company is expected to benefit.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
the balance sheet date unless settled at a contracted rate. Transactions in foreign currencies are
translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences
are taken into account in arriving at the operating result.

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.

Government grants
Government grants are recognised at fair value when there is reasonable assurance that the company
will comply with the conditions attaching to them and the grants will be received. Grants related to
purchase of assets and expenses are treated as other income in the profit and loss in the year of
receipt.

3. TURNOVER

The turnover and profit (2017 - loss) before taxation are attributable to the one principal activity of the
company.

An analysis of turnover by geographical market is given below:

2018 2017
as
restated
£    £   
United Kingdom 1,646,436 1,189,384
Europe 2,411,946 2,156,516
Rest of world 2,660,532 2,253,437
6,718,914 5,599,337

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

4. EMPLOYEES AND DIRECTORS
2018 2017
as
restated
£    £   
Wages and salaries 1,270,111 1,397,042
Social security costs 153,719 117,861
Other pension costs 18,842 -
1,442,672 1,514,903

The average number of employees during the year was as follows:
2018 2017
as
restated

Directors 2 2
Direct and administrative staff 72 57
Apprentices 11 12
85 71

2018 2017
as
restated
£    £   
Directors' remuneration 95,618 95,000
Directors' pension contributions to money purchase schemes 632 -

5. OPERATING PROFIT/(LOSS)

The operating profit (2017 - operating loss) is stated after charging:

2018 2017
as
restated
£    £   
Depreciation - owned assets 439,413 246,027
Depreciation - assets on hire purchase contracts 86,045 59,258
Loss on disposal of fixed assets - 2,250
Goodwill amortisation 9,000 9,000
Patents and licences amortisation 15,952 6,085
Development costs amortisation 124,200 119,700
Foreign exchange differences 32,423 16,200

6. AUDITORS' REMUNERATION
2018 2017
as
restated
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

8,600

-
Total audit fees 8,600 -

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

7. EXCEPTIONAL ITEMS
2018 2017
as
restated
£    £   
Loan written off 373,359 186,680
Related party balances written
off (479,335 ) -
(105,976 ) 186,680

During the year ended 31 March 2017 the directors were of the opinion that an amount owed to M Sipp
(a pension scheme in which a shareholder of the ultimate parent company, Norton Motorcycle
Holdings Limited, has an interest) was very unlikely to ever become payable. As such, it was decided
to write the total of the loan off over a period of 3 years. However, during this year, the directors have
decided to write off the remaining loan amount of £373,359 in full.

A debt due from Lantern Seven Limited (previously Fireworks World Limited), a company in which S J
Garner was a director until 29 June 2018 and is a shareholder, amounting to £324,002 was deemed
irrecoverable and therefore written off in full during the year.

During the year, the company has written off a loan amounting to £61,094 from Priest House Hotel
Limited, a company in which S J Garner is a sole shareholder and director.

During the year, the company has written off a debtor balance amounting to £22,052 from Greensward
Limited, a company in which S J Garner is a shareholder and director.

During the year, the company has recognised an additional creditor amounting to £14,005 to British
Motorcycle Manufacturing Academy Limited, a company in which S J Garner is a sole shareholder and
director.

During the year, the company has written off an intercompany balance amounting to £58,182 from
Norton America LLC, a company in which S J Garner is a director.

8. AMOUNTS WRITTEN OFF INVESTMENTS

During the year, the company has recognised an impairment of Spondon Engineering Limited, a
subsidiary company, amounting to £42,661 in light of its cessation and net assets position.

During the year, the company has recognised an impairment of Spondon Developments Limited, an
associate company, amounting to £82,660 in light of its cessation and net assets position.

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2018 2017
as
restated
£    £   
Bank interest 191,912 88,552
Other loan interest 175,639 172,237
Hire purchase interest 7,522 4,683
375,073 265,472

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2018 2017
as
restated
£    £   
Current tax:
UK corporation tax 35,238 -
Tax on profit/(loss) 35,238 -

Tax effects relating to effects of other comprehensive income

2018
Gross Tax Net
£    £    £   
Reduction in capital contribution (80,138 ) - (80,138 )

2017
Gross Tax Net
£    £    £   
Release of capital contribution 163,682 - 163,682
Capital contribution reserve 705,328 - 705,328
869,010 - 869,010

No provision for deferred tax has been recognised in the financial statements in light of trading losses
being available to extinguish any charge arising.

11. PRIOR YEAR ADJUSTMENT

The company has an accounting policy to recognise turnover at the point of dispatch. However, during
the year ended 31 March 2018 it came to the attention of the director that the turnover had been
recognised on placement of order by the customer for the years ended 31 March 2016 and 31 March
2017.

In the year ended 31 March 2016, overstated turnover and retained earnings amounted to £1,281,036
and for the year ended 31 March 2017 the overstatement amounted to £973,360.

Accordingly, the results and reserves of the prior period has been amended to reflect the correction of
these prior period errors.

12. INTERCOMPANY LOANS

During the year ending 31 March 2017, the parent company Norton Motorcycle Holdings Limited made
a five year interest free loan amounting to £6,325,076 to Norton Motorcycle (UK) Limited, which was
discounted using the market interest rate of 3% per annum.

The total discount of £869,010 for five years was credited to the capital contribution reserve, but has
subsequently been adjusted to reflect an amended loan profile, and is being released to the profit and
loss account over the period of the loan.

During the year ended 31 March 2018, total loan repayments made amounted to £718,641 and
therefore the total interest free undiscounted balance repayable as at 31 March 2018 is £5,606,435.

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

13. INTANGIBLE FIXED ASSETS
Patents
and Development
Goodwill licences costs Totals
£    £    £    £   
COST
At 1 April 2017 90,000 60,857 4,073,522 4,224,379
Additions - 98,661 1,463,368 1,562,029
At 31 March 2018 90,000 159,518 5,536,890 5,786,408
AMORTISATION
At 1 April 2017 36,000 9,154 354,530 399,684
Amortisation for year 9,000 15,952 124,200 149,152
At 31 March 2018 45,000 25,106 478,730 548,836
NET BOOK VALUE
At 31 March 2018 45,000 134,412 5,058,160 5,237,572
At 31 March 2017 54,000 51,703 3,718,992 3,824,695

Development costs represent design and testing costs incurred in adapting the existing Commando
motorcycle platform and new platforms to be used to produce the future models, and for two race
bikes used to partake in the Isle of Man TT races. These platforms will be used to generate current
and future sales.

14. TANGIBLE FIXED ASSETS
Short Plant and
leasehold Demonstrators Tooling machinery
£    £    £    £   
COST
At 1 April 2017 791,992 104,767 1,235,336 207,087
Additions 7,146 15,340 274,965 485,157
At 31 March 2018 799,138 120,107 1,510,301 692,244
DEPRECIATION
At 1 April 2017 79,199 19,906 278,915 111,964
Charge for year 79,914 12,010 149,432 160,155
At 31 March 2018 159,113 31,916 428,347 272,119
NET BOOK VALUE
At 31 March 2018 640,025 88,191 1,081,954 420,125
At 31 March 2017 712,793 84,861 956,421 95,123

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

14. TANGIBLE FIXED ASSETS - continued

Office
Fixtures and
and Motor computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2017 111,240 436,520 136,006 3,022,948
Additions 33,121 142,028 14,676 972,433
At 31 March 2018 144,361 578,548 150,682 3,995,381
DEPRECIATION
At 1 April 2017 79,099 168,880 105,563 843,526
Charge for year 8,542 96,910 18,495 525,458
At 31 March 2018 87,641 265,790 124,058 1,368,984
NET BOOK VALUE
At 31 March 2018 56,720 312,758 26,624 2,626,397
At 31 March 2017 32,141 267,640 30,443 2,179,422

Tangible fixed assets with a carrying amount of £2,360,876 (2017 - £1,961,790) are pledged as
security for the group's borrowing facilities.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2017 296,290
Additions 133,934
At 31 March 2018 430,224
DEPRECIATION
At 1 April 2017 78,658
Charge for year 86,045
At 31 March 2018 164,703
NET BOOK VALUE
At 31 March 2018 265,521
At 31 March 2017 217,632

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

15. FIXED ASSET INVESTMENTS

2018 2017
as
restated
£    £   
Shares in group undertakings 1,532,313 1,574,974
Participating interests 141,133 223,793
Other investments not loans 10,000 10,000
1,683,446 1,808,767

Additional information is as follows:
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST OR VALUATION
At 1 April 2017 1,574,974 291,250 1,866,224
Impairments (42,661 ) (82,660 ) (125,321 )
At 31 March 2018 1,532,313 208,590 1,740,903
PROVISIONS
At 1 April 2017
and 31 March 2018 - 67,457 67,457
NET BOOK VALUE
At 31 March 2018 1,532,313 141,133 1,673,446
At 31 March 2017 1,574,974 223,793 1,798,767

Cost or valuation at 31 March 2018 is represented by:

Shares in Interest
group in
undertakings associate Totals
£    £    £   
Valuation in 2018 - (82,660 ) (82,660 )
Cost 1,532,313 291,250 1,823,563
1,532,313 208,590 1,740,903

Investments (neither listed nor unlisted) were as follows:
2018 2017
as
restated
£    £   
Other assets 10,000 10,000

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

15. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the
following:

Subsidiaries

Norton America LLC
Registered office: 80 South 8th Street 500 Minneapolis, MN 55402, USA
Nature of business: Sale of motorcycles
%
Class of shares: holding
Investment capital 100.00

Spondon Engineering Limited (Company number 06999582)
Registered office: Donington Hall, Castle Donington, Derbyshire, DE74 2SG
Nature of business: Engineering
%
Class of shares: holding
Ordinary A shares 100.00
Ordinary B shares 100.00

Associated company

Spondon Developments Limited (company number 02446090)
Registered office: Donington Hall, Castle Donington, Derbyshire, DE74 2SG
Nature of business: Non-trading company
%
Class of shares: holding
Ordinary 50.00

16. STOCKS
2018 2017
as
restated
£    £   
Stocks 1,487,290 1,257,889

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
as
restated
£    £   
Trade debtors 942,572 166,472
Amounts owed by group undertakings 866,183 648,041
Other debtors 165,815 570,305
Directors' current accounts 216,099 -
Prepayments & accrued income 355,299 321,583
2,545,968 1,706,401

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
as
restated
£    £   
Bank loans and overdrafts (see note 20) 4,181,605 1,195,480
Other loans (see note 20) 30,000 403,359
Hire purchase contracts (see note 21) 57,171 42,850
Trade creditors 1,984,988 1,390,238
Amounts owed to group undertakings 20,226 22,988
Amounts owed to associates 63,176 65,816
Tax 117,604 -
Social security and other taxes 232,837 75,211
Other creditors 168,235 223,789
Customer deposits 509,644 553,079
Directors' current accounts - 2,257
Accruals & deferred income 64,325 50,273
Deferred government grants 45,763 41,187
7,475,574 4,066,527

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2018 2017
as
restated
£    £   
Hire purchase contracts (see note 21) 261,126 190,944
Amounts owed to group undertakings 5,130,683 5,619,748
Deferred government grants 320,341 370,680
5,712,150 6,181,372

20. LOANS

An analysis of the maturity of loans is given below:

2018 2017
as
restated
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,799,706 738,846
Bank loans 1,381,899 456,634
Other loans 30,000 403,359
4,211,605 1,598,839

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

21. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2018 2017
as
restated
£    £   
Net obligations repayable:
Within one year 57,171 42,850
Between one and five years 261,126 190,944
318,297 233,794

22. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
as
restated
£    £   
Bank overdrafts 2,799,706 738,846
Bank loans 1,381,899 456,634
Hire purchase contracts 318,297 233,794
4,499,902 1,429,274

The company's bankers have a fixed and floating charge covering all the property or undertaking of the
company in support of the bank overdraft and a loan amounting to £499,604 (2017 - £389,110).

Also included within bank loans is an Exports Enterprise Finance Guarantee Scheme (ExEFG) loan
amounting to £882,295 (2017 - £67,524) which is guaranteed by the UK government.

The hire purchase liabilities are secured against the individual assets concerned.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: as
restated
£    £   
1 Ordinary £1 1 1

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

24. RESERVES
Capital Fair
Retained contribution value
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2017 (215,250 ) 705,328 42,661 532,739
Deficit for the year (1,537 ) (1,537 )
Discount of intercompany loan - (80,138 ) - (80,138 )
Intercompany loan discount 149,437 (149,437 ) - -
At 31 March 2018 (67,350 ) 475,753 42,661 451,064

25. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is Norton Motorcycle Holdings Limited which owns 100%
of the issued share capital of Norton Motorcycles (UK) Limited. The registered office is Donington Hall,
Castle Donington, Derby, DE74 2SG.

The ultimate controlling party is S J Garner by virtue of his controlling interest in the voting share
capital of Norton Motorcycle Holdings Limited.

Copies of the group accounts for Norton Motorcycle Holdings Limited are available from Companies
House. This is the only group that the company is consolidated into during the year.

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and
31 March 2017:

2018 2017
as
restated
£    £   
S J Garner
Balance outstanding at start of year (2,257 ) (11,373 )
Amounts advanced 223,556 16,816
Amounts repaid (5,200 ) (7,700 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 216,099 (2,257 )

This amount is unsecured, had interest charged at 2.5% per annum on any overdrawn balances
throughout the year and has no fixed repayment date.

27. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
party transactions with wholly owned subsidiaries within the group.

Norton Motorcycles (UK) Limited (Registered number: 06718623)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

27. RELATED PARTY DISCLOSURES - continued

Spondon Developments Limited (company number 02446090)

An associated company in which S J Garner is also a director.


At the year end the company had a long term loan owing to Spondon Developments Limited amounting
to £63,176 (2017 - £65,816). This amount is unsecured, interest free and has no fixed repayment date.

Greensward Limited

A company in which S J Garner is a shareholder and director.


At the year end the company had a short term loan owing from Greensward Limited amounting to
£63,728 (2017 - £125,913). This amount is unsecured, interest free and has no fixed repayment date.

Lantern Seven Limited (previously Fireworks World Limited)

A company in which S J Garner was a director and is a shareholder.


As detailed at note 7, the amount owing from Lantern Seven Limited of £324,002 (2017: £110,239)
was deemed irrecoverable and written off in the year. S J Garner resigned as a director on 29 June
2018.

Priest House Hotel Limited

A company in which S J Garner is sole director.


At the year end the company had a short term loan owing to Priest House Hotel Limited amounting to
£19,721 (2017 - £237,848). This amount is unsecured, interest free and has no fixed repayment date.

British Motorcycle Manufacturing Academy Limited

A company in which S J Garner is sole director.


At the year end the company had a short term loan owing to British Motorcycle Manufacturing
Academy Limited amounting to £165,565 (2017 - £223,291). This amount is unsecured, interest free
and has no fixed repayment date.

During the year the company sold goods amounting to £25,000 (2017: £nil) to British Motorcycle
Manufacturing Academy limited. The balance due at the year end amounted to £30,000 (2017: £nil)
and is included within trade debtors.

Norton America LLC

A group company in which S J Garner is also a director.


At the year end the company had a short term loan owing from Norton America LLC amounting to £nil
(2017 - £58,182). This amount is unsecured, interest free and has no fixed repayment date.

A C Garner
During the year the company purchased plant and machinery for £90,000 (2017: £nil) from A C
Garner, the father of S J Garner.