BICYCLE LINKS CIC

Company limited by guarantee

Company Registration Number:
07743026 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2021

Period of accounts

Start date: 1 December 2020

End date: 30 November 2021

BICYCLE LINKS CIC

Contents of the Financial Statements

for the Period Ended 30 November 2021

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

BICYCLE LINKS CIC

Directors' report period ended 30 November 2021

The directors present their report with the financial statements of the company for the period ended 30 November 2021

Directors

The directors shown below have held office during the whole of the period from
1 December 2020 to 30 November 2021

Lucy Hall
Timothy Guy
Robert Harber
Matthew Lamb


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
10 August 2022

And signed on behalf of the board by:
Name: Lucy Hall
Status: Director

BICYCLE LINKS CIC

Profit And Loss Account

for the Period Ended 30 November 2021

2021 2020


£

£
Turnover: 254,313 237,255
Cost of sales: ( 95,210 ) ( 94,477 )
Gross profit(or loss): 159,103 142,778
Distribution costs: ( 562 ) ( 644 )
Administrative expenses: ( 157,469 ) ( 131,062 )
Other operating income: 4,112 15,048
Operating profit(or loss): 5,184 26,120
Profit(or loss) before tax: 5,184 26,120
Tax: ( 1,200 ) ( 5,272 )
Profit(or loss) for the financial year: 3,984 20,848

BICYCLE LINKS CIC

Balance sheet

As at 30 November 2021

Notes 2021 2020


£

£
Fixed assets
Tangible assets: 3 3,656 4,876
Total fixed assets: 3,656 4,876
Current assets
Stocks: 4 28,901 21,326
Debtors: 5 4,535 2,262
Cash at bank and in hand: 37,052 48,004
Total current assets: 70,488 71,592
Creditors: amounts falling due within one year: 6 ( 29,892 ) ( 36,200 )
Net current assets (liabilities): 40,596 35,392
Total assets less current liabilities: 44,252 40,268
Total net assets (liabilities): 44,252 40,268
Members' funds
Profit and loss account: 44,252 40,268
Total members' funds: 44,252 40,268

The notes form part of these financial statements

BICYCLE LINKS CIC

Balance sheet statements

For the year ending 30 November 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 10 August 2022
and signed on behalf of the board by:

Name: Lucy Hall
Status: Director

The notes form part of these financial statements

BICYCLE LINKS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of theconsideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:Sale of goodsTurnover from the sale of goods is recognised when all of the following conditions are satisfied:- the Company has transferred the significant risks and rewards of ownership to the buyer;- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;- the amount of turnover can be measured reliably;- it is probable that the Company will receive the consideration due under the transaction; and- the costs incurred or to be incurred in respect of the transaction can be measured reliably.Rendering of servicesTurnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the followingconditions are satisfied:- the amount of turnover can be measured reliably;- it is probable that the Company will receive the consideration due under the contract;- the stage of completion of the contract at the end of the reporting period can be measured reliably; and- the costs incurred and the costs to complete the contract can be measured reliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that isdirectly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.Depreciation is provided on the following basis:Plant & machinery - 25% Reducing balanceFixtures & fittings - 25% Reducing balanceComputer equipment - 25% Reducing balanceThe assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

    Other accounting policies

    StocksStocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss isrecognised immediately in profit or loss.DebtorsShort-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently atamortised cost using the effective interest method, less any impairment.CreditorsShort-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequentlyat amortised cost using the effective interest method.Financial instrumentsThe Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

BICYCLE LINKS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2021

  • 2. Employees

    2021 2020
    Average number of employees during the period 7 7

BICYCLE LINKS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2021

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 December 2020 5,408 16,059 2,292 23,759
Additions
Disposals
Revaluations
Transfers
At 30 November 2021 5,408 16,059 2,292 23,759
Depreciation
At 1 December 2020 4,866 12,317 1,700 18,883
Charge for year 136 936 148 1,220
On disposals
Other adjustments
At 30 November 2021 5,002 13,253 1,848 20,103
Net book value
At 30 November 2021 406 2,806 444 3,656
At 30 November 2020 542 3,742 592 4,876

BICYCLE LINKS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2021

4. Stocks

2021 2020
£ £
Stocks 28,901 21,326
Total 28,901 21,326

BICYCLE LINKS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2021

5. Debtors

2021 2020
£ £
Trade debtors 4,535 2,262
Total 4,535 2,262

BICYCLE LINKS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2021

6. Creditors: amounts falling due within one year note

2021 2020
£ £
Trade creditors 29,892 36,200
Total 29,892 36,200

COMMUNITY INTEREST ANNUAL REPORT

BICYCLE LINKS CIC

Company Number: 07743026 (England and Wales)

Year Ending: 30 November 2021

Company activities and impact

From December 2020 we went into another Covid ‘lockdown’ period, which impacted our trading activity because very few people were commuting to work. At the same time we had some staff members off with Covid and reduced our opening hours slightly.There was a continuing demand for volunteering. In April 2021 we took on a second premises in a shopping centre in Norwich, in order to reopen our volunteer sessions in a safe location away from our shop. Because of the new premises we were able to expand our volunteer sessions to four days a week, and offer places to up to 24 volunteers who choose to take part because they benefit from this activity. Our new volunteer workshop increased our production of second hand bicycles, so we were once again able to offer refurbished bikes for sale at a reasonable price, benefitting the population of Norwich.In September 2021 we ran a successful crowdfunder campaign for a new project providing free children’s bikes, and delivered 45 bikes to local schools, social services and charitable organisations.We were able to revive our Welcome Wheels project due to a generous donation from the Bishop’s Fund for Refugees in November 2021.

Consultation with stakeholders

Our stakeholders are:- Our volunteers and employees- Local people who use our services- Public and voluntary sector organisations that refer people to our projects or request help or donations of itemsThe Covid pandemic continued to dominate our activities for at least the first half of this year. Once our volunteer workshops were running again we were able to engage with volunteers, and with a number of new agencies that were interested in referring to us. With their feedback we adjusted our induction process.The Free Bikes for Kids project put us in touch with local primary schools for the first time, and we responded to their specific requests for bikes. This project ran with very helpful support from insurance company Aviva, and we took note of their advice.At the end of the year in November 2021 we were glad to take part in the launch of Norwich becoming a ‘social enterprise place’ and the creation of FUSE Norwich, to promote social enterprise in the city.

Directors' remuneration

The current Directors were also all employees of Bicycle Links during this financial year. Staff pay information is included in our accounts. Directors do not receive any additional bonuses or expenses.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
17 August 2022

And signed on behalf of the board by:
Name: Lucy Hall
Status: Director