Registered number
06293682
Funbikes Limited
Report and Accounts
31 March 2023
Funbikes Limited
Registered number: 06293682
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 231,281 159,512
Current assets
Stocks 3,954,931 4,869,732
Debtors 5 237,650 367,744
Cash at bank and in hand 172,955 284,857
4,365,536 5,522,333
Creditors: amounts falling due within one year 6 (1,688,802) (2,785,038)
Net current assets 2,676,734 2,737,295
Total assets less current liabilities 2,908,015 2,896,807
Creditors: amounts falling due after more than one year 7 (287,229) (295,505)
Provisions for liabilities (23,176) (9,521)
Net assets 2,597,610 2,591,781
Capital and reserves
Called up share capital 310 310
Profit and loss account 2,597,300 2,591,471
Shareholders' funds 2,597,610 2,591,781
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J King
Director
Approved by the board on 19 September 2023
Funbikes Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 35 35
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 30,000
At 31 March 2023 30,000
Amortisation
At 1 April 2022 30,000
At 31 March 2023 30,000
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 156,885 91,476 27,276 275,637
Additions - 3,425 113,223 116,648
At 31 March 2023 156,885 94,901 140,499 392,285
Depreciation
At 1 April 2022 48,031 41,893 26,201 116,125
Charge for the year 8,353 7,951 28,575 44,879
At 31 March 2023 56,384 49,844 54,776 161,004
Net book value
At 31 March 2023 100,501 45,057 85,723 231,281
At 31 March 2022 108,854 49,583 1,075 159,512
5 Debtors 2023 2022
£ £
Trade debtors 41,108 47,678
Other debtors 196,542 320,066
237,650 367,744
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,333 8,333
Obligations under finance lease and hire purchase contracts 25,331 -
Trade creditors 287,811 137,128
Corporation tax 503 132,580
Other taxes and social security costs 104,838 379,837
Other creditors 1,261,986 2,127,160
1,688,802 2,785,038
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,455 40,505
Obligations under finance lease and hire purchase contracts 52,774 -
Other creditors 205,000 255,000
287,229 295,505
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 2,500 2,500
Secured bank loans 1,313,191 2,022,212
The loan facility is secured against stock.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 725,078 725,078
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J King
113 102,610 (102,500) 223
Mr M Storey
(77,282) - (1,545) (78,827)
(77,169) 102,610 (104,045) (78,604)
11 Related party transactions
During the year, the company received a loan from Eventure Internet Limited of £205,000. (2022 £255,000) There is no formal repayment terms and no interest has been charged.
12 Controlling party
The ultimate control of the company lies with Mr J King, majority shareholder and director
13 Other information
Funbikes Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5F Old Dalby Business Park
Old Dalby
Melton Mowbray
Leicestershire
LE14 3NJ
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