REGISTERED NUMBER: 03268339 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

CYCLE-WORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P A Davenport

J M Baldwin

REGISTERED OFFICE:

1 The Old School

The Square

Pennington

Lymington

Hampshire

SO41 8GN

REGISTERED NUMBER:

03268339 (England and Wales)

ACCOUNTANTS:

Underwood Barron Associates Limited

1 The Old School

The Square

Pennington

Lymington

Hampshire

SO41 8GN

FIXED ASSETS

Tangible assets

4

22,871

25,584

CURRENT ASSETS

Stocks

252,031

132,243

Debtors

5

250,976

214,306

Cash at bank

90,586

172,648

593,593

519,197

CREDITORS

Amounts falling due within one year

6

403,988

270,247

NET CURRENT ASSETS

189,605

248,950

TOTAL ASSETS LESS CURRENT LIABILITIES

212,476

274,534

PROVISIONS FOR LIABILITIES

4,345

4,861

NET ASSETS

208,131

269,673

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

198,131

259,673

SHAREHOLDERS' FUNDS

208,131

269,673

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2023 and were signed on its behalf by:

J M Baldwin - Director

1.	STATUTORY INFORMATION

Cycle-Works Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents income derived from the company's principal activity and is stated net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2021

146,542

Additions

5,465

At 31 October 2022

152,007

DEPRECIATION

At 1 November 2021

120,958

Charge for year

8,178

At 31 October 2022

129,136

NET BOOK VALUE

At 31 October 2022

22,871

At 31 October 2021

25,584

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade debtors

240,874

176,788

Other debtors

10,102

37,518

250,976

214,306

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade creditors

142,433

63,569

Taxation and social security

30,144

16,223

Other creditors

231,411

190,455

403,988

270,247

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P A Davenport.