REGISTERED NUMBER: 09856689 (England and Wales)

Financial Statements for the Year Ended 27 February 2023

for

Elmy Cycles Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S R Grimwood

Mrs J L Newstead

REGISTERED OFFICE:

Unit D, Devon Suite

Dencora Business Centre

36 Whitehouse Road

Ipswich

Suffolk

IP1 5LT

REGISTERED NUMBER:

09856689 (England and Wales)

ACCOUNTANTS:

RDP Accountants

Devon Suite

Dencora Business Centre

36 White House Road

Ipswich

Suffolk

IP1 5LT

FIXED ASSETS

Tangible assets

4

5,837

7,408

CURRENT ASSETS

Stocks

207,600

158,800

Debtors

5

14,512

3,421

Cash at bank and in hand

8,018

6,860

230,130

169,081

CREDITORS

Amounts falling due within one year

6

197,689

174,225

NET CURRENT ASSETS/(LIABILITIES)

32,441

(5,144

)

TOTAL ASSETS LESS CURRENT LIABILITIES

38,278

2,264

CREDITORS

Amounts falling due after more than one year

7

(34,989

)

(59,615

)

PROVISIONS FOR LIABILITIES

(1,874

)

(1,874

)

NET ASSETS/(LIABILITIES)

1,415

(59,225

)

CAPITAL AND RESERVES

Called up share capital

1

-

Retained earnings

1,414

(59,225

)

SHAREHOLDERS' FUNDS

1,415

(59,225

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by:

S R Grimwood - Director

1.	STATUTORY INFORMATION

Elmy Cycles 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 6 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 28 February 2022

and 27 February 2023

25,712

DEPRECIATION

At 28 February 2022

18,304

Charge for year

1,571

At 27 February 2023

19,875

NET BOOK VALUE

At 27 February 2023

5,837

At 27 February 2022

7,408

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

27.2.23

27.2.22

£

£

Trade debtors

10,239

180

Other debtors

4,273

3,241

14,512

3,421

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

27.2.23

27.2.22

£

£

Trade creditors

58,547

65,174

Taxation and social security

455

1,389

Other creditors

138,687

107,662

197,689

174,225

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

27.2.23

27.2.22

£

£

Other creditors

34,989

59,615

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 27 February 2023 and 27 February 2022:

27.2.23

27.2.22

£

£

S R Grimwood

Balance outstanding at start of year

(105,526

)

(110,051

)

Amounts advanced

16,243

4,654

Amounts repaid

(46,777

)

(129

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(136,060

)

(105,526

)