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COMPANY REGISTRATION NUMBER: 07722035
The Bike Shed (Kent) Ltd.
Filleted Unaudited Financial Statements
31 March 2023
The Bike Shed (Kent) Ltd.
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Bike Shed (Kent) Ltd.
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,036
Current assets
Stocks
26,777
34,032
Debtors
7
6,727
8,210
Cash at bank and in hand
3,090
3,597
--------
--------
36,594
45,839
Creditors: amounts falling due within one year
8
421,672
351,919
---------
---------
Net current liabilities
385,078
306,080
---------
---------
Total assets less current liabilities
( 385,078)
( 305,044)
---------
---------
Net liabilities
( 385,078)
( 305,044)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 385,080)
( 305,046)
---------
---------
Shareholders deficit
( 385,078)
( 305,044)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Bike Shed (Kent) Ltd.
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mrs L L Panteli
Director
Company registration number: 07722035
The Bike Shed (Kent) Ltd.
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 65 The Oaks, Manston Business Park, Ramsgate, Kent, CT12 5FD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Hire bikes
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
14,400
--------
Amortisation
At 1 April 2022 and 31 March 2023
14,400
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Equipment
Hire bikes
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
6,259
12,937
19,196
-------
--------
--------
Depreciation
At 1 April 2022
5,742
12,418
18,160
Charge for the year
517
519
1,036
-------
--------
--------
At 31 March 2023
6,259
12,937
19,196
-------
--------
--------
Carrying amount
At 31 March 2023
-------
--------
--------
At 31 March 2022
517
519
1,036
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
316
730
Other debtors
6,411
7,480
-------
-------
6,727
8,210
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,642
4,089
Amounts owed to group undertakings and undertakings in which the company has a participating interest
410,447
343,046
Social security and other taxes
1,338
2,735
Other creditors
4,245
2,049
---------
---------
421,672
351,919
---------
---------
9. Related party transactions
At the year end, the company owed £410,447 (2022: £343,046) to a group company.
10. Controlling party
The company is a wholly owned subsidiary of Transport Investigations Limited a company incorporated in England and Wales. The registered office address is Unit 65 The Oaks, Manston Business Park, Ramsgate, Kent, United Kingdom, CT12 5FD .