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Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Cycling Made Easy Limited

Cycling Made Easy Limited (Registered number: 07124215)

Contents of the Financial Statements
for the Year Ended 31 January 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cycling Made Easy Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: R Wookey
J R Knight





SECRETARY: R Wookey





REGISTERED OFFICE: 8/10 South Street
Epsom
Surrey
KT18 7PF





REGISTERED NUMBER: 07124215 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Cycling Made Easy Limited (Registered number: 07124215)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 370,076 374,732

CURRENT ASSETS
Stocks 5 173,874 285,628
Debtors 6 3,671 4,926
Cash at bank and in hand 7,053 32,097
184,598 322,651
CREDITORS
Amounts falling due within one year 7 171,240 211,770
NET CURRENT ASSETS 13,358 110,881
TOTAL ASSETS LESS CURRENT
LIABILITIES

383,434

485,613

CREDITORS
Amounts falling due after more than one
year

8

(453,470

)

(465,687

)

PROVISIONS FOR LIABILITIES (7,414 ) (7,414 )
NET (LIABILITIES)/ASSETS (77,450 ) 12,512

CAPITAL AND RESERVES
Called up share capital 11 133 133
Share premium 74,967 74,967
Fair value reserve 12 85,080 85,080
Retained earnings (237,630 ) (147,668 )
SHAREHOLDERS' FUNDS (77,450 ) 12,512

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Cycling Made Easy Limited (Registered number: 07124215)

Balance Sheet - continued
31 January 2023


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 12 October 2023 and were signed on its behalf by:




R Wookey - Director



J R Knight - Director


Cycling Made Easy Limited (Registered number: 07124215)

Notes to the Financial Statements
for the Year Ended 31 January 2023


1. STATUTORY INFORMATION

Cycling Made Easy 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 as modified by the revaluation of certain assets.

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 the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - in accordance with the property
Long leasehold - in accordance with the property
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

Cycling Made Easy Limited (Registered number: 07124215)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Short Long and Computer
leasehold leasehold fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 February 2022 5,320 400,000 35,360 5,004 445,684
Additions - - 133 - 133
At 31 January 2023 5,320 400,000 35,493 5,004 445,817
DEPRECIATION
At 1 February 2022 3,724 28,000 34,280 4,948 70,952
Charge for year 532 4,000 243 14 4,789
At 31 January 2023 4,256 32,000 34,523 4,962 75,741
NET BOOK VALUE
At 31 January 2023 1,064 368,000 970 42 370,076
At 31 January 2022 1,596 372,000 1,080 56 374,732

The long leasehold was revalued in 2017. The original cost of the property was £309,982.

5. STOCKS
2023 2022
£    £   
Stocks 173,874 285,628

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 515
VAT - 2,587
Prepayments 3,671 1,824
3,671 4,926

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 13,969 13,311
Trade creditors 128,986 173,137
Social security and other taxes 2,340 3,732
VAT 13,733 -
Other creditors 996 9,068
Accruals and deferred income 9,000 9,000
Accrued expenses 2,216 3,522
171,240 211,770

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 83,470 95,687
Directors loan 370,000 370,000
453,470 465,687

Cycling Made Easy Limited (Registered number: 07124215)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 20,208 35,453

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 13,969 13,311

Amounts falling due between one and two years:
Bank loans - 1-2 years 14,671 13,969

Amounts falling due between two and five years:
Bank loans - 2-5 years 48,591 46,265

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 20,208 35,453

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   

The bank holds a first charge over the long lease property together with a debenture over the company assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
133 Ordinary £1 133 133

12. RESERVES
Fair
value
reserve
£   
At 1 February 2022
and 31 January 2023 85,080

13. ULTIMATE CONTROLLING PARTY

The company is under the control of R Wookey.