Registered number
01772005
Brixton Cycles Ltd
Filleted Accounts
31 January 2023
Brixton Cycles Ltd
Registered number: 01772005
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,678 5,347
Current assets
Stocks 60,879 85,143
Debtors 4 24,846 24,590
Cash at bank and in hand (9,856) (5,042)
75,869 104,691
Creditors: amounts falling due within one year 5 (98,684) (89,676)
Net current (liabilities)/assets (22,815) 15,015
Total assets less current liabilities (18,137) 20,362
Creditors: amounts falling due after more than one year 6 (28,311) (38,311)
Net liabilities (46,448) (17,949)
Capital and reserves
Profit and loss account (46,448) (17,949)
Shareholders' funds (46,448) (17,949)
The directors are 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 directors acknowledge their 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.
Ms R Lane
Director
Approved by the board on 18 October 2023
Brixton Cycles Ltd
Notes to the Accounts
for the year ended 31 January 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).
The accounts have been prepared on the going concern basis, on the understanding that the directors will continue to financially support the company during this uncertain period.
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.
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 improvements 10% straight line
Plant and equipment 20%/33% straight line
Fixtures and fittings 20% straight line
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.
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.
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 9 9
3 Tangible fixed assets
Leasehold improvements Fixtures and fittings Plant and equipment Total
£ £ £ £
Cost
At 1 February 2022 68,155 33,603 86,145 187,903
At 31 January 2023 68,155 33,603 86,145 187,903
Depreciation
At 1 February 2022 62,808 33,603 86,145 182,556
Charge for the year 669 - - 669
At 31 January 2023 63,477 33,603 86,145 183,225
Net book value
At 31 January 2023 4,678 - - 4,678
At 31 January 2022 5,347 - - 5,347
4 Debtors 2023 2022
£ £
Trade debtors 263 -
Other debtors 24,583 24,590
24,846 24,590
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 55,517 60,633
Taxation and social security costs 19,372 15,807
Other creditors 13,795 3,236
98,684 89,676
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,311 38,311
28,311 38,311
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 38,311 48,333
8 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 78,000 78,000
9 Other information
Brixton Cycles Ltd is a private company limited by shares and incorporated in England. Its registered office is:
296-298 Brixton Road
London
SW9 6AG
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