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Registration number: 07482298

Stowaway Bikes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Stowaway Bikes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Stowaway Bikes Ltd

Company Information

Directors

Mr Steven Mitchell

Jason Lansdale

Registered office

Unit 4, Premier Business Park
Main Road
Birdham
Chichester
PO20 7BU

Accountants

AKM Accounting Solutions Limited
29 Turbine Way
Ecotech Business Park
Swaffham
Norfolk
PE37 7XD

 

Stowaway Bikes Ltd

(Registration number: 07482298)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

36,858

50,710

Current assets

 

Stocks

5

670,260

663,623

Debtors

6

203,787

214,709

Cash at bank and in hand

 

21,938

15,293

 

895,985

893,625

Creditors: Amounts falling due within one year

7

(482,668)

(610,901)

Net current assets

 

413,317

282,724

Total assets less current liabilities

 

450,175

333,434

Creditors: Amounts falling due after more than one year

7

(122,688)

(51,315)

Net assets

 

327,487

282,119

Capital and reserves

 

Called up share capital

8

105

105

Retained earnings

327,382

282,014

Shareholders' funds

 

327,487

282,119

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

 

Stowaway Bikes Ltd

(Registration number: 07482298)
Balance Sheet as at 31 January 2023

.........................................
Mr Steven Mitchell
Director

 

Stowaway Bikes Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Englans and Wales.

The address of its registered office is:
Unit 4, Premier Business Park
Main Road
Birdham
Chichester
PO20 7BU

These financial statements were authorised for issue by the Board on 9 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Stowaway Bikes Ltd

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Stowaway Bikes Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 8).

 

Stowaway Bikes Ltd

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

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

32,241

40,967

73,208

Additions

-

483

483

At 31 January 2023

32,241

41,450

73,691

Depreciation

At 1 February 2022

8,060

14,438

22,498

Charge for the year

6,045

8,290

14,335

At 31 January 2023

14,105

22,728

36,833

Carrying amount

At 31 January 2023

18,136

18,722

36,858

At 31 January 2022

24,181

26,529

50,710

5

Stocks

2023
£

2022
£

Other inventories

670,260

663,623

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

11,083

Amounts owed by related parties

10

200,000

200,000

Prepayments

 

290

129

Other debtors

 

3,497

3,497

   

203,787

214,709

7

Creditors

Creditors: amounts falling due within one year

 

Stowaway Bikes Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

33,719

15,412

Trade creditors

 

81,351

258,961

Taxation and social security

 

137,040

79,558

Accruals and deferred income

 

3,000

2,345

Other creditors

 

227,558

254,625

 

482,668

610,901

 

Stowaway Bikes Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

122,688

51,315

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

Ordinary E of £1 each

1

1

1

1

 

105

105

105

105

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

110,742

33,957

Hire purchase contracts

11,946

17,358

122,688

51,315

 

Stowaway Bikes Ltd

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

28,294

9,626

Bank overdrafts

116

-

Hire purchase contracts

5,309

5,786

33,719

15,412

10

Related party transactions

 

Stowaway Bikes Ltd

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

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Steven Mitchell

Loan to Director - interest will be charged on balances over £10k at 2.0% p.a.

(237)

64,949

(64,764)

(52)

         
       

Jason Lansdale

Loan to Director - interest will be charged on balances over £10k at 2.0% p.a.

-

47,848

(48,105)

(257)

         
       

 

 

Stowaway Bikes Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

31,020