Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31cycle sales and repairs2022-02-01false1516falsetrue 03883525 2022-02-01 2023-01-31 03883525 2021-02-01 2022-01-31 03883525 2023-01-31 03883525 2022-01-31 03883525 c:Director1 2022-02-01 2023-01-31 03883525 c:Director2 2022-02-01 2023-01-31 03883525 d:PlantMachinery 2022-02-01 2023-01-31 03883525 d:PlantMachinery 2023-01-31 03883525 d:PlantMachinery 2022-01-31 03883525 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03883525 d:MotorVehicles 2022-02-01 2023-01-31 03883525 d:MotorVehicles 2023-01-31 03883525 d:MotorVehicles 2022-01-31 03883525 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03883525 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03883525 d:CurrentFinancialInstruments 2023-01-31 03883525 d:CurrentFinancialInstruments 2022-01-31 03883525 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03883525 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 03883525 d:ShareCapital 2023-01-31 03883525 d:ShareCapital 2022-01-31 03883525 d:RetainedEarningsAccumulatedLosses 2023-01-31 03883525 d:RetainedEarningsAccumulatedLosses 2022-01-31 03883525 c:OrdinaryShareClass1 2022-02-01 2023-01-31 03883525 c:OrdinaryShareClass1 2023-01-31 03883525 c:FRS102 2022-02-01 2023-01-31 03883525 c:Audited 2022-02-01 2023-01-31 03883525 c:FullAccounts 2022-02-01 2023-01-31 03883525 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03883525 d:UltimateParent 2022-02-01 2023-01-31 03883525 d:UltimateParent 2023-01-31 03883525 d:UltimateParent 2022-01-31 03883525 c:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03883525










PAUL'S CYCLES LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
PAUL'S CYCLES LTD
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 7


 
PAUL'S CYCLES LTD
REGISTERED NUMBER: 03883525

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
103,351
94,567

  
103,351
94,567

Current assets
  

Stocks
  
3,699,813
2,521,768

Debtors: amounts falling due within one year
 5 
6,837,373
6,462,797

Cash at bank and in hand
  
313,262
126,446

  
10,850,448
9,111,011

Creditors: amounts falling due within one year
 6 
(2,324,310)
(738,373)

Net current assets
  
 
 
8,526,138
 
 
8,372,638

Total assets less current liabilities
  
8,629,489
8,467,205

Provisions for liabilities
  

Deferred tax
  
(9,559)
(10,018)

  
 
 
(9,559)
 
 
(10,018)

Net assets
  
8,619,930
8,457,187


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
8,619,929
8,457,186

  
8,619,930
8,457,187


Page 1

 
PAUL'S CYCLES LTD
REGISTERED NUMBER: 03883525
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr T Thornley
................................................
Mr M Colley
Director
Director


Date: 17 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales, registration number 03883525. The address of its registered office is Unit A, 13 Yaxham Road, Dereham, Norfolk, NR19 1HB and the principal place of business is Dereham, Norfolk. 
The Company's principal activity during the year was that of cycle sales and repairs.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax. 
For goods sold online, revenue is recognised on despatch of goods to the customer. Sales made over the counter are recognised at point of sale.  

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to and from related parties.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
15
16

Page 4

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 February 2022
156,995
23,250
180,245


Additions
21,751
13,500
35,251


Disposals
-
(8,250)
(8,250)



At 31 January 2023

178,746
28,500
207,246



Depreciation


At 1 February 2022
72,471
13,207
85,678


Charge for the year on owned assets
15,941
4,339
20,280


Disposals
-
(2,063)
(2,063)



At 31 January 2023

88,412
15,483
103,895



Net book value



At 31 January 2023
90,334
13,017
103,351



At 31 January 2022
84,524
10,043
94,567

Page 5

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
6,583,260
6,278,793

Other debtors
45,226
51,078

Prepayments and accrued income
208,887
132,926

6,837,373
6,462,797



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
1,183,472
6,549

Trade creditors
1,089,019
551,867

Other taxation and social security
17,586
120,235

Other creditors
993
1,046

Accruals and deferred income
33,240
58,676

2,324,310
738,373


The Company has in place an inventory facility agreement, being a revolving credit facility of £2,500,000 of which £1,183,472 (2022: £6,549) was drawn down at the year end.  The facility is secured by fixed and floating charges over the assets of the Company.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share of £1.00
1
1



8.


Pension commitments

Contributions totalling £993 (2022:£1,046) were payable to the fund at the balance sheet date and are included in creditors. 


9.Commitments

The Company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £7,190 (2022: £50,334).

Page 6

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Related party transactions

At the year end, the Company was owed £6,583,260 (2022- £6,278,793) by group companies. The loans are interest free and repayable on demand. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 25 October 2023 by Frank Shippam BSc FCA DChA (senior statutory auditor) on behalf of MA Partners Audit LLP.

 
Page 7