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Company registration number: 08913927
Cycle Tech Hub Ltd
Unaudited filleted financial statements
28 February 2023
Cycle Tech Hub Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cycle Tech Hub Ltd
Directors and other information
Directors Michael Narramore
Maureen Narramore
Company number 08913927
Registered office 45 White Horse Lane
St Albans
AL2 1JP
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Cycle Tech Hub Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Cycle Tech Hub Ltd
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cycle Tech Hub Ltd for the year ended 28 February 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Cycle Tech Hub Ltd, as a body, in accordance with the terms of our engagement letter dated 19 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Cycle Tech Hub Ltd and state those matters that we have agreed to state to the board of directors of Cycle Tech Hub Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cycle Tech Hub Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cycle Tech Hub Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cycle Tech Hub Ltd. You consider that Cycle Tech Hub Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cycle Tech Hub Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
8 November 2023
Cycle Tech Hub Ltd
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 - 14,781
Cash at bank and in hand 1,816 257
_______ _______
1,816 15,038
Creditors: amounts falling due
within one year 6 ( 63,909) ( 69,590)
_______ _______
Net current liabilities ( 62,093) ( 54,552)
_______ _______
Total assets less current liabilities ( 62,093) ( 54,552)
Creditors: amounts falling due
after more than one year 7 ( 12,390) ( 17,308)
_______ _______
Net liabilities ( 74,483) ( 71,860)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 74,485) ( 71,862)
_______ _______
Shareholders deficit ( 74,483) ( 71,860)
_______ _______
For the year ending 28 February 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 08 November 2023 , and are signed on behalf of the board by:
Michael Narramore
Director
Company registration number: 08913927
Cycle Tech Hub Ltd
Notes to the financial statements
Year ended 28 February 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 45 White Horse Lane, St Albans, AL2 1JP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 accounts have been prepared on the going concern basis which assumes the continued support of the directors.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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 in finance costs 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 2 (2022: 2 ).
5. Debtors
2023 2022
£ £
Other debtors - 14,781
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 4,947 4,826
Trade creditors - 1,558
Social security and other taxes - 493
Other creditors 58,962 62,713
_______ _______
63,909 69,590
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 12,390 17,308
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Michael Narramore ( 61,731) 2,769 ( 58,962)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Michael Narramore ( 72,232) 10,501 ( 61,731)
_______ _______ _______