Company registration number 08098078 (England and Wales)
WATFORD CYCLE HUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
WATFORD CYCLE HUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WATFORD CYCLE HUB LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,557
16,627
Current assets
Stocks
29,625
20,999
Debtors
4
1,653
1,759
Cash at bank and in hand
8,941
37,558
40,219
60,316
Creditors: amounts falling due within one year
5
(41,370)
(210,913)
Net current liabilities
(1,151)
(150,597)
Total assets less current liabilities
14,406
(133,970)
Creditors: amounts falling due after more than one year
6
(340,943)
(143,974)
Net liabilities
(326,537)
(277,944)
Capital and reserves
Called up share capital
7
20,000
20,000
Profit and loss reserves
(346,537)
(297,944)
Total equity
(326,537)
(277,944)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 9 November 2023
K Jenkins
Director
Company registration number 08098078 (England and Wales)
WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
1
Accounting policies
Company information

Watford Cycle Hub Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Gade Avenue, Watford, Herts, WD18 7LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been drawn up on the basis that the company is a going concern. The validity of the going concern basis of accounting depends on the continuing support of the Director and Watford Community Housing Trust.

 

The Director has confirmed that it is not her intention to withdraw her support for the company in the foreseeable future and that she will not seek repayment of her loan of £76,540 to the company, unless the company's cashflow permits repayment to be made without jeopardising the company's position.

 

Watford Community Housing Trust has entered into an agreement to provide funding to the company. As at 31 August 2022, this amounted to £101,425. This is repayable on an annual basis with the amount due calculated as a percentage of the surplus made in that year in accordance with the agreement.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% Straight line
Fixtures, fittings & equipment
10% Straight line
Motor vehicles
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
11
13
WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2021
78,919
Additions
6,650
At 31 August 2022
85,569
Depreciation and impairment
At 1 September 2021
62,292
Depreciation charged in the year
7,720
At 31 August 2022
70,012
Carrying amount
At 31 August 2022
15,557
At 31 August 2021
16,627
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
-
0
399
Other debtors
1,653
1,360
1,653
1,759
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
6,210
6,210
Trade creditors
4,370
8,964
Taxation and social security
20,335
8,539
Other creditors
10,455
187,200
41,370
210,913
WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
37,501
42,549
Other creditors
303,442
101,425
340,943
143,974
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
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