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REGISTERED NUMBER: 03057206 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

THE BICYCLE CHAIN LIMITED

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE BICYCLE CHAIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mr P G Kenchington
Mrs A Kenchington
Mr A L Kenchington





REGISTERED OFFICE: Bicycle Chains
Salmon Parade
Bridgwater
Somerset
TA6 5JY





REGISTERED NUMBER: 03057206 (England and Wales)





ACCOUNTANTS: Aspen Waite Chartered Certified Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

BALANCE SHEET
28TH FEBRUARY 2023

28/2/23 28/2/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,588,701 550,382
Investments 6 204 204
1,588,905 550,586

CURRENT ASSETS
Stocks 1,600,486 1,317,872
Debtors 7 299,775 195,064
Cash at bank and in hand 444,085 686,160
2,344,346 2,199,096
CREDITORS
Amounts falling due within one year 8 (1,165,934 ) (813,562 )
NET CURRENT ASSETS 1,178,412 1,385,534
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,767,317

1,936,120

CREDITORS
Amounts falling due after more than one
year

9

(1,070,542

)

(348,132

)

PROVISIONS FOR LIABILITIES (2,818 ) (3,614 )
NET ASSETS 1,693,957 1,584,374

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,693,955 1,584,372
SHAREHOLDERS' FUNDS 1,693,957 1,584,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

BALANCE SHEET - continued
28TH FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13th November 2023 and were signed on its behalf by:





Mr P G Kenchington - Director


THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

The Bicycle Chain Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about The Bicycle Chain Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2014 has been fully amortised.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold property - Over the life of the lease
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2022 - 49 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2022
and 28th February 2023 24,797
AMORTISATION
At 1st March 2022
and 28th February 2023 24,797
NET BOOK VALUE
At 28th February 2023 -
At 28th February 2022 -

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

5. TANGIBLE FIXED ASSETS
Long Fixtures
Freehold leasehold and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2022 - 525,759 17,001 44,696 587,456
Additions 1,055,270 - - - 1,055,270
At 28th February 2023 1,055,270 525,759 17,001 44,696 1,642,726
DEPRECIATION
At 1st March 2022 - 3,717 4,833 28,524 37,074
Charge for year 10,553 531 1,824 4,043 16,951
At 28th February 2023 10,553 4,248 6,657 32,567 54,025
NET BOOK VALUE
At 28th February 2023 1,044,717 521,511 10,344 12,129 1,588,701
At 28th February 2022 - 522,042 12,168 16,172 550,382

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st March 2022
and 28th February 2023 204
NET BOOK VALUE
At 28th February 2023 204
At 28th February 2022 204

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 299,159 194,743
Other debtors 302 -
Prepayments 314 321
299,775 195,064

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans 96,873 33,330
Trade creditors 837,976 573,991
Corporation tax 45,481 74,839
Social security and other taxes 122,843 64,880
Other creditors 5,929 5,614
Directors' current accounts 46,920 49,168
Accruals and deferred income 9,912 11,740
1,165,934 813,562

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Bank loans due in 1 to 5 years 442,229 144,461
Bank loans due in more than 5 years 628,313 203,671
1,070,542 348,132

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years 628,313 203,671

10. SECURED DEBTS

The following secured debts are included within creditors:

28/2/23 28/2/22
£    £   
Bank loans 1,167,415 381,462