Brian Rourke Cycles (2018) Limited 11245007 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is is that of the retail and repair of cycles. Digita Accounts Production Advanced 6.30.9574.0 true 11245007 2022-04-01 2023-03-31 11245007 2023-03-31 11245007 core:RetainedEarningsAccumulatedLosses 2023-03-31 11245007 core:ShareCapital 2023-03-31 11245007 core:CurrentFinancialInstruments 2023-03-31 11245007 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11245007 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11245007 core:Goodwill 2023-03-31 11245007 core:OfficeEquipment 2023-03-31 11245007 bus:SmallEntities 2022-04-01 2023-03-31 11245007 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11245007 bus:FullAccounts 2022-04-01 2023-03-31 11245007 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11245007 bus:RegisteredOffice 2022-04-01 2023-03-31 11245007 bus:Director2 2022-04-01 2023-03-31 11245007 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11245007 core:Goodwill 2022-04-01 2023-03-31 11245007 core:OfficeEquipment 2022-04-01 2023-03-31 11245007 countries:EnglandWales 2022-04-01 2023-03-31 11245007 2022-03-31 11245007 core:Goodwill 2022-03-31 11245007 core:OfficeEquipment 2022-03-31 11245007 2021-04-01 2022-03-31 11245007 2022-03-31 11245007 core:RetainedEarningsAccumulatedLosses 2022-03-31 11245007 core:ShareCapital 2022-03-31 11245007 core:CurrentFinancialInstruments 2022-03-31 11245007 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11245007 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 11245007 core:Goodwill 2022-03-31 11245007 core:OfficeEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 11245007

Brian Rourke Cycles (2018) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Brian Rourke Cycles (2018) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Brian Rourke Cycles (2018) Limited

(Registration number: 11245007)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

4,000

Tangible assets

5

106

157

 

106

4,157

Current assets

 

Stocks

6

400,707

396,301

Debtors

7

10,065

57,937

Cash at bank and in hand

 

33,716

29,743

 

444,488

483,981

Creditors: Amounts falling due within one year

8

(163,667)

(160,973)

Net current assets

 

280,821

323,008

Total assets less current liabilities

 

280,927

327,165

Creditors: Amounts falling due after more than one year

8

(253,680)

(263,480)

Net assets

 

27,247

63,685

Capital and reserves

 

Called up share capital

4

4

Retained earnings

27,243

63,681

Shareholders' funds

 

27,247

63,685

 

Brian Rourke Cycles (2018) Limited

(Registration number: 11245007)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 November 2023
 

.........................................
Mr IO Deaville
Director

 

Brian Rourke Cycles (2018) Limited

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

1

General information

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

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
UK

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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale and repair of cycles. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Any amounts outstanding at the year end will be included within other debtors.

 

Brian Rourke Cycles (2018) Limited

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

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.

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.

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:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line basis

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.

 

Brian Rourke Cycles (2018) Limited

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

Borrowings

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.

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 the director) during the year, was 6 (2022 - 6).

 

Brian Rourke Cycles (2018) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Amortisation

At 1 April 2022

16,000

16,000

Amortisation charge

4,000

4,000

At 31 March 2023

20,000

20,000

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

4,000

4,000

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

465

465

Additions

158

158

At 31 March 2023

623

623

Depreciation

At 1 April 2022

308

308

Charge for the year

209

209

At 31 March 2023

517

517

Carrying amount

At 31 March 2023

106

106

At 31 March 2022

157

157

6

Stocks

2023
£

2022
£

Other inventories

400,707

396,301

 

Brian Rourke Cycles (2018) Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,178

55,955

Other debtors

4,887

1,982

 

10,065

57,937

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9,800

9,800

Trade creditors

 

87,417

74,692

Other creditors

 

66,450

76,481

 

163,667

160,973

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,800

9,800

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

23,683

33,483

Other non-current financial liabilities

 

229,997

229,997

 

253,680

263,480