IRIS Accounts Production v23.2.0.158 03299041 Board of Directors 26.2.22 25.2.23 25.2.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032990412022-02-25032990412023-02-25032990412022-02-262023-02-25032990412021-02-28032990412021-03-012022-02-25032990412022-02-2503299041ns10:Originalns15:EnglandWales2022-02-262023-02-2503299041ns14:PoundSterlingns10:Original2022-02-262023-02-2503299041ns10:Originalns10:Director12022-02-262023-02-2503299041ns10:Original2022-02-262023-02-2503299041ns10:Original2023-02-2503299041ns10:Originalns10:PrivateLimitedCompanyLtd2022-02-262023-02-2503299041ns10:Originalns10:SmallEntities2022-02-262023-02-2503299041ns10:Originalns10:AuditExempt-NoAccountantsReport2022-02-262023-02-2503299041ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-02-262023-02-2503299041ns10:SmallCompaniesRegimeForAccountsns10:Original2022-02-262023-02-2503299041ns10:Originalns10:FullAccounts2022-02-262023-02-2503299041ns10:Originalns10:Director22022-02-262023-02-2503299041ns10:CompanySecretary1ns10:Original2022-02-262023-02-2503299041ns10:Originalns10:RegisteredOffice2022-02-262023-02-2503299041ns10:Original2022-02-2503299041ns10:Originalns5:CurrentFinancialInstruments2022-02-2503299041ns10:Originalns5:CurrentFinancialInstruments2023-02-2503299041ns5:ShareCapitalns10:Original2022-02-2503299041ns5:ShareCapitalns10:Original2023-02-2503299041ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2503299041ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2503299041ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-02-262023-02-2503299041ns10:Originalns5:PlantMachinery2022-02-262023-02-2503299041ns10:Originalns5:FurnitureFittings2022-02-262023-02-2503299041ns10:Originalns5:MotorVehicles2022-02-262023-02-2503299041ns10:Original2021-03-012022-02-2503299041ns10:Original2022-02-2503299041ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-02-2503299041ns10:Originalns5:PlantMachinery2022-02-2503299041ns10:Originalns5:FurnitureFittings2022-02-2503299041ns10:Originalns5:MotorVehicles2022-02-2503299041ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2023-02-2503299041ns10:Originalns5:PlantMachinery2023-02-2503299041ns10:Originalns5:FurnitureFittings2023-02-2503299041ns10:Originalns5:MotorVehicles2023-02-2503299041ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-02-2503299041ns10:Originalns5:PlantMachinery2022-02-2503299041ns10:Originalns5:FurnitureFittings2022-02-2503299041ns10:Originalns5:MotorVehicles2022-02-2503299041ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2503299041ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2503299041ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2023-02-2503299041ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2022-02-2503299041ns10:Originalns5:DeferredTaxation2022-02-2503299041ns10:Originalns5:DeferredTaxation2022-02-262023-02-2503299041ns10:Originalns5:DeferredTaxation2023-02-2503299041ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2503299041ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-262023-02-25
REGISTERED NUMBER: 03299041 (England and Wales)






Unaudited Financial Statements

for the Year Ended 25th February 2023

for

POWERBIKING LIMITED

POWERBIKING LIMITED (REGISTERED NUMBER: 03299041)






Contents of the Financial Statements
for the Year Ended 25th February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POWERBIKING LIMITED

Company Information
for the Year Ended 25th February 2023







Directors: B J Gray
Mrs C E Gray



Secretary: Mrs C E Gray



Registered office: 1 Kille House
Chinnor Road
Thame
Oxfordshire
OX9 3NU



Registered number: 03299041 (England and Wales)



Accountants: P J Clark & Co
1 Kille House
Chinnor Road
Thame
Oxfordshire
OX9 3NU



Bankers: Metro Bank Plc
One Southampton Row
London
WC1B 5HA

POWERBIKING LIMITED (REGISTERED NUMBER: 03299041)

Balance Sheet
25th February 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
22,940 Tangible assets 4 13,603

CURRENT ASSETS
310,645 Stocks 5 267,464
368,463 Debtors 6 163,375
3,985 Cash at bank 77,922
683,093 508,761
CREDITORS
301,612 Amounts falling due within one year 7 140,090
381,481 NET CURRENT ASSETS 368,671

404,421
TOTAL ASSETS LESS CURRENT
LIABILITIES

382,274

3,069 PROVISIONS FOR LIABILITIES 8 3,266
401,352 NET ASSETS 379,008

CAPITAL AND RESERVES
500 Called up share capital 500
400,852 Retained earnings 9 378,508
401,352 SHAREHOLDERS' FUNDS 379,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 25th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 25th 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.

POWERBIKING LIMITED (REGISTERED NUMBER: 03299041)

Balance Sheet - continued
25th 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 by the Board of Directors and authorised for issue on 24th November 2023 and were signed on its behalf by:





B J Gray - Director


POWERBIKING LIMITED (REGISTERED NUMBER: 03299041)

Notes to the Financial Statements
for the Year Ended 25th February 2023

1. STATUTORY INFORMATION

Powerbiking 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and equipment - at varying rates on cost
Furniture & fixtures - 20% on cost
Motor vehicles - 25% on written down values

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

POWERBIKING LIMITED (REGISTERED NUMBER: 03299041)

Notes to the Financial Statements - continued
for the Year Ended 25th February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Short Plant and Furniture Motor
Totals leasehold equipment & fixtures vehicles
£    £    £    £    £   
Cost
At 26th February 2022 292,215 185,490 58,476 15,469 32,780
Additions 924 - - 924 -
At 25th February 2023 293,139 185,490 58,476 16,393 32,780
Depreciation
At 26th February 2022 269,275 179,275 50,341 14,606 25,053
Charge for year 10,261 6,215 1,748 367 1,931
At 25th February 2023 279,536 185,490 52,089 14,973 26,984
Net book value
At 25th February 2023 13,603 - 6,387 1,420 5,796
At 25th February 2022 22,940 6,215 8,135 863 7,727

5. STOCKS
2023 2022
£    £   
Stocks 267,464 310,645

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 744 26,280
Amounts owed by associates 150,000 -
Directors' current accounts - 321,632
Sundry debtors and prepayments 12,631 20,551
163,375 368,463

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 83,835 208,125
Corporation tax (2,167 ) 10,363
Social security and other taxes 6,083 42,651
Directors' current accounts 1,554 -
Accruals and sundry creditors 50,785 40,473
140,090 301,612

POWERBIKING LIMITED (REGISTERED NUMBER: 03299041)

Notes to the Financial Statements - continued
for the Year Ended 25th February 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 3,266 3,069

Deferred
tax
£   
Balance at 26th February 2022 3,069
Provided during year 197
Balance at 25th February 2023 3,266

9. RESERVES
Retained
earnings
£   

At 26th February 2022 400,852
Deficit for the year (18,344 )
Dividends (4,000 )
At 25th February 2023 378,508

10. RELATED PARTY DISCLOSURES

The controlling party is B J Gray.