Registered number
10021630
Bikeaholics Limited
Filleted Accounts
28 February 2023
Bikeaholics Limited
Registered number: 10021630
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,809 2,391
Current assets
Debtors 4 - 2,310
Cash at bank and in hand 9,951 2,739
9,951 5,049
Creditors: amounts falling due within one year 5 (12,575) (6,012)
Net current liabilities (2,624) (963)
Net (liabilities)/assets (815) 1,428
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (1,815) 428
Shareholders' funds (815) 1,428
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Beata Balog
Director
Approved by the board on 9 November 2023
Bikeaholics Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 30% reducing balance
Computer equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 12,811
At 28 February 2023 12,811
Depreciation
At 1 March 2022 10,420
Charge for the year 582
At 28 February 2023 11,002
Net book value
At 28 February 2023 1,809
At 28 February 2022 2,391
4 Debtors 2023 2022
£ £
Other debtors - 2,310
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 9,988 880
Corporation tax (390) 3,234
Other taxes and social security costs 616 83
Other creditors 2,361 1,815
12,575 6,012
6 Related party transactions 2018 2017
£ £
Attila Kiss (resigned 03/02/2022)
Director and shareholder
Amounts owed from related party 1,422 (1,393)
Beata Balog
Director and shareholder
Amounts owed from related party 1,422 (1,393)
7 Other information
Bikeaholics Limited is a private company limited by shares and incorporated in England. Its registered office is:
PO Box NN17 5ZB
Bikeaholics Ltd Eismann Way
Corby
England
NN17 5ZB
8 These are amended accounts whereby the dividends taken by the directors during the year have been stated.
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