Company Registration No. 04508579 (England and Wales)
ON YER BIKE CYCLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
30 September 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ON YER BIKE CYCLES LIMITED
COMPANY INFORMATION
Directors
Mr J Aspden
Mr M J Grimshaw
Company number
04508579
Registered office
491 - 501 Whalley New Road
Roe Lee
Blackburn
Lancashire
UK
BB1 9AX
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ON YER BIKE CYCLES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ON YER BIKE CYCLES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
103,774
74,278
Current assets
Stocks
530,581
590,542
Debtors
5
31,350
18,139
Cash at bank and in hand
241,074
122,601
803,005
731,282
Creditors: amounts falling due within one year
6
(387,617)
(331,589)
Net current assets
415,388
399,693
Total assets less current liabilities
519,162
473,971
Provisions for liabilities
(18,463)
(13,289)
Net assets
500,699
460,682
Capital and reserves
Called up share capital
10
10
Capital redemption reserve
1
1
Profit and loss reserves
500,688
460,671
Total equity
500,699
460,682
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
ON YER BIKE CYCLES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
Mr J Aspden
Director
Company registration number 04508579 (England and Wales)
ON YER BIKE CYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
On Yer Bike Cycles Limited is a private company limited by shares incorporated in England and Wales. The registered office is 491 - 501 Whalley New Road, Roe Lee, Blackburn, Lancashire, UK, BB1 9AX.
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
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill being the amount paid in connection with the acquisition of the business in 2003, has been amortised in full.
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:
Property improvements
2% on cost
Plant and equipment
25% on reducing balance and cost
Computers
33% on cost
Motor vehicles
25% on cost and 25% on reducing balance
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 valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ON YER BIKE CYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
25,000
Amortisation and impairment
At 1 October 2022 and 30 September 2023
25,000
Carrying amount
At 30 September 2023
At 30 September 2022
ON YER BIKE CYCLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Tangible fixed assets
Property improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
66,464
58,086
35,834
49,513
209,897
Additions
11,115
4,146
333
24,635
40,229
At 30 September 2023
77,579
62,232
36,167
74,148
250,126
Depreciation and impairment
At 1 October 2022
9,064
53,022
34,786
38,747
135,619
Depreciation charged in the year
1,446
1,725
674
6,888
10,733
At 30 September 2023
10,510
54,747
35,460
45,635
146,352
Carrying amount
At 30 September 2023
67,069
7,485
707
28,513
103,774
At 30 September 2022
57,400
5,064
1,048
10,766
74,278
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,291
5,359
Other debtors
16,059
12,780
31,350
18,139
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
197,189
170,793
Amounts owed to group undertakings
95,197
80,809
Taxation and social security
57,244
35,719
Other creditors
37,987
44,268
387,617
331,589