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Registered Number: 08124095
England and Wales

 

 

 

THE LITTLE BIKE COMPANY LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Report to the directors on the preparation of the unaudited statutory accounts of The Little Bike Company Limited for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Little Bike Company Limited for the year ended 30 June 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/. This report is made solely to the Board of Directors of The Little Bike Company Limited, as a body, in accordance with the terms of our engagement letter dated 23 September 2019. Our work has been undertaken solely to prepare for your approval the accounts of The Little Bike Company Limited and state those matters that we have agreed to state to the Board of Directors of The Little Bike Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Little Bike Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Little Bike Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Little Bike Company Limited. You consider that The Little Bike Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of The Little Bike Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 June 2023.



....................................................
Baranov Associates Ltd
4 Academy Close
Kirkby Stephen
Cumbria
CA17 4JG
27 February 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 1,376    1,565 
1,376    1,565 
Current assets      
Stocks 595,503    184,687 
Debtors 61,857    43,106 
Cash at bank and in hand 102,961    95,248 
760,321    323,041 
Creditors: amount falling due within one year (694,600)   (274,687)
Net current assets 65,721    48,354 
 
Total assets less current liabilities 67,097    49,919 
Provisions for liabilities (261)   (297)
Net assets 66,836    49,622 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 66,736    49,522 
Shareholder's funds 66,836    49,622 
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 27 February 2024 and were signed on its behalf by:


-------------------------------
Simon Timlett
Director
2
General Information
The Little Bike Company Limited is a private company, limited by shares, registered in England and Wales, registration number 08124095, registration address C/O Kilvington Solicitors, Westmorland House, Market Square, Kirkby Stephen, Cumbria, CA17 4QT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Computer software development costs
The Website costs are being amortised on a straight line basis over 4 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 3 (2022 : 3).
3.

Intangible fixed assets

Cost Website   Total
  £   £
At 01 July 2022 4,011    4,011 
Additions  
Disposals  
At 30 June 2023 4,011    4,011 
Amortisation
At 01 July 2022 4,011    4,011 
Charge for year  
On disposals  
At 30 June 2023 4,011    4,011 
Net book values
At 30 June 2023  
At 30 June 2022  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 July 2022 9,193    4,388    1,057    14,638 
Additions     700    700 
Disposals      
At 30 June 2023 9,193    4,388    1,757    15,338 
Depreciation
At 01 July 2022 8,227    4,141    705    13,073 
Charge for year 242    61    586    889 
On disposals      
At 30 June 2023 8,469    4,202    1,291    13,962 
Net book values
Closing balance as at 30 June 2023 724    186    466    1,376 
Opening balance as at 01 July 2022 966    247    352    1,565 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

3