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Company No: 10360991 (England and Wales)

ACE BICYCLES LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

ACE BICYCLES LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

ACE BICYCLES LTD

BALANCE SHEET

As at 30 June 2023
ACE BICYCLES LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 27,000 31,500
Tangible assets 4 77,115 41,170
104,115 72,670
Current assets
Stocks 339,174 383,336
Debtors 5 67,864 60,602
Cash at bank and in hand 74,380 117,594
481,418 561,532
Creditors: amounts falling due within one year 6 ( 213,390) ( 246,231)
Net current assets 268,028 315,301
Total assets less current liabilities 372,143 387,971
Provision for liabilities ( 19,135) ( 10,248)
Net assets 353,008 377,723
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 353,006 377,721
Total shareholders' funds 353,008 377,723

For the financial year ending 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:

The financial statements of Ace Bicycles Ltd (registered number: 10360991) were approved and authorised for issue by the Board of Directors on 20 February 2024. They were signed on its behalf by:

Mr T Pantling
Director
Mr S Pantling
Director
ACE BICYCLES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
ACE BICYCLES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ace Bicycles Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 218 London Road, Guildford, GU4 7JS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 45,000 45,000
At 30 June 2023 45,000 45,000
Accumulated amortisation
At 01 July 2022 13,500 13,500
Charge for the financial year 4,500 4,500
At 30 June 2023 18,000 18,000
Net book value
At 30 June 2023 27,000 27,000
At 30 June 2022 31,500 31,500

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 July 2022 50,423 28,368 78,791
Additions 70,702 1,930 72,632
Disposals ( 30,988) 0 ( 30,988)
At 30 June 2023 90,137 30,298 120,435
Accumulated depreciation
At 01 July 2022 19,389 18,232 37,621
Charge for the financial year 14,394 2,562 16,956
Disposals ( 11,257) 0 ( 11,257)
At 30 June 2023 22,526 20,794 43,320
Net book value
At 30 June 2023 67,611 9,504 77,115
At 30 June 2022 31,034 10,136 41,170

5. Debtors

2023 2022
£ £
Prepayments and accrued income 46,872 52,352
Corporation tax 12,741 0
Other debtors 8,251 8,250
67,864 60,602

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 12,000 98
Amounts owed to directors 190,416 194,227
Accruals 2,700 2,400
Taxation and social security 7,698 44,943
Other creditors 576 4,563
213,390 246,231

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 16,998 1,146
between one and five years 67,992 0
after five years 76,491 0
161,481 1,146