DALBY FOREST CYCLE HUB CIC

Company limited by guarantee

Company Registration Number:
11257820 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2023

Period of accounts

Start date: 1 June 2022

End date: 31 May 2023

DALBY FOREST CYCLE HUB CIC

Contents of the Financial Statements

for the Period Ended 31 May 2023

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

DALBY FOREST CYCLE HUB CIC

Balance sheet

As at 31 May 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 32,887 39,569
Investments:   0 0
Total fixed assets: 32,887 39,569
Current assets
Stocks: 4 140,439 24,720
Debtors: 5 1,266 13,339
Cash at bank and in hand: 27,774 13,589
Investments:   0 0
Total current assets: 169,479 51,648
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 149,383 ) ( 33,850 )
Net current assets (liabilities): 20,096 17,798
Total assets less current liabilities: 52,983 57,367
Creditors: amounts falling due after more than one year: 7 ( 21,657 ) ( 30,493 )
Provision for liabilities: ( 965 ) ( 965 )
Accruals and deferred income: 0 0
Total net assets (liabilities): 30,361 25,909
Members' funds
Profit and loss account: 30,361 25,909
Total members' funds: 30,361 25,909

The notes form part of these financial statements

DALBY FOREST CYCLE HUB CIC

Balance sheet statements

For the year ending 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 4 April 2024
and signed on behalf of the board by:

Name: Mr D R C Beeley
Status: Director

The notes form part of these financial statements

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods and servicesprovided in the normal course of business, and is shown net of VAT and other sales related taxes. The fairvalue of consideration takes into account trade discounts, settlement discounts and volume rebates.When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration isthe present value of the future receipts. The difference between the fair value of the consideration and thenominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of thegoods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measuredreliably, it is probable that the economic benefits associated with the transaction will flow to the entity and thecosts incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from contracts for the provision of professional services is recognised by reference to the stage ofcompletion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Thestage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staffrates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenueis recognised only to the extent of the expenses recognised that it is probable will be recovered.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over theiruseful lives on the following bases:Leasehold improvements 10% straightlinePlant and equipment 15% reducing balanceFixtures and fittings 15% reducing balanceMotor vehicles 25% reducing balanceThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceedsand the carrying value of the asset, and is credited or charged to profit or loss.

    Other accounting policies

    Impairment of fixed assetsAt each reporting period end date, the company reviews the carrying amounts of its tangible assets todetermine whether there is any indication that those assets have suffered an impairment loss. If any suchindication exists, the recoverable amount of the asset is estimated in order to determine the extent of theimpairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflectscurrent market assessments of the time value of money and the risks specific to the asset for which theestimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carryingamount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Animpairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revaluedamount, in which case the impairment loss is treated as a revaluation decrease.Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased toapply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generatingunit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amountdoes not exceed the carrying amount that would have been determined had no impairment loss beenrecognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss isrecognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in whichcase the reversal of the impairment loss is treated as a revaluation increase.Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costcomprises direct materials and, where applicable, direct labour costs and those overheads that have beenincurred in bringing the stocks to their present location and condition.Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacementcost, adjusted where applicable for any loss of service potential.At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocksover its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit orloss. Reversals of impairment losses are also recognised in profit or loss.Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call withbanks, other short-term liquid investments with original maturities of three months or less, and bankoverdrafts. Bank overdrafts are shown within borrowings in current liabilities.The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party tothe contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a netbasis or to realise the asset and settle the liability simultaneously.Basic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using the effectiveinterest method unless the arrangement constitutes a financing transaction, where the transaction ismeasured at the present value of the future receipts discounted at a market rate of interest. Financial assetsclassified as receivable within one year are not amortised.Financial liabilities and equity instruments are classified according to the substance of the contractualarrangements entered into. An equity instrument is any contract that evidences a residual interest in theassets of the company after deducting all of its liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preferenceshares that are classified as debt, are initially recognised at transaction price unless the arrangementconstitutes a financing transaction, where the debt instrument is measured at the present value of the futurepayments discounted at a market rate of interest. Financial liabilities classified as payable within one year arenot amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Amounts payable are classified as current liabilities if payment is due within one yearor less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially attransaction price and subsequently measured at amortised cost using the effective interest methodEquity instruments issued by the company are recorded at the proceeds received, net of transaction costs.Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretionof the company.The tax expense represents the sum of the tax currently payable and deferred tax.The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’sliability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets arerecognised to the extent that it is probable that they will be recovered against the reversal of deferred taxliabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing differencearises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affectsneither 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 extentthat it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to berecovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liabilityis settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, exceptwhen it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right tooffset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by thesame tax authority.The costs of short-term employee benefits are recognised as a liability and an expense, unless those costsare required to be recognised as part of the cost of stock or fixed assets.The cost of any unused holiday entitlement is recognised in the period in which the employee’s services arereceived.Termination benefits are recognised immediately as an expense when the company is demonstrablycommitted to terminate the employment of an employee or to provide termination benefits.Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.Rentals payable under operating leases, including any lease incentives received, are charged to profit or losson a straight line basis over the term of the relevant lease except where another more systematic basis ismore representative of the time pattern in which economic benefits from the leases asset are consumed.Government grants are recognised at the fair value of the asset received or receivable when there isreasonable assurance that the grant conditions will be met and the grants will be received.A grant that specifies performance conditions is recognised in income when the performance conditions aremet. Where a grant does not specify performance conditions it is recognised in income when the proceedsare received or receivable. A grant received before the recognition criteria are satisfied is recognised as aliability.In the application of the company’s accounting policies, the directors are required to make judgements,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparentfrom other sources. The estimates and associated assumptions are based on historical experience and otherfactors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised where the revision affects only thatperiod, or in the period of the revision and future periods where the revision affects both current and futureperiods.

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 20

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 June 2022 36,535 14,374 50,909
Additions
Disposals
Revaluations
Transfers
At 31 May 2023 36,535 14,374 50,909
Depreciation
At 1 June 2022 9,689 1,651 11,340
Charge for year 3,653 3,029 6,682
On disposals
Other adjustments
At 31 May 2023 13,342 4,680 18,022
Net book value
At 31 May 2023 23,193 9,694 32,887
At 31 May 2022 26,846 12,723 39,569

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

4. Stocks

2023 2022
£ £
Stocks 140,439 24,720
Total 140,439 24,720

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

5. Debtors

2023 2022
£ £
Trade debtors 297
Other debtors 969 13,339
Total 1,266 13,339

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 9,827 10,000
Trade creditors 27,512 2,382
Taxation and social security 18,468
Other creditors 112,044 3,000
Total 149,383 33,850

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 21,657 30,493
Total 21,657 30,493

DALBY FOREST CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 31 May 2023

8. Off balance sheet arrangements

Directors' transactionsConsultancy fees was paid to The Directors being £26,559 (2022: As restated £30,250)Members' liabilityThe company is limited by guarantee, not having a share capital and consequently the liability of members islimited, subject to an undertaking by each member to contribute to the net assets or liabilities of the companyon winding up such amounts as may be required not exceeding £1.

COMMUNITY INTEREST ANNUAL REPORT

DALBY FOREST CYCLE HUB CIC

Company Number: 11257820 (England and Wales)

Year Ending: 31 May 2023

Company activities and impact

The provision of bike hire to all areas of the community including a range of adapted bikes for the use of those customers with balance of mobility issues. A range of activities have been provided to schools in the local area enabling children to learn to ride and improve their bike skills.

Consultation with stakeholders

Our stakeholders include local schools and colleges, sports organisations including North Yorkshire Sport, various disability groups and Ryedale Special Families. In consultation with our stakeholders, we have organised the provision of appropriate bikes available to hire for able bodied and disabled customers and a range of activity days, ‘learn to ride’ sessions, supported rides etc for schools and colleges

Directors' remuneration

Remuneration was paid to Mr R D Brown (Director) in the form of consultancy fees £13,909 (2022: As restated £15,250) and £12,650 to Mr P J Blood (Director) in the form of consultancy fees £12,650 (2022: As restated £15,000)

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
4 April 2024

And signed on behalf of the board by:
Name: Mr D R C Beeley
Status: Director