Registered number
10866502
We Sell Classic Bikes Ltd
Filleted Accounts
31 July 2023
We Sell Classic Bikes Ltd
Company Information
Director
J W Wexham
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Unit 3 The Bramery
Alstone Lane
Cheltenham
Glos
Registered number
10866502
We Sell Classic Bikes Ltd
Registered number: 10866502
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,200 4,400
Tangible assets 4 10,725 13,253
12,925 17,653
Current assets
Stocks 570,605 544,555
Debtors 5 - 3,000
Cash at bank and in hand 19,312 6,431
589,917 553,986
Creditors: amounts falling due within one year 6 (87,893) (103,518)
Net current assets 502,024 450,468
Total assets less current liabilities 514,949 468,121
Creditors: amounts falling due after more than one year 7 (356,182) (343,332)
Net assets 158,767 124,789
Capital and reserves
Called up share capital 1 1
Profit and loss account 158,766 124,788
Shareholder's funds 158,767 124,789
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
J W Wexham
Director
Approved by the board on 31 August 2023
We Sell Classic Bikes Ltd
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Computer and office equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 8,800
At 31 July 2023 8,800
Amortisation
At 1 August 2022 4,400
Provided during the year 2,200
At 31 July 2023 6,600
Net book value
At 31 July 2023 2,200
At 31 July 2022 4,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Computer & office equipment
£
Cost
At 1 August 2022 21,443
At 31 July 2023 21,443
Depreciation
At 1 August 2022 8,190
Charge for the year 2,528
At 31 July 2023 10,718
Net book value
At 31 July 2023 10,725
At 31 July 2022 13,253
5 Debtors 2023 2022
£ £
Other debtors - 3,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 62,306 101,964
Other creditors 25,587 1,554
87,893 103,518
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 172,624 278,332
Directors loan 183,558 65,000
356,182 343,332
8 Controlling party
The company is controlled by the director.
9 Other information
We Sell Classic Bikes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3 The Bramery
Alstone Lane
Cheltenham
Glos
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