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Registration number: 08509059

Spencer Ivy Electric Bicycles Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2023

 

Spencer Ivy Electric Bicycles Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Spencer Ivy Electric Bicycles Limited

Company Information

Director

Mr Peter Claxton

Company secretary

Ms Josephine Parker

Registered office

Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

Accountants

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Spencer Ivy Electric Bicycles Limited

(Registration number: 08509059)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,565

5,941

Tangible assets

5

25,837

31,324

 

29,402

37,265

Current assets

 

Stocks

6

193,295

181,840

Cash at bank and in hand

 

13,819

25,201

 

207,114

207,041

Creditors: Amounts falling due within one year

(166,325)

(183,018)

Net current assets

 

40,789

24,023

Total assets less current liabilities

 

70,191

61,288

Creditors: Amounts falling due after more than one year

(42,345)

(38,113)

Provisions for liabilities

(4,592)

(5,952)

Accruals and deferred income

 

(19,252)

(6,487)

Net assets

 

4,002

10,736

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

4,000

10,734

Shareholders' funds

 

4,002

10,736

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Spencer Ivy Electric Bicycles Limited

(Registration number: 08509059)
Abridged Balance Sheet as at 30 April 2023

Approved and authorised by the director on 12 April 2024
 

.........................................
Mr Peter Claxton
Director

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

The principal place of business is:
181 Bridport Road
Poundbury
Dorchester
DT1 3BN

These financial statements were authorised for issue by the director on 12 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 23).

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2022

23,761

At 30 April 2023

23,761

Amortisation

At 1 May 2022

17,820

Amortisation charge

2,376

At 30 April 2023

20,196

Carrying amount

At 30 April 2023

3,565

At 30 April 2022

5,941

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

63,196

63,196

Additions

2,535

2,535

At 30 April 2023

65,731

65,731

Depreciation

At 1 May 2022

31,872

31,872

Charge for the year

8,022

8,022

At 30 April 2023

39,894

39,894

Carrying amount

At 30 April 2023

25,837

25,837

At 30 April 2022

31,324

31,324

6

Stocks

2023
£

2022
£

Other inventories

193,295

181,840

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Transactions with the director

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr Peter Claxton

The director maintains an interest free loan account with the company which is repayable on demand

64,872

(38,355)

21,152

47,669

         
       

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Mr Peter Claxton

The director maintains an interest free loan account with the company which is repayable on demand

76,536

(66,662)

54,998

64,872

         
       

 

 

Spencer Ivy Electric Bicycles Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,739

25,152