Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Ian Anthony Lodge 23/11/2018 Sheila Marie Mccroskie 23/11/2018 20 March 2024 The principal activity of the Company is retail sale of electric bikes. 11694464 2023-11-30 11694464 bus:Director1 2023-11-30 11694464 bus:Director2 2023-11-30 11694464 2022-11-30 11694464 core:CurrentFinancialInstruments 2023-11-30 11694464 core:CurrentFinancialInstruments 2022-11-30 11694464 core:ShareCapital 2023-11-30 11694464 core:ShareCapital 2022-11-30 11694464 core:RetainedEarningsAccumulatedLosses 2023-11-30 11694464 core:RetainedEarningsAccumulatedLosses 2022-11-30 11694464 core:PlantMachinery 2022-11-30 11694464 core:OfficeEquipment 2022-11-30 11694464 core:PlantMachinery 2023-11-30 11694464 core:OfficeEquipment 2023-11-30 11694464 2022-12-01 2023-11-30 11694464 bus:FilletedAccounts 2022-12-01 2023-11-30 11694464 bus:SmallEntities 2022-12-01 2023-11-30 11694464 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 11694464 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11694464 bus:Director1 2022-12-01 2023-11-30 11694464 bus:Director2 2022-12-01 2023-11-30 11694464 core:PlantMachinery 2022-12-01 2023-11-30 11694464 core:OfficeEquipment 2022-12-01 2023-11-30 11694464 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Company No: 11694464 (England and Wales)

I-PSYCLE LIMITED

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

I-PSYCLE LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

I-PSYCLE LIMITED

BALANCE SHEET

As at 30 November 2023
I-PSYCLE LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,078 1,875
2,078 1,875
Current assets
Stocks 4 91,651 119,242
Debtors 5 8,693 8,146
Cash at bank and in hand 5,123 3,804
105,467 131,192
Creditors: amounts falling due within one year 6 ( 44,399) ( 78,942)
Net current assets 61,068 52,250
Total assets less current liabilities 63,146 54,125
Net assets 63,146 54,125
Capital and reserves
Called-up share capital 100 100
Profit and loss account 63,046 54,025
Total shareholders' funds 63,146 54,125

For the financial year ending 30 November 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 I-Psycle Limited (registered number: 11694464) were approved and authorised for issue by the Board of Directors on 20 March 2024. They were signed on its behalf by:

Ian Anthony Lodge
Director
I-PSYCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
I-PSYCLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

I-Psycle Limited (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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, 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.

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.

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 on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 December 2022 1,828 1,277 3,105
Additions 850 0 850
At 30 November 2023 2,678 1,277 3,955
Accumulated depreciation
At 01 December 2022 707 523 1,230
Charge for the financial year 458 189 647
At 30 November 2023 1,165 712 1,877
Net book value
At 30 November 2023 1,513 565 2,078
At 30 November 2022 1,121 754 1,875

4. Stocks

2023 2022
£ £
Stocks 91,651 119,242

5. Debtors

2023 2022
£ £
Trade debtors 4,652 31
Other debtors 4,041 8,115
8,693 8,146

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,589 31,094
Taxation and social security 2,137 11,250
Other creditors 35,673 36,598
44,399 78,942