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REGISTERED NUMBER: 07798587 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MANDARIN CYCLES LIMITED

MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Income Statement 2

Statement of Financial Position 3

Statement of Changes in Equity 5

Notes to the Financial Statements 6


MANDARIN CYCLES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: D P Massingham





REGISTERED OFFICE: 1 Penn Grove
Aylsham Road
Norwich
Norfolk
NR3 3JZ





REGISTERED NUMBER: 07798587 (England and Wales)





ACCOUNTANTS: NMP Accounting
Chartered Certified Accountant
Mill House
1 Mill Lane
Horsford
Norfolk
NR10 3ES

MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 405,623 458,478

Cost of sales 215,809 240,262
GROSS PROFIT 189,814 218,216

Administrative expenses 180,950 175,685
8,864 42,531

Other operating income - 135
OPERATING PROFIT 4 8,864 42,666


Interest payable and similar expenses 84 17
PROFIT BEFORE TAXATION 8,780 42,649

Tax on profit 1,558 8,068
PROFIT FOR THE FINANCIAL YEAR 7,222 34,581

MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 9,660 12,292
9,660 12,292

CURRENT ASSETS
Stocks 114,950 112,787
Debtors 7 2,531 4,377
Cash at bank and in hand 14,518 26,791
131,999 143,955
CREDITORS
Amounts falling due within one year 8 46,252 47,524
NET CURRENT ASSETS 85,747 96,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,407

108,723

PROVISIONS FOR LIABILITIES 1,535 2,073
NET ASSETS 93,872 106,650

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 93,772 106,550
SHAREHOLDERS' FUNDS 93,872 106,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 14 May 2024 and were signed by:





D P Massingham - Director


MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 87,969 88,069

Changes in equity
Dividends - (16,000 ) (16,000 )
Total comprehensive income - 34,581 34,581
Balance at 31 December 2022 100 106,550 106,650

Changes in equity
Dividends - (20,000 ) (20,000 )
Total comprehensive income - 7,222 7,222
Balance at 31 December 2023 100 93,772 93,872

MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Mandarin Cycles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 3,113 3,968

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 50,000
AMORTISATION
At 1 January 2023
and 31 December 2023 50,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

MANDARIN CYCLES LIMITED (REGISTERED NUMBER: 07798587)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 60,164
Additions 481
Disposals (1,513 )
At 31 December 2023 59,132
DEPRECIATION
At 1 January 2023 47,872
Charge for year 3,113
Eliminated on disposal (1,513 )
At 31 December 2023 49,472
NET BOOK VALUE
At 31 December 2023 9,660
At 31 December 2022 12,292

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 2,531 4,377

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 35,133 25,783
Taxation and social security 7,497 17,852
Other creditors 3,622 3,889
46,252 47,524

9. ULTIMATE CONTROLLING PARTY

The controlling party is D P Massingham.