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COMPANY REGISTRATION NUMBER: SC570057
Backcountrybiking Ltd
Filleted Unaudited Financial Statements
31 July 2023
Backcountrybiking Ltd
Financial Statements
Year ended 31 July 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Backcountrybiking Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Backcountrybiking Ltd
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Backcountrybiking Ltd for the year ended 31 July 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Backcountrybiking Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Backcountrybiking Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Backcountrybiking Ltd and its director for our work or for this report.
It is your duty to ensure that Backcountrybiking Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Backcountrybiking Ltd. You consider that Backcountrybiking Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Backcountrybiking Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
25 July 2024
Backcountrybiking Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,802
10,762
Current assets
Stocks
8,000
17,450
Debtors
6
1,435
1,095
Cash at bank and in hand
6,444
4,998
--------
--------
15,879
23,543
Creditors: amounts falling due within one year
7
64,898
57,026
--------
--------
Net current liabilities
49,019
33,483
--------
--------
Total assets less current liabilities
( 44,217)
( 22,721)
Creditors: amounts falling due after more than one year
8
6,723
19,251
--------
--------
Net liabilities
( 50,940)
( 41,972)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 51,040)
( 42,072)
--------
--------
Shareholder deficit
( 50,940)
( 41,972)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Backcountrybiking Ltd
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr A Toop
Director
Company registration number: SC570057
Backcountrybiking Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 9-1 Dalfaber Ind Estate, Aviemore, PH22 1ST, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2022
19,236
16,563
35,799
Disposals
( 1,600)
( 1,600)
--------
--------
--------
At 31 July 2023
19,236
14,963
34,199
--------
--------
--------
Depreciation
At 1 August 2022
15,797
9,240
25,037
Charge for the year
1,684
3,777
5,461
Disposals
( 1,101)
( 1,101)
--------
--------
--------
At 31 July 2023
17,481
11,916
29,397
--------
--------
--------
Carrying amount
At 31 July 2023
1,755
3,047
4,802
--------
--------
--------
At 31 July 2022
3,439
7,323
10,762
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
371
Other debtors
1,435
724
-------
-------
1,435
1,095
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,600
3,600
Trade creditors
48,747
41,410
Social security and other taxes
2,648
3,534
Other creditors
9,903
8,482
--------
--------
64,898
57,026
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,723
19,251
-------
--------
9. Director's advances, credits and guarantees
The balance owed to the company as at 31st July 2023 amounted to £ 1,178 (2022: £1,068)