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Registration number: 03530504

Cycle Aid Assist Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 October 2023

 

Cycle Aid Assist Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Cycle Aid Assist Ltd

Company Information

Director

Mr D P Darlington

Company secretary

Mr D P Darlington

Registered office

The Banks
75 Silverdale Road
Yealand, Redmayne
Carnforth
Lancashire
LA5 9TB

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cycle Aid Assist Ltd
for the Year Ended 30 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cycle Aid Assist Ltd for the year ended 30 October 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cycle Aid Assist Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cycle Aid Assist Ltd and state those matters that we have agreed to state to the Board of Directors of Cycle Aid Assist Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cycle Aid Assist Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cycle Aid Assist Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cycle Aid Assist Ltd. You consider that Cycle Aid Assist 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 accounts of Cycle Aid Assist 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 accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

25 July 2024

 

Cycle Aid Assist Ltd

(Registration number: 03530504)
Balance Sheet as at 30 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

300

365

Current assets

 

Stocks

5

-

3,144

Debtors

6

11,632

42,664

Cash at bank and in hand

 

38,064

31,954

 

49,696

77,762

Creditors: Amounts falling due within one year

7

(1,174)

(9,663)

Net current assets

 

48,522

68,099

Net assets

 

48,822

68,464

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

48,722

68,364

Shareholders' funds

 

48,822

68,464

For the financial year ending 30 October 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.

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.

Approved and authorised by the director on 25 July 2024
 

.........................................
Mr D P Darlington
Company secretary and director

 

Cycle Aid Assist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2023

1

General information

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

The address of its registered office is:
The Banks
75 Silverdale Road
Yealand, Redmayne
Carnforth
Lancashire
LA5 9TB

These financial statements were authorised for issue by the director on 25 July 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 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 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 current 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.

 

Cycle Aid Assist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 October 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.

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:

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Cycle Aid Assist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Cycle Aid Assist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 October 2022

430

430

At 30 October 2023

430

430

Depreciation

At 31 October 2022

65

65

Charge for the year

65

65

At 30 October 2023

130

130

Carrying amount

At 30 October 2023

300

300

At 30 October 2022

365

365

5

Stocks

2023
£

2022
£

Other inventories

-

3,144

6

Debtors

Current

2023
£

2022
£

Other debtors

11,632

42,664

 

11,632

42,664

7

Creditors

Creditors: amounts falling due within one year

 

Cycle Aid Assist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 October 2023

2023
£

2022
£

Due within one year

Taxation and social security

-

8,931

Accruals and deferred income

720

732

Other creditors

454

-

1,174

9,663

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

42,664

42,664

Advanced

35,600

35,600

Repaid

(52,518)

(52,518)

Interest transactions

1,300

1,300

At end of period

27,046

27,046

2022

Key management
£

Total
£

At start of period

(13,732)

(13,732)

Advanced

85,544

85,544

Repaid

(29,148)

(29,148)

At end of period

42,664

42,664