MB Bikes Ltd 07690228 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the retail of bicycles and related accessories Digita Accounts Production Advanced 6.30.9574.0 true true 07690228 2023-01-01 2023-12-31 07690228 2023-12-31 07690228 bus:OrdinaryShareClass1 2023-12-31 07690228 core:CurrentFinancialInstruments 2023-12-31 07690228 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07690228 core:FurnitureFittingsToolsEquipment 2023-12-31 07690228 core:MotorVehicles 2023-12-31 07690228 1 2023-12-31 07690228 bus:SmallEntities 2023-01-01 2023-12-31 07690228 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07690228 bus:FullAccounts 2023-01-01 2023-12-31 07690228 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07690228 bus:RegisteredOffice 2023-01-01 2023-12-31 07690228 bus:Director1 2023-01-01 2023-12-31 07690228 bus:Director2 2023-01-01 2023-12-31 07690228 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07690228 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07690228 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07690228 core:MotorVehicles 2023-01-01 2023-12-31 07690228 core:KeyManagementPersonnel 2023-01-01 2023-12-31 07690228 1 2023-01-01 2023-12-31 07690228 countries:EnglandWales 2023-01-01 2023-12-31 07690228 2022-12-31 07690228 core:FurnitureFittingsToolsEquipment 2022-12-31 07690228 core:MotorVehicles 2022-12-31 07690228 2022-01-01 2022-12-31 07690228 2022-12-31 07690228 bus:OrdinaryShareClass1 2022-12-31 07690228 core:CurrentFinancialInstruments 2022-12-31 07690228 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07690228 core:FurnitureFittingsToolsEquipment 2022-12-31 07690228 core:MotorVehicles 2022-12-31 07690228 1 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07690228

MB Bikes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

MB Bikes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

MB Bikes Ltd

Company Information

Directors

Mr Matthew J Weaver

Ms Joanne Moore

Registered office

183 Stourbridge Road
Halesowen
West Midlands
B63 3UD

Accountants

CLG Accountants & Business Advisors
Hagley Road Business Hub
8 Hagley Road
Stourbridge
West Midlands
DY8 1PS

 

MB Bikes Ltd

(Registration number: 07690228)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

47,625

3,017

Current assets

 

Stocks

5

86,241

97,534

Cash at bank and in hand

 

132

1,078

 

86,373

98,612

Creditors: Amounts falling due within one year

6

(123,873)

(97,158)

Net current (liabilities)/assets

 

(37,500)

1,454

Total assets less current liabilities

 

10,125

4,471

Provisions for liabilities

(1,623)

-

Net assets

 

8,502

4,471

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

8,500

4,469

Shareholders' funds

 

8,502

4,471

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr Matthew J Weaver
Director

 

MB Bikes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
183 Stourbridge Road
Halesowen
West Midlands
B63 3UD

These financial statements were authorised for issue by the Board on 31 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 with the Directors having given due consideration to the impact of Brexit and Covid-19. They are of the opinion that neither the Company's trading position nor the value of its assets will be significantly impaired.

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.

 

MB Bikes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

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

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

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.

 

MB Bikes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

MB Bikes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

13,956

-

13,956

Additions

535

59,856

60,391

At 31 December 2023

14,491

59,856

74,347

Depreciation

At 1 January 2023

10,939

-

10,939

Charge for the year

819

14,964

15,783

At 31 December 2023

11,758

14,964

26,722

Carrying amount

At 31 December 2023

2,733

44,892

47,625

At 31 December 2022

3,017

-

3,017

5

Stocks

2023
£

2022
£

Other inventories

86,241

97,534

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

46,618

-

Trade creditors

 

36,465

45,277

Taxation and social security

 

25,454

4,579

Accruals and deferred income

 

2,500

6,303

Other creditors

 

12,836

40,999

 

123,873

97,158

 

MB Bikes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Related party transactions

Key management personnel

At the year end the Company owed key management £7,608 (2022 - £37,471). The monies are repayable upon demand and have been advanced on an unsecured, interest free basis.

 

MB Bikes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

32,320

-

Bank overdrafts

14,298

-

46,618

-

Bank borrowings

Bank overdraft is denominated in sterling with a carrying amount at year end of £14,298 (2022 - £Nil). It is unsecured and repayable upon demand.

Other borrowings

Bank borrowings is denominated in sterling and the final instalment is due on 17 May 2024. The carrying amount at year end is £32,320 (2022 - £Nil).

It is secured against the motor vehicle.