Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Emma Holgate 03/07/2023 27/02/2018 John MacEachen 31/01/2020 Ewan Thorburn 03/07/2023 15/11/2021 07 August 2024 The principal activity of the Company during the financial year was that of a bicycle retailer. SC339086 2024-03-31 SC339086 bus:Director1 2024-03-31 SC339086 bus:Director2 2024-03-31 SC339086 bus:Director3 2024-03-31 SC339086 2023-03-31 SC339086 core:CurrentFinancialInstruments 2024-03-31 SC339086 core:CurrentFinancialInstruments 2023-03-31 SC339086 core:Non-currentFinancialInstruments 2024-03-31 SC339086 core:Non-currentFinancialInstruments 2023-03-31 SC339086 core:ShareCapital 2024-03-31 SC339086 core:ShareCapital 2023-03-31 SC339086 core:SharePremium 2024-03-31 SC339086 core:SharePremium 2023-03-31 SC339086 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC339086 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC339086 core:OtherResidualIntangibleAssets 2023-03-31 SC339086 core:OtherResidualIntangibleAssets 2024-03-31 SC339086 core:PlantMachinery 2023-03-31 SC339086 core:FurnitureFittings 2023-03-31 SC339086 core:PlantMachinery 2024-03-31 SC339086 core:FurnitureFittings 2024-03-31 SC339086 bus:OrdinaryShareClass1 2024-03-31 SC339086 2023-04-01 2024-03-31 SC339086 bus:FilletedAccounts 2023-04-01 2024-03-31 SC339086 bus:SmallEntities 2023-04-01 2024-03-31 SC339086 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC339086 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC339086 bus:Director1 2023-04-01 2024-03-31 SC339086 bus:Director2 2023-04-01 2024-03-31 SC339086 bus:Director3 2023-04-01 2024-03-31 SC339086 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 SC339086 core:PlantMachinery 2023-04-01 2024-03-31 SC339086 core:FurnitureFittings 2023-04-01 2024-03-31 SC339086 2022-04-01 2023-03-31 SC339086 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC339086 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC339086 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC339086 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC339086 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC339086 (Scotland)

NEVIS CYCLES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

NEVIS CYCLES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

NEVIS CYCLES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
NEVIS CYCLES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,547 0
Tangible assets 4 8,821 4,133
10,368 4,133
Current assets
Stocks 167,495 168,987
Debtors 5 52,150 25,312
Cash at bank and in hand 446 202
220,091 194,501
Creditors: amounts falling due within one year 6 ( 164,646) ( 99,535)
Net current assets 55,445 94,966
Total assets less current liabilities 65,813 99,099
Creditors: amounts falling due after more than one year 7 ( 45,742) ( 27,267)
Net assets 20,071 71,832
Capital and reserves
Called-up share capital 8 200 200
Share premium account 19,900 19,900
Profit and loss account ( 29 ) 51,732
Total shareholder's funds 20,071 71,832

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Nevis Cycles Limited (registered number: SC339086) were approved and authorised for issue by the Director on 07 August 2024. They were signed on its behalf by:

John MacEachen
Director
NEVIS CYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
NEVIS CYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
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

Nevis Cycles Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Fixtures and fittings 15 % 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 includes items for resale and materials consumed during the provision of services.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

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, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharges or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 21

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 0 0
Additions 1,600 1,600
At 31 March 2024 1,600 1,600
Accumulated amortisation
At 01 April 2023 0 0
Charge for the financial year 53 53
At 31 March 2024 53 53
Net book value
At 31 March 2024 1,547 1,547
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 9,350 15,240 24,590
Additions 5,087 717 5,804
At 31 March 2024 14,437 15,957 30,394
Accumulated depreciation
At 01 April 2023 8,546 11,911 20,457
Charge for the financial year 514 602 1,116
At 31 March 2024 9,060 12,513 21,573
Net book value
At 31 March 2024 5,377 3,444 8,821
At 31 March 2023 804 3,329 4,133

5. Debtors

2024 2023
£ £
Trade debtors 52,150 23,843
Corporation tax 0 589
Other debtors 0 880
52,150 25,312

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 28,183 30,162
Trade creditors 88,153 54,836
Other taxation and social security 18,999 9,137
Other creditors 29,311 5,400
164,646 99,535

The bank overdraft of £17,492 (£20,162) is secured by a bond and floating charge over all assets held by the entity.

Included within bank loans and overdrafts above are bank loans totalling £11,178 (£10,000) which are unsecured. Of this, £5,422 (£10,000) is for a Coronavirus Bounce Back loan which is guaranteed by the UK Government.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 45,742 27,267

The bank loans above are unsecured.

Within this balance is £28,011 (£27,267) for a Coronavirus Bounce Back loan which is guaranteed by the UK Government.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to related parties 24,990 0

The above balance is interest free and has no fixed repayment terms.