Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31trueNo description of principal activity2023-02-01false5255trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03504178 2023-02-01 2024-01-31 03504178 2022-02-01 2023-01-31 03504178 2024-01-31 03504178 2023-01-31 03504178 c:Director1 2023-02-01 2024-01-31 03504178 c:Director2 2023-02-01 2024-01-31 03504178 d:Buildings 2023-02-01 2024-01-31 03504178 d:Buildings 2024-01-31 03504178 d:Buildings 2023-01-31 03504178 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03504178 d:Buildings d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 03504178 d:MotorVehicles 2023-02-01 2024-01-31 03504178 d:MotorVehicles 2024-01-31 03504178 d:MotorVehicles 2023-01-31 03504178 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03504178 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 03504178 d:FurnitureFittings 2023-02-01 2024-01-31 03504178 d:FurnitureFittings 2024-01-31 03504178 d:FurnitureFittings 2023-01-31 03504178 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03504178 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 03504178 d:OfficeEquipment 2023-02-01 2024-01-31 03504178 d:OfficeEquipment 2024-01-31 03504178 d:OfficeEquipment 2023-01-31 03504178 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03504178 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 03504178 d:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 03504178 d:OtherPropertyPlantEquipment 2024-01-31 03504178 d:OtherPropertyPlantEquipment 2023-01-31 03504178 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03504178 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 03504178 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03504178 d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 03504178 d:Goodwill 2024-01-31 03504178 d:Goodwill 2023-01-31 03504178 d:CurrentFinancialInstruments 2024-01-31 03504178 d:CurrentFinancialInstruments 2023-01-31 03504178 d:Non-currentFinancialInstruments 2024-01-31 03504178 d:Non-currentFinancialInstruments 2023-01-31 03504178 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 03504178 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03504178 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 03504178 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 03504178 d:ShareCapital 2024-01-31 03504178 d:ShareCapital 2023-01-31 03504178 d:RetainedEarningsAccumulatedLosses 2024-01-31 03504178 d:RetainedEarningsAccumulatedLosses 2023-01-31 03504178 c:FRS102 2023-02-01 2024-01-31 03504178 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03504178 c:FullAccounts 2023-02-01 2024-01-31 03504178 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03504178 2 2023-02-01 2024-01-31 03504178 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 03504178










CYCLES U.K. LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
CYCLES U.K. LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CYCLES U.K. LIMITED
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cycles U.K. Limited for the year ended 31 January 2024 which comprise  the Balance sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Cycles U.K. Limited, as a body, in accordance with the terms of our engagement letter dated 15th March 2017Our work has been undertaken solely to prepare for your approval the financial statements of Cycles U.K. Limited and state those matters that we have agreed to state to the Board of directors of Cycles U.K. Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cycles U.K. Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Cycles U.K. Limited 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 profit of Cycles U.K. Limited. You consider that Cycles U.K. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Cycles U.K. Limited. 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.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff-on-Sea
Essex
SS0 9PE
16 August 2024
Page 1

 
CYCLES U.K. LIMITED
REGISTERED NUMBER: 03504178

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
340,105
357,838

  
340,105
357,838

Current assets
  

Stocks
  
959,921
1,014,134

Debtors: amounts falling due within one year
 5 
579,069
664,809

Cash at bank and in hand
 6 
345,396
327,454

  
1,884,386
2,006,397

Creditors: amounts falling due within one year
 7 
(570,491)
(621,926)

Net current assets
  
 
 
1,313,895
 
 
1,384,471

Total assets less current liabilities
  
1,654,000
1,742,309

Creditors: amounts falling due after more than one year
 8 
-
(4,853)

Provisions for liabilities
  

Deferred tax
  
(7,639)
(12,688)

  
 
 
(7,639)
 
 
(12,688)

Net assets
  
1,646,361
1,724,768


Capital and reserves
  

Called up share capital 
  
200,000
200,000

Profit and loss account
  
1,446,361
1,524,768

  
1,646,361
1,724,768


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Page 2

 
CYCLES U.K. LIMITED
REGISTERED NUMBER: 03504178

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024











R C Schofield
J R Schofield
Director
Director
Date: 16 August 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Cycles U.K. Limited is a private company limited by shares, incorporated in England and Wales.
Its registered office is Kingsridge House, 601 London Road, Westcliff-On-Sea, Essex SS0 9PE. Its principal place of business is Cycles UK Ltd PO Box 12970, Billericay, Essex CM12 2FZ..

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.4

Leased assets: Lessee

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using various methods.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Plant and office equipment
-
25% and 33% reducing balance
Property improvements
-
over the term of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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 in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Intangible assets




Goodwill

£



Cost


At 1 February 2023
133,869



At 31 January 2024

133,869



Amortisation


At 1 February 2023
133,869



At 31 January 2024

133,869



Net book value



At 31 January 2024
-



At 31 January 2023
-




4.


Tangible fixed assets





Freehold property
Property Improv't
Plant and office equipment
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 February 2023
319,229
144,220
272,267
101,302
657,689


Additions
-
-
1,673
-
-


Disposals
-
-
-
(20,438)
-



At 31 January 2024

319,229
144,220
273,940
80,864
657,689



Depreciation


At 1 February 2023
31,125
144,220
256,784
56,578
648,162
Page 8

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           4.Tangible fixed assets (continued)



Charge for the year on owned assets
-
-
5,431
7,753
2,382


Charge for the year on financed assets
-
-
-
3,291
-


Disposals
-
-
-
(19,890)
-



At 31 January 2024

31,125
144,220
262,215
47,732
650,544



Net book value



At 31 January 2024
288,104
-
11,725
33,132
7,145



At 31 January 2023
288,105
-
15,482
44,724
9,527

Total

£



Cost or valuation


At 1 February 2023
1,494,707


Additions
1,673


Disposals
(20,438)



At 31 January 2024

1,475,942



Depreciation


At 1 February 2023
1,136,869


Charge for the year on owned assets
15,566


Charge for the year on financed assets
3,291


Disposals
(19,890)



At 31 January 2024

1,135,836



Net book value



At 31 January 2024
340,106



At 31 January 2023
357,838


5.


Debtors

2024
2023
£
£

Page 9

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.Debtors (continued)


Trade debtors
-
2,720

Amounts owed by group undertakings
536,778
537,529

Other debtors
16,816
84,334

Prepayments and accrued income
25,475
40,226

579,069
664,809



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
345,396
327,454

345,396
327,454



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
475,592
500,266

Corporation tax
21,902
13,699

Other taxation and social security
47,952
63,023

Obligations under finance lease and hire purchase contracts
4,853
5,024

Other creditors
5,886
25,164

Accruals and deferred income
14,306
14,750

570,491
621,926


Secured loans
Obligations under hire purchase contracts of £4,853 (2023: £5,024) due within one year are secured on the assets to which they relate.
 


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
4,853

-
4,853


Page 10

 
CYCLES U.K. LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £19,982 (2023: £18,687) were payable to the fund at the balance sheet date. There were pension contributions totalling £3,568 (2023: £4,158) owing at the year end.


10.


Lease of assets

The company received rental income in relation to operating leases amounting to £Nil (2023: £Nil).
At the year end, land and buildings used in operating leases had a book value of £Nil (2023: £Nil) and related accumulated depreciation of £Nil (2023: £Nil).


11.


Ultimate parent undertaking and controlling party

Cycles U.K. (Holdings) Limited is the company's immediate parent undertaking and Cycles U.K. Rayleigh Limited is that company's ultimate parent undertaking. The registered office of both parent companies is Kingsridge House, 601 London Road, Westcliff on Sea, Essex, SS0 9PE.
R C Schofield is considered to be the ultimate controlling party.

Page 11