Company registration number 08098078 (England and Wales)
WATFORD CYCLE HUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
WATFORD CYCLE HUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WATFORD CYCLE HUB LIMITED
BALANCE SHEET
AS AT
30 AUGUST 2023
30 August 2023
- 1 -
30 August 2023
31 August 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,096
15,557
Current assets
Stocks
28,165
29,625
Debtors
4
4,231
1,653
Cash at bank and in hand
1,511
8,941
33,907
40,219
Creditors: amounts falling due within one year
5
(29,821)
(41,370)
Net current assets/(liabilities)
4,086
(1,151)
Total assets less current liabilities
12,182
14,406
Creditors: amounts falling due after more than one year
6
(408,010)
(340,943)
Net liabilities
(395,828)
(326,537)
Capital and reserves
Called up share capital
7
20,000
20,000
Profit and loss reserves
(415,828)
(346,537)
Total equity
(395,828)
(326,537)

For the financial year ended 30 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have 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 her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 August 2024
K Jenkins
Director
Company registration number 08098078 (England and Wales)
WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Watford Cycle Hub Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Gade Avenue, Watford, Herts, WD18 7LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been drawn up on the basis that the company is a going concern. The validity of the going concern basis of accounting depends on the continuing support of the Director and Watford Community Housing Trust.

 

The Director has confirmed that it is not her intention to withdraw her support for the company in the foreseeable future and that she will not seek repayment of her loan of £96,301 to the company, unless the company's cashflow permits repayment to be made without jeopardising the company's position.

 

Watford Community Housing Trust has entered into an agreement to provide funding to the company. As at 30 August 2023, this amounted to £101,425. This is repayable on an annual basis with the amount due calculated as a percentage of the surplus made in that year in accordance with the agreement.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% Straight line
Fixtures, fittings & equipment
10% Straight line
Motor vehicles
20% Straight line

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities

Basic financial liabilities 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
11
WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
85,569
Additions
288
At 30 August 2023
85,857
Depreciation and impairment
At 1 September 2022
70,012
Depreciation charged in the year
7,749
At 30 August 2023
77,761
Carrying amount
At 30 August 2023
8,096
At 31 August 2022
15,557
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,230
-
0
Other debtors
2,001
1,653
4,231
1,653
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,210
6,210
Trade creditors
6,643
4,370
Taxation and social security
3,812
20,335
Other creditors
13,156
10,455
29,821
41,370
WATFORD CYCLE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,324
37,501
Other creditors
375,686
303,442
408,010
340,943
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
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