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Registration number: 05784041

Cannock Chase Cycle Centre Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Cannock Chase Cycle Centre Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cannock Chase Cycle Centre Ltd

Company Information

Director

Mr J E Swinnerton

Registered office

Birches Valley
Lady Hill
Rugeley
Staffordshire
WS15 2UQ

Accountants

Wychbury Greaves
Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

 

Cannock Chase Cycle Centre Ltd

(Registration number: 05784041)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

126,204

116,325

Current assets

 

Stocks

5

184,132

272,507

Debtors

11,517

1,118

Cash at bank and in hand

 

111,582

207,090

 

307,231

480,715

Creditors: Amounts falling due within one year

(128,358)

(226,589)

Net current assets

 

178,873

254,126

Total assets less current liabilities

 

305,077

370,451

Creditors: Amounts falling due after more than one year

-

(35,000)

Provisions for liabilities

(10,820)

(6,617)

Net assets

 

294,257

328,834

Capital and reserves

 

Called up share capital

6

60

60

Retained earnings

294,197

328,774

Shareholders' funds

 

294,257

328,834

For the financial year ending 30 November 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 22 August 2024
 

 

Cannock Chase Cycle Centre Ltd

(Registration number: 05784041)
Balance Sheet as at 30 November 2023

.........................................
Mr J E Swinnerton
Director

 

Cannock Chase Cycle Centre Ltd

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

1

General information

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

The address of its registered office is:
Birches Valley
Lady Hill
Rugeley
Staffordshire
WS15 2UQ

These financial statements were authorised for issue by the director on 22 August 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 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.

 

Cannock Chase Cycle Centre Ltd

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

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

Fixtures & fittings

15% reducing balance

Computer equipment

33% straight line

Motor vehicles

25% reducing balance

Plant & machinery

15% reducing balance

Leasehold property

straight line over 10 years

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.

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.

Borrowings

 

Cannock Chase Cycle Centre Ltd

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 9).

 

Cannock Chase Cycle Centre Ltd

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

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2022

97,082

52,404

-

5,941

13,287

Additions

-

-

5,360

-

47,909

Disposals

-

-

-

-

(26,971)

At 30 November 2023

97,082

52,404

5,360

5,941

34,225

Depreciation

At 1 December 2022

-

41,042

-

2,973

8,374

Charge for the year

9,708

1,704

134

1,478

3,462

Eliminated on disposal

-

-

-

-

(67)

At 30 November 2023

9,708

42,746

134

4,451

11,769

Carrying amount

At 30 November 2023

87,374

9,658

5,226

1,490

22,456

At 30 November 2022

97,082

11,362

-

2,968

4,913

 

Cannock Chase Cycle Centre Ltd

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

Total
£

Cost or valuation

At 1 December 2022

168,714

Additions

53,269

Disposals

(26,971)

At 30 November 2023

195,012

Depreciation

At 1 December 2022

52,389

Charge for the year

16,486

Eliminated on disposal

(67)

At 30 November 2023

68,808

Carrying amount

At 30 November 2023

126,204

At 30 November 2022

116,325

Included within the net book value of land and buildings above is £87,373 (2022 - £97,082) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

184,132

272,507

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

60

60

60

60

       
 

Cannock Chase Cycle Centre Ltd

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

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

35,000

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

1,007

-

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

10,000

10,000

Later than one year and not later than five years

34,167

4,167

44,167

14,167

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,000 (2022 - £10,000).

9

Dividends

2023

2022

£

£

Interim dividend of £1,060.00 (2022 - £1,666.66) per ordinary share

63,600

100,000