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REGISTERED NUMBER: 13622618 (England and Wales)















Financial Statements

for the Period

15 September 2021 to 30 September 2022

for

Propain Bicycles UK Ltd

Propain Bicycles UK Ltd (Registered number: 13622618)

Contents of the Financial Statements
for the Period 15 September 2021 to 30 September 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Propain Bicycles UK Ltd

Company Information
for the Period 15 September 2021 to 30 September 2022







DIRECTOR: F Beck



REGISTERED OFFICE: Unit 1-2 Spindle Court
Spindle Way
Crawley
West Sussex
RH10 1AX



REGISTERED NUMBER: 13622618 (England and Wales)



SENIOR STATUTORY AUDITOR: Caroline Peverett BA FCA



AUDITORS: Tuerner Audit Limited
Bridge House
Old Grantham Road
Whatton
Nottingham
NG13 9FG

Propain Bicycles UK Ltd (Registered number: 13622618)

Balance Sheet
30 September 2022

Notes £    £   
FIXED ASSETS
Tangible assets 5 158,357

CURRENT ASSETS
Stocks 87,348
Debtors 6 235,707
323,055
CREDITORS
Amounts falling due within one year 7 528,451
NET CURRENT LIABILITIES (205,396 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(47,039

)

CAPITAL AND RESERVES
Called up share capital 9 1
Retained earnings (47,040 )
SHAREHOLDERS' FUNDS (47,039 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





F Beck - Director


Propain Bicycles UK Ltd (Registered number: 13622618)

Notes to the Financial Statements
for the Period 15 September 2021 to 30 September 2022


1. STATUTORY INFORMATION

Propain Bicycles UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes.

The company recognises revenue upon delivery of goods to the customer.

Revenue is recognised on commission when the customer makes and pays for the order of goods to which the commission relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

No Depreciation has been charged on improvements to property as this will be charged over the lifetime of the lease, commencing on the date the property was brought into use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Propain Bicycles UK Ltd (Registered number: 13622618)

Notes to the Financial Statements - continued
for the Period 15 September 2021 to 30 September 2022


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
Additions 115,796 49,342 165,138
At 30 September 2022 115,796 49,342 165,138
DEPRECIATION
Charge for period - 6,781 6,781
At 30 September 2022 - 6,781 6,781
NET BOOK VALUE
At 30 September 2022 115,796 42,561 158,357

6. DEBTORS
£   
Amounts falling due within one year:
Amounts owed by group undertakings 152,950
Other debtors 61,757
214,707

Propain Bicycles UK Ltd (Registered number: 13622618)

Notes to the Financial Statements - continued
for the Period 15 September 2021 to 30 September 2022


6. DEBTORS - continued
£   
Amounts falling due after more than one year:
Other debtors 21,000

Aggregate amounts 235,707

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 24,201
Amounts owed to group undertakings 488,845
Taxation and social security 3,260
Other creditors 12,145
528,451

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
£   
Within one year 43,750
Between one and five years 189,583
233,333

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal
value: £   
1 Ordinary £1 1

1 Ordinary share of £1 was allotted at par during the period.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

We were not appointed as auditor of the company until after 30 September 2022 and thus did not observe the counting of physical inventories at 30 September 2022. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 30 September 2022, which is included in the balance sheet at a value of £87,348 using other audit procedures.
Consequently we were unable to determine whether any adjustment to these amounts was necessary.

Caroline Peverett BA FCA (Senior Statutory Auditor)
for and on behalf of Tuerner Audit Limited