REGISTERED NUMBER: |
Financial Statements |
for the Period |
15 September 2021 to 30 September 2022 |
for |
Propain Bicycles UK Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
Additions |
At 30 September 2022 |
DEPRECIATION |
Charge for period |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
6. | DEBTORS |
£ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
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 |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 1 |
1 Ordinary share of £1 was allotted |
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. |
for and on behalf of |