Registered number
11243366
Paceline Cycles Limited
Filleted Accounts
31 March 2024
Paceline Cycles Limited
Registered number: 11243366
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 37,280 38,285
Current assets
Stocks 179,858 158,950
Cash at bank and in hand 66,892 47,938
246,750 206,888
Creditors: amounts falling due within one year 4 (141,086) (122,645)
Net current assets 105,664 84,243
Total assets less current liabilities 142,944 122,528
Creditors: amounts falling due after more than one year 5 (28,907) (34,285)
Provisions for liabilities (7,083) (7,274)
Net assets 106,954 80,969
Capital and reserves
Called up share capital 100 100
Profit and loss account 106,854 80,869
Shareholders' funds 106,954 80,969
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M A Hanson
Director
Approved by the board on 15 July 2024
Paceline Cycles Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20.0% reducing balance
Fixtures & fittings 20.0% straight line
computers 33.3% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences that are of a material value between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6.2 3.0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 6,652 52,827 59,479
Additions 7,350 - 7,350
At 31 March 2024 14,002 52,827 66,829
Depreciation
At 1 April 2023 1,063 20,131 21,194
Charge for the year 1,815 6,540 8,355
At 31 March 2024 2,878 26,671 29,549
Net book value
At 31 March 2024 11,124 26,156 37,280
At 31 March 2023 5,589 32,696 38,285
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,475 6,611
Trade creditors 8,729 17,902
Corporation tax 7,472 6,700
Other taxes and social security costs 18,986 6,674
Other creditors 99,424 84,758
141,086 122,645
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 28,907 34,285
6 Controlling party
The Company is controlled by M A Hanson
7 Other information
Paceline Cycles Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Picture House
Station Road
Crosshills
Keighley, West Yorkshire
BD20 7DT
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