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Registration number: 06684112


Cyclist Training Ltd

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Cyclist Training Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cyclist Training Ltd

Company Information

Directors

Mrs S Jeffers

Mr P Jeffers

Registered office

The Velo Store
Emerald Way
Stone Business Park
Stone
Staffordshire
ST15 0SR

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Cyclist Training Ltd

(Registration number: 06684112)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

-

48,784

Current assets

 

Stocks

6

3,840

3,840

Debtors

7

216,344

338,039

Plant and equipment

5

48,856

-

Cash at bank and in hand

 

187,925

75,013

 

456,965

416,892

Creditors: Amounts falling due within one year

8

(31,669)

(20,668)

Net current assets

 

425,296

396,224

Total assets less current liabilities

 

425,296

445,008

Provisions for liabilities

(9,102)

(9,102)

Net assets

 

416,194

435,906

Capital and reserves

 

Retained earnings

416,194

435,906

Shareholders' funds

 

416,194

435,906

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Cyclist Training Ltd

(Registration number: 06684112)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mrs S Jeffers
Director

.........................................
Mr P Jeffers
Director

 

Cyclist Training Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
The Velo Store
Emerald Way
Stone Business Park
Stone
Staffordshire
ST15 0SR

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

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:

 

Cyclist Training Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line basis

Furniture, fittings and equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and equipment

25% reducing balance basis

Office equipment

25% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

20% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Cyclist Training Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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 receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2022 - 32).

 

Cyclist Training Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Website
 £

Total
£

Cost or valuation

At 1 September 2022

5,831

5,831

At 31 August 2023

5,831

5,831

Amortisation

At 1 September 2022

5,831

5,831

At 31 August 2023

5,831

5,831

Carrying amount

At 31 August 2023

-

-

 

Cyclist Training Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 September 2022

16,753

51,933

53,046

23,702

33,161

178,595

Additions

-

449

-

-

908

1,357

Transfers to current assets

(16,753)

(52,382)

(53,046)

(23,702)

(34,069)

(179,952)

At 31 August 2023

-

-

-

-

-

-

Depreciation

At 1 September 2022

3,154

28,588

49,739

12,112

24,720

118,313

Charge for the year

960

5,930

827

2,901

2,167

12,785

Transfers to current assets

(4,114)

(34,518)

(50,566)

(15,013)

(26,887)

(131,098)

At 31 August 2023

-

-

-

-

-

-

Carrying amount

At 31 August 2023

-

-

-

-

-

-

At 31 August 2022

2,102

23,345

3,307

11,590

8,440

48,784

 

Cyclist Training Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Stocks

2023
£

2022
£

Other inventories

3,840

3,840

7

Debtors

2023
£

2022
£

Trade debtors

28,225

80,942

Prepayments

2,506

2,553

Other debtors

185,613

254,544

 

216,344

338,039

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

6,789

1,849

Taxation and social security

20,702

8,907

Other creditors

4,178

9,912

31,669

20,668

9

Going Concern

The financial statements have not been prepared on the going concern basis. The company ceased to trade on 31 March 2024. Accordingly, the financial statements have been prepared on the break-up basis and fixed assets have been reclassified as current assets.