2022-12-012023-11-302023-11-30false08063776CORLEY CYCLES 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CORLEY CYCLES LTD

Registered Number
08063776
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

CORLEY CYCLES LTD
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

Nicholas Leslie JONES

Registered Address

114 Hight Street
Cranfield
MK41 0DG

Registered Number

08063776 (England and Wales)
CORLEY CYCLES LTD
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets39,86113,894
9,86113,894
Current assets
Stocks4615,222858,775
Debtors18,51113,178
Cash at bank and on hand11,871
633,734873,824
Creditors amounts falling due within one year5(559,429)(766,291)
Net current assets (liabilities)74,305107,533
Total assets less current liabilities84,166121,427
Creditors amounts falling due after one year6(16,632)(37,062)
Provisions for liabilities7(1,644)(2,926)
Net assets65,89081,439
Capital and reserves
Called up share capital107100
Profit and loss account65,78381,339
Shareholders' funds65,89081,439
The financial statements were approved and authorised for issue by the Board of Directors on 31 August 2024, and are signed on its behalf by:
Nicholas Leslie JONES
Director
Registered Company No. 08063776
CORLEY CYCLES LTD
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
Deferred tax is recognised in respect of all timing differences 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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery25-
Fixtures and fittings20-
Office Equipment30-
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year1414
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 December 2217,41414,36622,5984,28658,664
At 30 November 2317,41414,36622,5984,28658,664
Depreciation and impairment
At 01 December 2213,3759,91918,1753,30144,770
Charge for year1,7411,1128842964,033
At 30 November 2315,11611,03119,0593,59748,803
Net book value
At 30 November 232,2983,3353,5396899,861
At 30 November 224,0394,4474,42398513,894
4.Stocks

2023

2022

££
Finished goods615,222858,775
Total615,222858,775
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables352,144531,335
Bank borrowings and overdrafts78,60767,915
Taxation and social security93,351110,112
Other creditors31,97019,391
Accrued liabilities and deferred income3,35737,538
Total559,429766,291
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.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts16,63237,062
Total16,63237,062
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)1,6442,926
Total1,6442,926