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Company Registration number: 06114473

Cyclewise Whinlatter Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 29 February 2024

 

Cyclewise Whinlatter Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Cyclewise Whinlatter Ltd

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,602

12,267

Tangible assets

5

291,436

300,988

 

298,038

313,255

Current assets

 

Stocks

6

242,393

277,938

Debtors

7

25,976

35,537

Cash at bank and in hand

 

57,809

27,704

 

326,178

341,179

Creditors: Amounts falling due within one year

8

(239,615)

(243,165)

Net current assets

 

86,563

98,014

Total assets less current liabilities

 

384,601

411,269

Creditors: Amounts falling due after more than one year

8

(91,662)

(114,052)

Provisions for liabilities

(26,551)

(27,221)

Net assets

 

266,388

269,996

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

265,388

268,996

Shareholders' funds

 

266,388

269,996

 

Cyclewise Whinlatter Ltd

Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 2024 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.

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.

Company registration number: 06114473

Approved and authorised by the Board on 8 July 2024 and signed on its behalf by:
 

.........................................
Mr C Scott
Director

.........................................
Mr R J Martin
Director

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024

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:
Whinlatter Forest Park
Braithwaite
Keswick
CA12 5TW

These financial statements were authorised for issue by the Board on 8 July 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

Asset class

Depreciation method and rate

Land and buildings

2% Straight line

Fixtures and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

12.5% Reducing balance

Plant and machinery

25% Reducing balance

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

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as and finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases and hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated in the same manner as other tangible fixed assets. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease or hire purchase obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 21).

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

4

INTANGIBLE ASSETS

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

28,325

28,325

At 29 February 2024

28,325

28,325

Amortisation

At 1 March 2023

16,058

16,058

Amortisation charge

5,665

5,665

At 29 February 2024

21,723

21,723

Carrying amount

At 29 February 2024

6,602

6,602

At 28 February 2023

12,267

12,267

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

5

TANGIBLE ASSETS

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

172,497

39,959

66,425

32,968

162,739

474,588

Additions

-

-

-

2,419

18,778

21,197

At 29 February 2024

172,497

39,959

66,425

35,387

181,517

495,785

Depreciation

At 1 March 2023

27,600

33,604

45,408

17,833

49,155

173,600

Charge for the year

3,450

1,589

5,254

3,909

16,547

30,749

At 29 February 2024

31,050

35,193

50,662

21,742

65,702

204,349

Carrying amount

At 29 February 2024

141,447

4,766

15,763

13,645

115,815

291,436

At 28 February 2023

144,897

6,355

21,017

15,135

113,584

300,988

Included within the net book value of land and buildings above is £126,773 (2023 - £129,865) in respect of freehold land and buildings and £14,674 (2023 - £15,032) in respect of long leasehold land and buildings.
 

6

STOCKS

2024
£

2023
£

Stocks

242,393

277,938

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

18,476

28,037

Prepayments

7,500

7,500

 

25,976

35,537

8

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

23,001

28,274

Trade creditors

 

78,188

51,557

Taxation and social security

 

35,125

30,639

Accruals and deferred income

 

8,203

17,540

Other creditors

 

95,098

115,155

 

239,615

243,165

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £20,013 (2023 - £25,074).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

91,662

114,052

2024
£

2023
£

Due after more than five years

After more than five years by instalments

23,450

31,541

-

-

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £85,880 (2023 - £105,353).

 

Cyclewise Whinlatter Ltd

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

9

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

91,662

114,052

Current loans and borrowings

2024
£

2023
£

Bank borrowings

23,001

23,456

Hire purchase contracts

-

4,818

23,001

28,274