2023-03-012024-03-282024-03-28false04471127SCOTBY CYCLES 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SCOTBY CYCLES LIMITED

Registered Number
04471127
(England and Wales)

Unaudited Financial Statements for the Period ended
28 March 2024

SCOTBY CYCLES LIMITED
Company Information
for the period from 1 March 2023 to 28 March 2024

Director

DICKSON, Gary Robert, Mr.

Registered Address

James Watson House Montgomery Way
Rosehill Industrial Estate
Carlisle
CA1 2UU

Registered Number

04471127 (England and Wales)
SCOTBY CYCLES LIMITED
Statement of Financial Position
28 March 2024

Notes

28 Mar 2024

28 Feb 2023

£

£

£

£

Fixed assets
Tangible assets3-171,244
-171,244
Current assets
Stocks-457,865
Debtors419,79716,907
Cash at bank and on hand303,437143,374
323,234618,146
Creditors amounts falling due within one year5(180,240)(297,015)
Net current assets (liabilities)142,994321,131
Total assets less current liabilities142,994492,375
Provisions for liabilities6-(16,551)
Net assets142,994475,824
Capital and reserves
Called up share capital1,0001,000
Profit and loss account141,994474,824
Shareholders' funds142,994475,824
The financial statements were approved and authorised for issue by the Director on 7 June 2024, and are signed on its behalf by:
DICKSON, Gary Robert, Mr.
Director
Registered Company No. 04471127
SCOTBY CYCLES LIMITED
Notes to the Financial Statements
for the period ended 28 March 2024

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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Interest income
Interest income is recognised using the effective interest rate method.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-100
Plant and machinery15-
Fixtures and fittings15-
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). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Trade and other 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.
Trade and other 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.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year77
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 March 23187,5708,47572,528268,573
Additions--1,0371,037
Disposals(187,570)(8,475)(73,565)(269,610)
Depreciation and impairment
At 01 March 2325,9937,69463,64297,329
Charge for year1,8751171,3853,377
On disposals(27,868)(7,811)(65,027)(100,706)
Net book value
At 28 March 24----
At 28 February 23161,5777818,886171,244
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2477,138
Other debtors19,5507,514
Prepayments and accrued income-2,255
Total19,79716,907
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables6,64314,313
Taxation and social security61,03916,476
Other creditors86,085230,451
Accrued liabilities and deferred income26,47335,775
Total180,240297,015
6.Provisions for liabilities
The provision for deferred tax is made up of £Nil (2023 - £16,551) in respect of accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)-16,551
Total-16,551
7.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £3,017 (2023 - £1,249)
8.Related party transactions
The company operates from premises owned personally by the director and his wife. No rent has been charged in the year (2023 - Same). During the year the director had a loan account with the company. At the balance sheet date the company owed the director £45,260 (2023 - £115,114). Interest is charged on this loan at 5.21% (2023 - 5.21%).This loan is unsecured and repayable upon demand. During the year a shareholder had a loan account with the company. At the balance sheet date the company owed the shareholder £40,460 (2023 - £115,114). Interest is charged on this loan at 5.21% (2023 - 5.21%).This loan is unsecured and repayable upon demand.
9.Change in reporting period and impact on comparability
The company has lengthened its reporting date from 28 February 2024 to 28 March 2024 so it aligns with the company's final trading period. As a result, the comparative amounts are not entirely comparable.