IRIS Accounts Production v24.1.9.2 07891687 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh078916872023-03-31078916872024-03-31078916872023-04-012024-03-31078916872022-03-31078916872022-04-012023-03-31078916872023-03-3107891687ns15:EnglandWales2023-04-012024-03-3107891687ns14:PoundSterling2023-04-012024-03-3107891687ns10:Director12023-04-012024-03-3107891687ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107891687ns10:SmallEntities2023-04-012024-03-3107891687ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3107891687ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3107891687ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107891687ns10:FullAccounts2023-04-012024-03-310789168712023-04-012024-03-3107891687ns10:Director22023-04-012024-03-3107891687ns10:CompanySecretary12023-04-012024-03-3107891687ns10:RegisteredOffice2023-04-012024-03-3107891687ns5:CurrentFinancialInstruments2024-03-3107891687ns5:CurrentFinancialInstruments2023-03-3107891687ns5:ShareCapital2024-03-3107891687ns5:ShareCapital2023-03-3107891687ns5:RetainedEarningsAccumulatedLosses2024-03-3107891687ns5:RetainedEarningsAccumulatedLosses2023-03-3107891687ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3107891687ns5:ComputerSoftware2023-04-012024-03-3107891687ns5:PlantMachinery2023-04-012024-03-3107891687ns5:MotorVehicles2023-04-012024-03-3107891687ns5:ComputerEquipment2023-04-012024-03-3107891687ns5:IntangibleAssetsOtherThanGoodwill2023-03-3107891687ns5:IntangibleAssetsOtherThanGoodwill2024-03-3107891687ns5:IntangibleAssetsOtherThanGoodwill2023-03-3107891687ns5:PlantMachinery2023-03-3107891687ns5:MotorVehicles2023-03-3107891687ns5:ComputerEquipment2023-03-3107891687ns5:PlantMachinery2024-03-3107891687ns5:MotorVehicles2024-03-3107891687ns5:ComputerEquipment2024-03-3107891687ns5:PlantMachinery2023-03-3107891687ns5:MotorVehicles2023-03-3107891687ns5:ComputerEquipment2023-03-3107891687ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107891687ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107891687ns5:WithinOneYear2024-03-3107891687ns5:WithinOneYear2023-03-31
REGISTERED NUMBER: 07891687 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Bike Sport Developments Ltd

Bike Sport Developments Ltd (Registered number: 07891687)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Bike Sport Developments Ltd

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R M Boasman
M G Boasman





SECRETARY: H R Boasman





REGISTERED OFFICE: The Old Barn
Greatworth Hall
Greatworth
Oxfordshire
OX17 2DH





REGISTERED NUMBER: 07891687 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
25-33 Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Bike Sport Developments Ltd (Registered number: 07891687)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 34,576 28,758
34,576 28,758

CURRENT ASSETS
Stocks 30,000 35,000
Debtors 6 10,132 8,724
Cash at bank 44,302 76,271
84,434 119,995
CREDITORS
Amounts falling due within one year 7 49,628 58,515
NET CURRENT ASSETS 34,806 61,480
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,382

90,238

PROVISIONS FOR LIABILITIES 9,163 5,464
NET ASSETS 60,219 84,774

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 60,115 84,670
SHAREHOLDERS' FUNDS 60,219 84,774

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Bike Sport Developments Ltd (Registered number: 07891687)

Balance Sheet - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





M G Boasman - Director


Bike Sport Developments Ltd (Registered number: 07891687)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Bike Sport Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 15% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Bike Sport Developments Ltd (Registered number: 07891687)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Bike Sport Developments Ltd (Registered number: 07891687)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 1,550
AMORTISATION
At 1 April 2023
and 31 March 2024 1,550
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

Bike Sport Developments Ltd (Registered number: 07891687)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant & Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 44,963 22,000 10,950 77,913
Additions 22,079 - 1,019 23,098
Disposals (15,273 ) - - (15,273 )
At 31 March 2024 51,769 22,000 11,969 85,738
DEPRECIATION
At 1 April 2023 28,150 13,200 7,805 49,155
Charge for year 1,773 4,400 1,843 8,016
Eliminated on disposal (6,009 ) - - (6,009 )
At 31 March 2024 23,914 17,600 9,648 51,162
NET BOOK VALUE
At 31 March 2024 27,855 4,400 2,321 34,576
At 31 March 2023 16,813 8,800 3,145 28,758

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 767 1,538
Other debtors 9,365 7,186
10,132 8,724

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 18,627 17,021
Taxation and social security 28,033 27,796
Other creditors 2,968 13,698
49,628 58,515

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 3,000 3,000