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Company No: 04793661 (England and Wales)

CYCLE HEAVEN LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CYCLE HEAVEN LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CYCLE HEAVEN LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
CYCLE HEAVEN LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Piers Maffett
Andrew William Shrimpton
SECRETARY Piers Maffett
REGISTERED OFFICE 31 Hospital Fields Road
York
YO10 4FS
United Kingdom
COMPANY NUMBER 04793661 (England and Wales)
ACCOUNTANT Jones & Co (York) Limited
Wellington House
Aviator Court
York
YO30 4UZ
United Kingdom
CYCLE HEAVEN LIMITED

BALANCE SHEET

As at 31 March 2024
CYCLE HEAVEN LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 1,100
Tangible assets 4 10,093 42,805
10,093 43,905
Current assets
Stocks 5 406,835 502,694
Debtors 6 43,882 27,399
Cash at bank and in hand 7 33,575 590
484,292 530,683
Creditors: amounts falling due within one year 8 ( 266,704) ( 315,591)
Net current assets 217,588 215,092
Total assets less current liabilities 227,681 258,997
Creditors: amounts falling due after more than one year 9 ( 50,000) ( 80,000)
Provision for liabilities 10 1,252 ( 4,738)
Net assets 178,933 174,259
Capital and reserves
Called-up share capital 11 1,000 1,000
Profit and loss account 177,933 173,259
Total shareholders' funds 178,933 174,259

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cycle Heaven Limited (registered number: 04793661) were approved and authorised for issue by the Board of Directors on 21 August 2024. They were signed on its behalf by:

Andrew William Shrimpton
Director
CYCLE HEAVEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CYCLE HEAVEN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cycle Heaven Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 31 Hospital Fields Road, York, YO10 4FS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Computer software 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 26

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost/Valuation
At 01 April 2023 66,000 56,896 122,896
At 31 March 2024 66,000 56,896 122,896
Accumulated amortisation
At 01 April 2023 64,900 56,896 121,796
Charge for the financial year 1,100 0 1,100
At 31 March 2024 66,000 56,896 122,896
Net book value
At 31 March 2024 0 0 0
At 31 March 2023 1,100 0 1,100

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 144,453 115,390 259,843
Additions 0 2,456 2,456
Disposals 0 ( 98,307) ( 98,307)
At 31 March 2024 144,453 19,539 163,992
Accumulated depreciation
At 01 April 2023 126,795 90,243 217,038
Charge for the financial year 10,700 7,253 17,953
Disposals 0 ( 81,092) ( 81,092)
At 31 March 2024 137,495 16,404 153,899
Net book value
At 31 March 2024 6,958 3,135 10,093
At 31 March 2023 17,658 25,147 42,805

5. Stocks

2024 2023
£ £
Stocks 406,835 502,694

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2024 2023
£ £
Trade debtors 33,819 14,096
Other debtors 10,063 13,303
43,882 27,399

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 33,575 590
Less: Bank overdrafts 0 ( 66,964)
33,575 (66,374)

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 30,000 96,964
Trade creditors 159,197 157,934
Taxation and social security 52,885 17,649
Other creditors 24,622 43,044
266,704 315,591

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 50,000 80,000

There are no amounts included above in respect of which any security has been given by the small entity.

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 4,738) ( 11,003)
Credited to the Statement of Income and Retained Earnings 5,990 6,265
At the end of financial year 1,252 ( 4,738)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000