Registered number
06685414
JUICY BIKE LIMITED
Filleted Accounts
31 December 2023
JUICY BIKE LIMITED
Registered number: 06685414
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 14,249 18,016
Tangible assets 4 10,720 16,444
24,969 34,460
Current assets
Stocks 279,172 322,960
Debtors 5 223,754 87,318
Cash at bank and in hand 21,090 83,551
524,016 493,829
Creditors: amounts falling due within one year 6 (548,909) (529,239)
Net current liabilities (24,893) (35,410)
Net assets/(liabilities) 76 (950)
Capital and reserves
Called up share capital 100 100
Profit and loss account (24) (1,050)
Shareholders' funds 76 (950)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Philippe Vaxelaire
Director
Approved by the board on 23 September 2024
JUICY BIKE LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The company had net assets of £76 as at 31 December 2023(net liabilities of £950 as at 31 December 2022). These financial statements have been prepared on the going concern basis.
The director believes that the company will be able to meet its liabilities as they fall due for a period of at least twelve months from the date of signing the financial statements.
Turnover
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 from 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. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fitting over 5 years
Computer equipment over 3 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 19,078
Additions 3,888
At 31 December 2023 22,966
Amortisation
At 1 January 2023 1,062
Provided during the year 7,655
At 31 December 2023 8,717
Net book value
At 31 December 2023 14,249
At 31 December 2022 18,016
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 14,127 20,376 34,503
At 31 December 2023 14,127 20,376 34,503
Depreciation
At 1 January 2023 10,037 8,022 18,059
Charge for the year 2,505 3,219 5,724
At 31 December 2023 12,542 11,241 23,783
Net book value
At 31 December 2023 1,585 9,135 10,720
At 31 December 2022 4,090 12,354 16,444
5 Debtors 2023 2022
£ £
Trade debtors 15,870 14,821
Other debtors 207,884 72,497
223,754 87,318
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 80,538 18,487
Amounts owed to group undertakings and undertakings in which the company has a participating interest 357,416 412,566
Taxation and social security costs 4,771 4,723
Other creditors 106,184 93,463
548,909 529,239
7 Related party transactions
Included in creditors are amounts owed to Vaxe, a French company, of which Philippe Vaxelaire is a director, totalling £338,720 (2022: 410,472). A debt of £140,241 (€161,364) was written off in 2023, with a claw back clause if the company's results improve sufficiently in the future.
Another debt of £21,727 (€25,000) to Vaxe was written off and management fees of £34,764 (€40,000) for 2023 were waived.
A debt of £48,267 (€55,537) to Neomouv, a French company of which Philippe Vaxelaire is a director, was written off in 2023.
8 Controlling party
The ultimate controlling party is Vaxe, a French company, registered address ZI Ouest, 3 Allee des Quatre Journaux, 72200 La Fleche, France.
9 Other information
JUICY BIKE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Number 22
Mount Ephraim
Tunbridge Wells
Kent
TN4 8AS
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