Biketart Ltd 06623484 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of specialist retail. Digita Accounts Production Advanced 6.30.9574.0 true true 06623484 2023-04-01 2024-03-31 06623484 2024-03-31 06623484 core:RetainedEarningsAccumulatedLosses 2024-03-31 06623484 core:ShareCapital 2024-03-31 06623484 core:CurrentFinancialInstruments 2024-03-31 06623484 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06623484 core:Non-currentFinancialInstruments 2024-03-31 06623484 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06623484 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 06623484 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 06623484 core:OfficeEquipment 2024-03-31 06623484 core:PlantMachinery 2024-03-31 06623484 bus:SmallEntities 2023-04-01 2024-03-31 06623484 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06623484 bus:FilletedAccounts 2023-04-01 2024-03-31 06623484 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06623484 bus:RegisteredOffice 2023-04-01 2024-03-31 06623484 bus:Director1 2023-04-01 2024-03-31 06623484 bus:Director2 2023-04-01 2024-03-31 06623484 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06623484 core:ComputerSoftware 2023-04-01 2024-03-31 06623484 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 06623484 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 06623484 core:LeaseholdImprovements 2023-04-01 2024-03-31 06623484 core:MotorVehicles 2023-04-01 2024-03-31 06623484 core:OfficeEquipment 2023-04-01 2024-03-31 06623484 core:PlantMachinery 2023-04-01 2024-03-31 06623484 countries:EnglandWales 2023-04-01 2024-03-31 06623484 2023-03-31 06623484 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06623484 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 06623484 core:OfficeEquipment 2023-03-31 06623484 core:PlantMachinery 2023-03-31 06623484 2022-04-01 2023-03-31 06623484 2023-03-31 06623484 core:RetainedEarningsAccumulatedLosses 2023-03-31 06623484 core:ShareCapital 2023-03-31 06623484 core:CurrentFinancialInstruments 2023-03-31 06623484 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06623484 core:Non-currentFinancialInstruments 2023-03-31 06623484 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06623484 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 06623484 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 06623484 core:OfficeEquipment 2023-03-31 06623484 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06623484

Biketart Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Biketart Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Biketart Ltd

Company Information

Directors

Mr AJ Westwood

Mrs L Westwood

Registered office

Unit 19
Elham Valley Road
Barham
Canterbury
Kent
CT4 6DQ

 

Biketart Ltd

(Registration number: 06623484)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

29,423

40,364

Tangible assets

5

30,761

39,176

 

60,184

79,540

Current assets

 

Stocks

2,719,700

1,927,835

Debtors

6

511,789

261,964

Cash at bank and in hand

 

-

81

 

3,231,489

2,189,880

Creditors: Amounts falling due within one year

7

(2,917,852)

(1,853,413)

Net current assets

 

313,637

336,467

Total assets less current liabilities

 

373,821

416,007

Creditors: Amounts falling due after more than one year

7

(412,204)

(422,403)

Net liabilities

 

(38,383)

(6,396)

Capital and reserves

 

Called up share capital

235,793

235,793

Retained earnings

(274,176)

(242,189)

Shareholders' deficit

 

(38,383)

(6,396)

 

Biketart Ltd

(Registration number: 06623484)
Balance Sheet as at 31 March 2024 (continued)

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 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.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
Mr AJ Westwood
Director

.........................................
Mrs L Westwood
Director

 
     
 

Biketart Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit 19
Elham Valley Road
Barham
Canterbury
Kent
CT4 6DQ
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises 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.

 

Biketart Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Leasehold improvements

20% straight line

Plant and machinery

20% straight line

Office equipment

20% straight line

Motor vehicles

20% straight line

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

Software development

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Biketart Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Biketart Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Biketart Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

54,705

54,705

At 31 March 2024

54,705

54,705

Amortisation

At 1 April 2023

14,341

14,341

Amortisation charge

10,941

10,941

At 31 March 2024

25,282

25,282

Carrying amount

At 31 March 2024

29,423

29,423

At 31 March 2023

40,364

40,364

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

35,764

6,024

178,079

219,867

Additions

416

-

2,891

3,307

At 31 March 2024

36,180

6,024

180,970

223,174

Depreciation

At 1 April 2023

10,787

4,029

165,875

180,691

Charge for the year

6,751

1,259

3,712

11,722

At 31 March 2024

17,538

5,288

169,587

192,413

Carrying amount

At 31 March 2024

18,642

736

11,383

30,761

At 31 March 2023

24,977

1,995

12,204

39,176

 

Biketart Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £18,642 (2023 - £24,977) in respect of long leasehold land and buildings.
 

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

378,305

116,029

Amounts owed by related parties

66,497

52,350

Prepayments

 

7,183

3,707

Other debtors

 

59,804

89,878

   

511,789

261,964

 

Biketart Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

636,980

537,787

Trade creditors

 

2,180,321

1,195,147

Amounts owed to related parties

31,474

42,474

Taxation and social security

 

6,310

3,371

Other creditors

 

62,767

74,634

 

2,917,852

1,853,413

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

412,204

422,403

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,204

22,403

Redeemable preference shares

400,000

400,000

412,204

422,403

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,204

9,952

Bank overdrafts

30,658

9,447

Other loans

-

83,175

Directors current account

596,118

435,213

636,980

537,787