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Registration number: 05321814

Budget Bikes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Budget Bikes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Budget Bikes Limited

(Registration number: 05321814)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

290,643

262,906

Investments

5

100

100

Other financial assets

6

33,400

-

 

324,143

263,006

Current assets

 

Stocks

7

665,842

575,110

Debtors

8

146,746

268,241

Cash at bank and in hand

 

4,994

103,455

 

817,582

946,806

Creditors: Amounts falling due within one year

9

(193,128)

(179,003)

Net current assets

 

624,454

767,803

Total assets less current liabilities

 

948,597

1,030,809

Creditors: Amounts falling due after more than one year

9

(279,958)

(388,990)

Net assets

 

668,639

641,819

Capital and reserves

 

Called up share capital

2

2

Retained earnings

668,637

641,817

Shareholders' funds

 

668,639

641,819

 

Budget Bikes Limited

(Registration number: 05321814)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2024
 

.........................................
T Maslen
Director

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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 director has a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future. The company has sufficient financial support from the director and as a consequence they believe that the company is well placed to manage its business risks successfully. They therefore continue to adopt the going concern basis of accounting in preparing the fiancial statements.

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 value added tax.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Freehold land and buildings

5 years straight line

Motor vehicles

3 years straight line

Fixtures and fittings

3 years straight line

Office equipment

3 years straight line

Improvements to leasehold property

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 6).

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Leasehold property improvements
£

Office equipment
 £

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

260,850

31,120

10,973

15,580

28,660

347,183

Additions

9,090

1,101

-

5,638

15,750

31,579

At 31 December 2023

269,940

32,221

10,973

21,218

44,410

378,762

Depreciation

At 1 January 2023

31,081

-

8,956

15,580

28,660

84,277

Charge for the year

592

-

1,342

1,033

875

3,842

At 31 December 2023

31,673

-

10,298

16,613

29,535

88,119

Carrying amount

At 31 December 2023

238,267

32,221

675

4,605

14,875

290,643

At 31 December 2022

229,769

31,120

2,017

-

-

262,906

Included within the net book value of land and buildings above is £238,267 (2022 - £229,769) in respect of freehold land and buildings and £32,221 (2022 - £31,120) in respect of long leasehold land and buildings.
 

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2023

100

Provision

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

33,400

33,400

At 31 December 2023

33,400

33,400

Impairment

Carrying amount

At 31 December 2023

33,400

33,400

7

Stocks

2023
£

2022
£

Stock

665,842

575,110

8

Debtors

Current

2023
£

2022
£

Trade debtors

40,410

16,008

Prepayments

2,500

2,365

Other debtors

103,836

249,868

 

146,746

268,241

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

110,245

96,222

Trade creditors

 

13,850

25,825

Taxation and social security

 

39,093

35,610

Other creditors

 

29,940

21,346

 

193,128

179,003

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

279,958

388,990

 

Budget Bikes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

13,896

9,295

Other borrowings

96,349

86,927

110,245

96,222

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

73,006

85,688

Other borrowings

206,952

303,302

279,958

388,990

The bank borrowings are secured on the freehold land and buildings held by the company.

The finance lease liability is secured against the asset to which it relates.

11

Related party transactions

During the year the company made a loan to the Director. At the year end the balance due to/(from) the Director was £74 (2022 - (£13,281)).