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REGISTERED NUMBER: SC380615 (Scotland)












Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Spokes Cycles Ltd.

Spokes Cycles Ltd. (Registered number: SC380615)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spokes Cycles Ltd.

Company Information
for the Year Ended 31 January 2024







DIRECTORS: C Grieve
Mrs C Corcoran
J Grant
L Grieve





SECRETARY: C Grieve





REGISTERED OFFICE: 28 Rodger Street
Anstruther
Fife
KY10 3DU





REGISTERED NUMBER: SC380615 (Scotland)





ACCOUNTANTS: Henderson Black & Co
Chartered Accountants
28 Rodger Street
Anstruther
Fife
KY10 3DU

Spokes Cycles Ltd. (Registered number: SC380615)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 62,186 50,681

CURRENT ASSETS
Stocks 506,290 461,574
Debtors 5 8,121 6,755
Cash at bank and in hand 10,182 7,878
524,593 476,207
CREDITORS
Amounts falling due within one year 6 327,518 238,693
NET CURRENT ASSETS 197,075 237,514
TOTAL ASSETS LESS CURRENT
LIABILITIES

259,261

288,195

CREDITORS
Amounts falling due after more than one
year

7

(49,378

)

(69,569

)

PROVISIONS FOR LIABILITIES (9,466 ) (12,593 )
NET ASSETS 200,417 206,033

CAPITAL AND RESERVES
Called up share capital 999 999
Retained earnings 199,418 205,034
SHAREHOLDERS' FUNDS 200,417 206,033

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Spokes Cycles Ltd. (Registered number: SC380615)

Balance Sheet - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by:




C Grieve - Director



J Grant - Director


Spokes Cycles Ltd. (Registered number: SC380615)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Spokes Cycles Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are to be relevant. Actual results may differ from these estimates. In preparing these financial statements, the director has made the following judgements:

Accruals
The director estimates the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 3 to 9 years straight line basis
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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


Spokes Cycles Ltd. (Registered number: SC380615)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Spokes Cycles Ltd. (Registered number: SC380615)

Notes to the Financial Statements - continued
for the Year Ended 31 January 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 provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including costs and are subsequently carried at amortised cost 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 are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

Spokes Cycles Ltd. (Registered number: SC380615)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 3,995 27,932 73,059 7,402 112,388
Additions 25,345 2,835 - - 28,180
At 31 January 2024 29,340 30,767 73,059 7,402 140,568
DEPRECIATION
At 1 February 2023 3,989 22,388 29,134 6,196 61,707
Charge for year 3,621 1,676 10,982 396 16,675
At 31 January 2024 7,610 24,064 40,116 6,592 78,382
NET BOOK VALUE
At 31 January 2024 21,730 6,703 32,943 810 62,186
At 31 January 2023 6 5,544 43,925 1,206 50,681

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 8,121 6,755

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 43,709 28,708
Other loans 10,077 9,829
Hire purchase contracts 10,114 9,393
Trade creditors 134,611 103,597
Corporation tax 17,986 9,846
Social security and other taxes 523 290
VAT 13,047 25,409
Other creditors 27,243 23,104
Directors' current accounts 63,554 23,554
Accruals 6,654 4,963
327,518 238,693

Spokes Cycles Ltd. (Registered number: SC380615)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Other loans - 1-2 years 17,365 27,442
Hire purchase contracts 32,013 42,127
49,378 69,569

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdrafts 43,709 28,708

The bank overdraft from The Royal Bank of Scotland is secured by a floating charge over the company's undertaking and its present and future assets.