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REGISTERED NUMBER: 09020631 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

PEDAL ON LIMITED

PEDAL ON LIMITED (REGISTERED NUMBER: 09020631)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PEDAL ON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTOR: Mr A P Cracknell





SECRETARY: Mrs P Cracknell





REGISTERED OFFICE: 6 Mars House
Calleva Park
Aldermaston
Berkshire
RG7 8LA





REGISTERED NUMBER: 09020631 (England and Wales)





ACCOUNTANTS: Langdowns DFK
Clifton House
Bunnian Place
Basingstoke
Hampshire
RG21 7JE

PEDAL ON LIMITED (REGISTERED NUMBER: 09020631)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 69,843
Tangible assets 6 3,862 4,277
3,862 74,120

CURRENT ASSETS
Stocks 1,544,358 1,521,860
Debtors 7 35,793 28,382
Cash at bank 209,101 208,009
1,789,252 1,758,251
CREDITORS
Amounts falling due within one year 8 756,166 565,298
NET CURRENT ASSETS 1,033,086 1,192,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,036,948

1,267,073

CREDITORS
Amounts falling due after more than one
year

9

(24,401

)

(34,089

)

PROVISIONS FOR LIABILITIES (748 ) (86 )
NET ASSETS 1,011,799 1,232,898

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,011,699 1,232,798
SHAREHOLDERS' FUNDS 1,011,799 1,232,898

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PEDAL ON LIMITED (REGISTERED NUMBER: 09020631)

BALANCE SHEET - continued
31ST MAY 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 director and authorised for issue on 3rd October 2024 and were signed by:





Mr A P Cracknell - Director


PEDAL ON LIMITED (REGISTERED NUMBER: 09020631)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. STATUTORY INFORMATION

Pedal On Limited is a private company, limited by shares , registered in England and Wales. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 15% straight line
Fixtures and fittings - 15% straight line
Motor vehicles - 25% on reducing balance
Computer equipment - 25% straight line

All fixed assets are initially recorded at cost.

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

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.

PEDAL ON LIMITED (REGISTERED NUMBER: 09020631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2023
and 31st May 2024 698,421
AMORTISATION
At 1st June 2023 628,578
Amortisation for year 69,843
At 31st May 2024 698,421
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 69,843

PEDAL ON LIMITED (REGISTERED NUMBER: 09020631)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


6. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 15,372 3,738 3,865 24,522 47,497
Additions - - - 1,166 1,166
At 31st May 2024 15,372 3,738 3,865 25,688 48,663
DEPRECIATION
At 1st June 2023 15,372 2,613 3,865 21,370 43,220
Charge for year - 437 - 1,144 1,581
At 31st May 2024 15,372 3,050 3,865 22,514 44,801
NET BOOK VALUE
At 31st May 2024 - 688 - 3,174 3,862
At 31st May 2023 - 1,125 - 3,152 4,277

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,458 27,762
Other debtors 15,335 620
35,793 28,382

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,443 8,178
Trade creditors 708,636 468,098
Taxation and social security 31,289 79,632
Other creditors 7,798 9,390
756,166 565,298

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 24,401 34,089

10. EMPLOYEE-OWNERSHIP TRUST

During the previous year, Pedal On Limited Employee-Ownership Trust (The 'EOT') purchased all Ordinary A, Ordinary B, Ordinary C and Ordinary D shares, being 100% of the company's issued share capital and the EOT held a controlling interest in the company. During the year £300.000 (2023:£725,100) has been contributed from the company to the EOT and treated as a deduction within equity. This was contributed by the company, funded by cash reserves.