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Registered number: 03883525










PAUL'S CYCLES LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
PAUL'S CYCLES LTD
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 8

 
PAUL'S CYCLES LTD
REGISTERED NUMBER: 03883525

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
99,306
103,350

  
99,306
103,350

Current assets
  

Stocks
  
2,197,835
3,699,813

Debtors: amounts falling due within one year
 5 
6,963,176
6,837,373

Cash at bank and in hand
  
107,725
313,263

  
9,268,736
10,850,449

Creditors: amounts falling due within one year
 6 
(3,635,751)
(2,324,310)

Net current assets
  
 
 
5,632,985
 
 
8,526,139

Total assets less current liabilities
  
5,732,291
8,629,489

Provisions for liabilities
  

Deferred tax
  
-
(9,559)

  
 
 
-
 
 
(9,559)

Net assets
  
5,732,291
8,619,930


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
5,732,290
8,619,929

  
5,732,291
8,619,930

Page 1

 
PAUL'S CYCLES LTD
REGISTERED NUMBER: 03883525
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr T Thornley
................................................
Mr M Colley
Director
Director


Date: 17 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales, registration number 03883525. The address of its registered office is Unit A, 13 Yaxham Road, Dereham, Norfolk, NR19 1HB and the principal place of business is Dereham, Norfolk. 
The Company's principal activity during the year was that of cycle sales and repairs.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax. 
For goods sold online, revenue is recognised on despatch of goods to the customer. Sales made over the counter are recognised at point of sale.  

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 4

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measure, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
16
15

Page 5

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 February 2023
178,746
28,500
207,246


Additions
15,013
-
15,013



At 31 January 2024

193,759
28,500
222,259



Depreciation


At 1 February 2023
88,413
15,484
103,897


Charge for the year on owned assets
15,802
3,254
19,056



At 31 January 2024

104,215
18,738
122,953



Net book value



At 31 January 2024
89,544
9,762
99,306



At 31 January 2023
90,334
13,016
103,350


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
6,807,397
6,583,260

Other debtors
24,231
45,226

Prepayments and accrued income
131,548
208,887

6,963,176
6,837,373


Page 6

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
396,777
1,183,472

Trade creditors
236,271
1,089,019

Amounts owed to group undertakings
2,803,768
-

Other taxation and social security
150,538
17,586

Other creditors
1,591
993

Accruals and deferred income
46,806
33,240

3,635,751
2,324,310


The Company has in place an inventory facility agreement, being a revolving credit facility of £2,500,000 of which £396,777 (2023: £1,183,472) was drawn down at the year end.  The facility is secured by fixed and floating charges over the assets of the Company.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1.00
1
1



8.


Pension commitments

Contributions totalling £1,591 (2023: £993) were payable to the fund at the balance sheet date and are included in creditors. 


9.Commitments

The Company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £369,417 (2023: £7,190).


10.


Related party transactions

At the year end, the Company was owed £6,807,397 (2023: £6,583,260) by group companies as included in note 5. The loans are interest free and repayable on demand. 
 

At the year end, the Company owed £2,803,768 (2023: £NIL) to a group company as included in note 6. The loan is interest free and repayable on demand. 

Page 7

 
PAUL'S CYCLES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 21 October 2024 by Frank Shippam BSc FCA DChA (senior statutory auditor) on behalf of MA Partners Audit LLP.

 
Page 8