Registered number
08841541
Sturdy Cycles Ltd
Unaudited Filleted Accounts
31 January 2024
Sturdy Cycles Ltd
Registered number: 08841541
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,769 27,657
Current assets
Stocks 35,700 49,000
Debtors 4 20,217 48,139
Cash at bank and in hand 27,385 35,087
83,302 132,226
Creditors: amounts falling due within one year 5 (53,155) (96,017)
Net current assets 30,147 36,209
Total assets less current liabilities 57,916 63,866
Creditors: amounts falling due after more than one year 6 (3,730) (7,130)
Provisions for liabilities (5,364) (5,204)
Net assets 48,822 51,532
Capital and reserves
Called up share capital 100 100
Profit and loss account 48,722 51,432
Shareholders' funds 48,822 51,532
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Thomas Sturdy
Director
Approved by the board on 25 October 2024
Sturdy Cycles Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 2,680 52,078 54,758
Additions 1,329 9,360 10,689
Disposals - (510) (510)
At 31 January 2024 4,009 60,928 64,937
Depreciation
At 1 February 2023 2,412 24,689 27,101
Charge for the year 467 9,600 10,067
At 31 January 2024 2,879 34,289 37,168
Net book value
At 31 January 2024 1,130 26,639 27,769
At 31 January 2023 268 27,389 27,657
4 Debtors 2024 2023
£ £
Trade debtors 19,423 46,772
VAT Debtor - -
Other debtors 794 1,367
20,217 48,139
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,596 19,210
Trade creditors 17,050 35,451
Director's Loan Account 2,056 7,036
Income in advance 16,070 9,288
Taxation and social security costs 1,106 3,655
Other creditors 2,277 21,377
53,155 96,017
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,730 7,130
7 Related party transactions
No disclosure of related party transactions made as all transactions considered to be at open market values.
8 Transactions with Director
During the year Thomas Sturdy used a current account with the company to record amounts due to him and amounts drawn by him. The account shows an amount due back to Thomas Sturdy as director as at 31st January 2024 of £2,055.82 (2023: £7,035.77). The amount is repayable on demand and carries interest.
9 Controlling party
Thomas Sturdy owns 95% of the issued share capital and is the sole director. He is therefore the ultimate controlling party of Sturdy Cycles Ltd.
10 Other information
Sturdy Cycles Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Whitewell Road
Frome
Somerset
BA11 4EL
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