Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01Retail of sports goods1918truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09099208 2023-03-01 2024-02-29 09099208 2022-03-01 2023-02-28 09099208 2024-02-29 09099208 2023-02-28 09099208 c:Director1 2023-03-01 2024-02-29 09099208 d:PlantMachinery 2023-03-01 2024-02-29 09099208 d:PlantMachinery 2024-02-29 09099208 d:PlantMachinery 2023-02-28 09099208 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09099208 d:MotorVehicles 2023-03-01 2024-02-29 09099208 d:MotorVehicles 2024-02-29 09099208 d:MotorVehicles 2023-02-28 09099208 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09099208 d:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 09099208 d:OtherPropertyPlantEquipment 2024-02-29 09099208 d:OtherPropertyPlantEquipment 2023-02-28 09099208 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09099208 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09099208 d:Goodwill 2024-02-29 09099208 d:Goodwill 2023-02-28 09099208 d:CurrentFinancialInstruments 2024-02-29 09099208 d:CurrentFinancialInstruments 2023-02-28 09099208 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 09099208 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09099208 d:ShareCapital 2024-02-29 09099208 d:ShareCapital 2023-02-28 09099208 d:RetainedEarningsAccumulatedLosses 2024-02-29 09099208 d:RetainedEarningsAccumulatedLosses 2023-02-28 09099208 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 09099208 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 09099208 c:OrdinaryShareClass1 2023-03-01 2024-02-29 09099208 c:OrdinaryShareClass1 2024-02-29 09099208 c:OrdinaryShareClass1 2023-02-28 09099208 c:FRS102 2023-03-01 2024-02-29 09099208 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09099208 c:FullAccounts 2023-03-01 2024-02-29 09099208 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09099208 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09099208










SUMMIT CYCLES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
SUMMIT CYCLES LTD
REGISTERED NUMBER:09099208

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
246,196
202,589

  
246,196
202,589

Current assets
  

Stocks
  
553,249
649,677

Debtors: amounts falling due within one year
 7 
102,039
75,207

Cash at bank and in hand
 8 
18,370
13,607

  
673,658
738,491

Creditors: amounts falling due within one year
 9 
(241,902)
(279,064)

Net current assets
  
 
 
431,756
 
 
459,427

Total assets less current liabilities
  
677,952
662,016

Provisions for liabilities
  

Deferred tax
 10 
(61,549)
(50,647)

  
 
 
(61,549)
 
 
(50,647)

Net assets
  
616,403
611,369


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
615,403
610,369

  
616,403
611,369


Page 1

 
SUMMIT CYCLES LTD
REGISTERED NUMBER:09099208
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 comprehensive income 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 on 29 October 2024.





R J Hayward
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Summit Cycles Ltd (09099208) is a private company limited by shares, incorporated in England and Wales. It's registered office and principal place of business is 65 North Parade, Aberystwyth, Ceredigion, SY23 2JN.
The principal activity of Summit Cycles Ltd is the sale of bicycles and accessories. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

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.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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
-
20%
reducing balance
Motor vehicles
-
20%
reducing balance
Hire and display bikes
-
no depreciation

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.14

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors, there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. 


4.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 18).

Page 6

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
22,000



At 29 February 2024

22,000



Amortisation


At 1 March 2023
22,000



At 29 February 2024

22,000



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 7

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Tangible fixed assets







Plant and machinery
Motor vehicles
Hire and display bikes
Total

£
£
£
£



Cost or valuation


At 1 March 2023
54,556
31,841
173,366
259,763


Additions
-
-
181,845
181,845


Disposals
-
-
(132,394)
(132,394)



At 29 February 2024

54,556
31,841
222,817
309,214



Depreciation


At 1 March 2023
35,767
21,407
-
57,174


Charge for the year on owned assets
3,757
2,087
-
5,844



At 29 February 2024

39,524
23,494
-
63,018



Net book value



At 29 February 2024
15,032
8,347
222,817
246,196



At 28 February 2023
18,789
10,434
173,366
202,589


7.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
3,486
3,678

Other debtors
93,177
67,280

Prepayments and accrued income
5,376
4,249

102,039
75,207


Page 8

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
18,370
13,607

18,370
13,607



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
134,757
127,924

Other taxation and social security
44,306
83,175

Other creditors
53,522
58,052

Accruals and deferred income
9,317
9,913

241,902
279,064


Page 9

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Deferred taxation






2024


£






At beginning of year
50,647


Charged to profit or loss
10,902



At end of year
61,549

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
61,549
50,647

61,549
50,647

Page 10

 
SUMMIT CYCLES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,789 (2023: £5,037). Contributions totalling £1,887 (2023: £918) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 11