Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.92023-07-01falseTour Operator Activities8falsetrue 06940085 2023-07-01 2024-06-30 06940085 2022-07-01 2023-06-30 06940085 2024-06-30 06940085 2023-06-30 06940085 c:Director1 2023-07-01 2024-06-30 06940085 c:Director2 2023-07-01 2024-06-30 06940085 c:Director3 2023-07-01 2024-06-30 06940085 d:PlantMachinery 2023-07-01 2024-06-30 06940085 d:PlantMachinery 2024-06-30 06940085 d:PlantMachinery 2023-06-30 06940085 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06940085 d:OfficeEquipment 2023-07-01 2024-06-30 06940085 d:OfficeEquipment 2024-06-30 06940085 d:OfficeEquipment 2023-06-30 06940085 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06940085 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06940085 d:PatentsTrademarksLicencesConcessionsSimilar 2023-07-01 2024-06-30 06940085 d:PatentsTrademarksLicencesConcessionsSimilar 2024-06-30 06940085 d:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 06940085 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 06940085 d:ComputerSoftware 2023-07-01 2024-06-30 06940085 d:ComputerSoftware 2024-06-30 06940085 d:ComputerSoftware 2023-06-30 06940085 d:CurrentFinancialInstruments 2024-06-30 06940085 d:CurrentFinancialInstruments 2023-06-30 06940085 d:Non-currentFinancialInstruments 2024-06-30 06940085 d:Non-currentFinancialInstruments 2023-06-30 06940085 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 06940085 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06940085 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 06940085 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 06940085 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 06940085 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 06940085 d:ShareCapital 2024-06-30 06940085 d:ShareCapital 2023-06-30 06940085 d:SharePremium 2024-06-30 06940085 d:SharePremium 2023-06-30 06940085 d:CapitalRedemptionReserve 2024-06-30 06940085 d:CapitalRedemptionReserve 2023-06-30 06940085 d:RevaluationReserve 2024-06-30 06940085 d:RevaluationReserve 2023-06-30 06940085 d:RetainedEarningsAccumulatedLosses 2024-06-30 06940085 d:RetainedEarningsAccumulatedLosses 2023-06-30 06940085 c:OrdinaryShareClass1 2023-07-01 2024-06-30 06940085 c:OrdinaryShareClass1 2024-06-30 06940085 c:OrdinaryShareClass1 2023-06-30 06940085 c:FRS102 2023-07-01 2024-06-30 06940085 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 06940085 c:FullAccounts 2023-07-01 2024-06-30 06940085 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06940085 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 06940085 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 06940085 2 2023-07-01 2024-06-30 06940085 4 2023-07-01 2024-06-30 06940085 d:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 06940085 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-07-01 2024-06-30 06940085 d:ComputerSoftware d:OwnedIntangibleAssets 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06940085










LOVE VELO LTD








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
LOVE VELO LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors

The directors who served during the year were:

L Bibring 
K Pipe 
S White 

Principal activity

The principal activity of the company during the year has been tour operator activities.
 
Trading review

Love Velo achieved a remarkable 28.4% revenue growth this year, marking a continued upward trend in revenues, EBITDA, and profits. Notably, the company surpassed £500k in sales in a single month for the first time. We experienced year-on-year revenue and profit increases every month, driven by strong demand for our core products. Strategic investments in additional supplier arrangements further strengthened our position in key markets.

Key performance indicators (KPIs)

Love Velo's KPIs are turnover, EBITDA and profit which reflected robust performance this year. 
Turnover rose by 28.4%, while EBITDA increased by 26.8%, indicating sustainable growth. Profits before tax surged by 45%, bolstered by significantly improved cash flow.

Technology

This year, we underwent a significant digital transformation, launching an industry-first fully online bookable website for cycling holidays. This platform enables customers to build and book packages - including accomodation, airport transfers, and bike hire while accessing live availability and pricing. By connecting with major suppliers through APIs and developing proprietary technology, we created a seamless digital experience for our cycling community.

Customer satisfaction

Love Velo has made impressive strides in customer satisfaction this year, achieving an excellent score of 4.8 on Trustpilot and amassing nearly 500 cumulative reviews.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 29 October 2024 and signed on its behalf.
 





L Bibring
Director

Page 1

 
LOVE VELO LTD
REGISTERED NUMBER: 06940085

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
151,784
259,207

Tangible assets
 5 
7,969
1,815

  
159,753
261,022

Current assets
  

Debtors: amounts falling due within one year
 6 
695,871
380,960

Cash at bank and in hand
  
640,739
470,648

  
1,336,610
851,608

Creditors: amounts falling due within one year
 7 
(1,271,568)
(940,035)

Net current assets/(liabilities)
  
 
 
65,042
 
 
(88,427)

Total assets less current liabilities
  
224,795
172,595

Creditors: amounts falling due after more than one year
 8 
(26,541)
(32,550)

  

Net assets
  
198,254
140,045


Capital and reserves
  

Called up share capital 
 10 
56,526
56,526

Share premium account
  
307,175
307,155

Revaluation reserve
  
47,900
257,900

Capital redemption reserve
  
33,334
33,334

Profit and loss account
  
(246,681)
(514,870)

  
198,254
140,045


Page 2

 
LOVE VELO LTD
REGISTERED NUMBER: 06940085
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 profit and loss account 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.




L Bibring
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
LOVE VELO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Love Velo Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor Becket House, 36 Old Jewry, London, EC2R 8DD.

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 Section 1A of 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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for 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 relating to travel is taken to the profit and loss account on a date of booking basis.

 
2.5

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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
LOVE VELO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

 
2.10

Taxation

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.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

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.

 The estimated useful lives range as follows:

Website development
-
5
years

Page 5

 
LOVE VELO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Office equipment
-
20%

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.

 
2.14

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.

 
2.15

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. 


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 8).

Page 6

 
LOVE VELO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Commercial contract
Website development costs
Total

£
£
£



Cost


At 1 July 2023
210,000
146,433
356,433


Additions
-
105,824
105,824


Impairment
(210,000)
-
(210,000)



At 30 June 2024

-
252,257
252,257



Amortisation


At 1 July 2023
27,096
70,130
97,226


Charge for the year on owned assets
-
30,343
30,343


On impairment
(27,096)
-
(27,096)



At 30 June 2024

-
100,473
100,473



Net book value



At 30 June 2024
-
151,784
151,784



At 30 June 2023
182,904
76,303
259,207



Page 7

 
LOVE VELO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Office equipment
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 July 2023
-
9,694
9,694


Additions
6,855
-
6,855



At 30 June 2024

6,855
9,694
16,549



Depreciation


At 1 July 2023
-
7,879
7,879


Charge for the year on owned assets
158
543
701



At 30 June 2024

158
8,422
8,580



Net book value



At 30 June 2024
6,697
1,272
7,969



At 30 June 2023
-
1,815
1,815


6.


Debtors

2024
2023
£
£


Trade debtors
648,379
348,244

Other debtors
14,376
8,807

Prepayments and accrued income
33,116
23,909

695,871
380,960


Page 8

 
LOVE VELO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
315
-

Bank loans
10,833
10,833

Trade creditors
31,406
81,198

Corporation tax
53,772
-

Other taxation and social security
9,992
7,623

Other creditors
70,365
57,019

Accruals and deferred income
1,094,885
783,362

1,271,568
940,035



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
26,541
32,550

26,541
32,550



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,833
10,833


10,833
10,833

Amounts falling due 1-2 years

Bank loans
26,541
32,550


26,541
32,550



37,374
43,383


Page 9

 
LOVE VELO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



56,526 (2023 - 56,526) Ordinary shares shares of £1.00 each
56,526
56,526



11.


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 £7,168 (2023 - £5,691) . Contributions totalling £1,671 (2023 - £1,154) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10