Company registration number: 08524339
Unaudited financial statements
for the year ended 30 June 2024
for
Albany Cycles Limited
Pages for filing with the Registrar
Company registration number: 08524339
Albany Cycles Limited
Balance sheet
as at 30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 706 950
706 950
Current assets
Stocks 92,362 101,678
Debtors 7,264 7,026
Cash at bank and in hand 212,031 214,782
311,657 323,486
Creditors: amounts falling due within
one year
(228,289) (255,777)
Net current assets 83,368 67,709
Total assets less current liabilities 84,074 68,659
Provisions for liabilities (135) (181)
NET ASSETS 83,939 68,478
Capital and reserves
Called up share capital 1 1
Profit and loss account 83,938 68,477
TOTAL EQUITY 83,939 68,478
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 June 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
1
Company registration number: 08524339
Albany Cycles Limited
Balance sheet - continued
as at 30 June 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 Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr S Robinson, Director
22 October 2024
2
Albany Cycles Limited
Notes to the financial statements
for the year ended 30 June 2024
1 Company information
Albany Cycles Limited is a private company registered in England and Wales. Its registered number is 08524339. The company is limited by shares. Its registered office is 201 - 203, Albany Road Earlsdon, Coventry, CV5 6NF.
2 Accounting policies
Basis of preparing the financial statements
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. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - 20% straight line
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Fixtures & fittings - 25% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
3
Albany Cycles Limited
Notes to the financial statements - continued
for the year ended 30 June 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 3 (2023 - 4).
4 Intangible assets
Goodwill
£
Cost
At 1 July 2023 50,000
At 30 June 2024 50,000
Amortisation
At 1 July 2023 50,000
At 30 June 2024 50,000
4
Albany Cycles Limited
Notes to the financial statements - continued
for the year ended 30 June 2024
4 Intangible assets - continued
Net book value
At 30 June 2024 -
At 30 June 2023 -
5 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 July 2023 6,522
Disposals (82)
At 30 June 2024 6,440
Depreciation
At 1 July 2023 5,572
Charge for year 240
Eliminated on disposal (78)
At 30 June 2024 5,734
Net book value
At 30 June 2024 706
At 30 June 2023 950
5