IRIS Accounts Production v24.3.0.553 03057206 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030572062023-02-28030572062024-02-29030572062023-03-012024-02-29030572062022-02-28030572062022-03-012023-02-28030572062023-02-2803057206ns15:EnglandWales2023-03-012024-02-2903057206ns14:PoundSterling2023-03-012024-02-2903057206ns10:Director12023-03-012024-02-2903057206ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2903057206ns10:SmallEntities2023-03-012024-02-2903057206ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2903057206ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2903057206ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2903057206ns10:FullAccounts2023-03-012024-02-290305720612023-03-012024-02-2903057206ns10:Director22023-03-012024-02-2903057206ns10:Director32023-03-012024-02-2903057206ns10:RegisteredOffice2023-03-012024-02-2903057206ns5:CurrentFinancialInstruments2024-02-2903057206ns5:CurrentFinancialInstruments2023-02-2803057206ns5:Non-currentFinancialInstruments2024-02-2903057206ns5:Non-currentFinancialInstruments2023-02-2803057206ns5:ShareCapital2024-02-2903057206ns5:ShareCapital2023-02-2803057206ns5:RetainedEarningsAccumulatedLosses2024-02-2903057206ns5:RetainedEarningsAccumulatedLosses2023-02-2803057206ns5:NetGoodwill2023-03-012024-02-2903057206ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2903057206ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-03-012024-02-2903057206ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-012024-02-2903057206ns5:FurnitureFittings2023-03-012024-02-2903057206ns5:MotorVehicles2023-03-012024-02-2903057206ns5:NetGoodwill2023-02-2803057206ns5:NetGoodwill2024-02-2903057206ns5:NetGoodwill2023-02-2803057206ns5:LandBuildings2023-02-2803057206ns5:LongLeaseholdAssetsns5:LandBuildings2023-02-2803057206ns5:FurnitureFittings2023-02-2803057206ns5:MotorVehicles2023-02-2803057206ns5:LandBuildings2023-03-012024-02-2903057206ns5:LandBuildings2024-02-2903057206ns5:LongLeaseholdAssetsns5:LandBuildings2024-02-2903057206ns5:FurnitureFittings2024-02-2903057206ns5:MotorVehicles2024-02-2903057206ns5:LandBuildings2023-02-2803057206ns5:LongLeaseholdAssetsns5:LandBuildings2023-02-2803057206ns5:FurnitureFittings2023-02-2803057206ns5:MotorVehicles2023-02-2803057206ns5:CostValuation2023-02-2803057206ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2903057206ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2803057206ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-02-2903057206ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-02-2803057206ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-02-2903057206ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-02-28
REGISTERED NUMBER: 03057206 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

THE BICYCLE CHAIN LIMITED

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE BICYCLE CHAIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTORS: Mr P G Kenchington
Mrs A Kenchington
Mr A L Kenchington





REGISTERED OFFICE: Bicycle Chains
Salmon Parade
Bridgwater
Somerset
TA6 5JY





REGISTERED NUMBER: 03057206 (England and Wales)





ACCOUNTANTS: Aspen Waite
Chartered Certified Accountants
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

BALANCE SHEET
29TH FEBRUARY 2024

29/2/24 28/2/23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,631,952 1,588,701
Investments 6 204 204
1,632,156 1,588,905

CURRENT ASSETS
Stocks 1,457,834 1,600,486
Debtors 7 190,375 299,775
Cash at bank and in hand 838,129 444,085
2,486,338 2,344,346
CREDITORS
Amounts falling due within one year 8 (1,390,861 ) (1,165,934 )
NET CURRENT ASSETS 1,095,477 1,178,412
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,727,633

2,767,317

CREDITORS
Amounts falling due after more than one
year

9

(896,834

)

(1,070,542

)

PROVISIONS FOR LIABILITIES (166 ) (2,818 )
NET ASSETS 1,830,633 1,693,957

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,830,631 1,693,955
SHAREHOLDERS' FUNDS 1,830,633 1,693,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

BALANCE SHEET - continued
29TH FEBRUARY 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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 26th November 2024 and were signed on its behalf by:





Mr P G Kenchington - Director


THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

1. STATUTORY INFORMATION

The Bicycle Chain Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 historical cost convention.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about The Bicycle Chain Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2014 has been fully amortised.

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.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 1% straight line basis
Long leasehold property - Over the life of the lease
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 49 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2023
and 29th February 2024 24,797
AMORTISATION
At 1st March 2023
and 29th February 2024 24,797
NET BOOK VALUE
At 29th February 2024 -
At 28th February 2023 -

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Long Fixtures
Freehold leasehold and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2023 1,055,270 525,759 17,001 44,696 1,642,726
Additions 30,460 - - 33,480 63,940
At 29th February 2024 1,085,730 525,759 17,001 78,176 1,706,666
DEPRECIATION
At 1st March 2023 10,553 4,248 6,657 32,567 54,025
Charge for year 10,553 531 1,551 8,054 20,689
At 29th February 2024 21,106 4,779 8,208 40,621 74,714
NET BOOK VALUE
At 29th February 2024 1,064,624 520,980 8,793 37,555 1,631,952
At 28th February 2023 1,044,717 521,511 10,344 12,129 1,588,701

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st March 2023
and 29th February 2024 204
NET BOOK VALUE
At 29th February 2024 204
At 28th February 2023 204

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 189,974 299,159
Other debtors - 302
Prepayments 401 314
190,375 299,775

THE BICYCLE CHAIN LIMITED (REGISTERED NUMBER: 03057206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans 86,604 96,873
Trade creditors 1,053,297 837,976
Corporation tax 64,825 45,481
Social security and other taxes 138,738 122,843
Other creditors 11,843 5,929
Directors' current accounts 24,804 46,920
Accruals and deferred income 10,750 9,912
1,390,861 1,165,934

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans due in 1 to 5 years 379,006 442,229
Bank loans due in more than 5 years 517,828 628,313
896,834 1,070,542

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5 years 517,828 628,313

10. SECURED DEBTS

The following secured debts are included within creditors:

29/2/24 28/2/23
£    £   
Bank loans 795,465 1,167,415

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £80,000 (2023 - £70,000) were paid to the directors .