STOW CYCLE HUB CIC

Company limited by guarantee

Company Registration Number:
SC713062 (Scotland)

Unaudited statutory accounts for the year ended 28 February 2024

Period of accounts

Start date: 1 March 2023

End date: 28 February 2024

STOW CYCLE HUB CIC

Contents of the Financial Statements

for the Period Ended 28 February 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

STOW CYCLE HUB CIC

Directors' report period ended 28 February 2024

The directors present their report with the financial statements of the company for the period ended 28 February 2024

Principal activities of the company

the provision of a cycling hub for the local community



Directors

The directors shown below have held office during the whole of the period from
1 March 2023 to 28 February 2024

David Murray
Joanne McBeath
Stephen Riddell
David Montgomerie


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
25 November 2024

And signed on behalf of the board by:
Name: David Montgomerie
Status: Director

STOW CYCLE HUB CIC

Profit And Loss Account

for the Period Ended 28 February 2024

2024 16 months to 28 February 2023


£

£
Turnover: 43,436 94,615
Cost of sales: ( 31,536 ) ( 76,400 )
Gross profit(or loss): 11,900 18,215
Administrative expenses: ( 5,459 ) ( 3,269 )
Operating profit(or loss): 6,441 14,946
Profit(or loss) before tax: 6,441 14,946
Profit(or loss) for the financial year: 6,441 14,946

STOW CYCLE HUB CIC

Balance sheet

As at 28 February 2024

Notes 2024 16 months to 28 February 2023


£

£
Current assets
Cash at bank and in hand: 21,655 15,169
Total current assets: 21,655 15,169
Creditors: amounts falling due within one year: 3 ( 268 ) ( 223 )
Net current assets (liabilities): 21,387 14,946
Total assets less current liabilities: 21,387 14,946
Total net assets (liabilities): 21,387 14,946
Members' funds
Profit and loss account: 21,387 14,946
Total members' funds: 21,387 14,946

The notes form part of these financial statements

STOW CYCLE HUB CIC

Balance sheet statements

For the year ending 28 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 25 November 2024
and signed on behalf of the board by:

Name: David Montgomerie
Status: Director

The notes form part of these financial statements

STOW CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the fair value of the consideration received for the sale of goods and services.

STOW CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 2. Employees

    2024 16 months to 28 February 2023
    Average number of employees during the period 1 1

STOW CYCLE HUB CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

3. Creditors: amounts falling due within one year note

2024 16 months to 28 February 2023
£ £
Taxation and social security 153
Accruals and deferred income 115 223
Total 268 223

COMMUNITY INTEREST ANNUAL REPORT

STOW CYCLE HUB CIC

Company Number: SC713062 (Scotland)

Year Ending: 28 February 2024

Company activities and impact

Stow Cycle Hub has continued to expand and develop its activities to promote cycling, walking and the use of public transport for everyday activities, helping to tackle the climate and biodiversity crisis and improve the overall health and wellbeing of the local population. Oue ebike membership scheme continues to expand, providing members with affordable access to ebikes, helping them to take up cycling, develop their cycling skills and overcome the challenge of cycling in what is very hilly terrain. Skills development is critical to the development of confident and safe cyclists. Following volunteer's completion of the Cycling Scotland Cycle Skills trainign course, the Cycle Hub is now established as a Cycling Skills Training Centre providing both individual and family group training sessions free of charge. Volunteers have completed the Cycle Ride Leaders Course and Emergency First Aid Courses. Two of our volunteers have successfully completed the Velotech bronze qualifications for bike mechanics. We provide bike mechanics training to individuals and groups. Our bike repair service is popular but increasingly we encourage cyclists to use our facilities and support to fix their own bikes. We have increased the range of community bike rides on offer during the summer months while also ensuring that we're keeping activities going during winter months and using the opportunity to support cyclists to cycle safely in poor weather conditions. With these developments, we have expanded the range of support we can offer cyclists, targeted at their individual needs, on their journey to becoming confident and active cyclists. We piloted a Cycle2Heath group from March to May 2023 for 8 participants. The outcomes for the group have been very good with six of the participants reporting increased confidence in cycling and improved health and wellbeing outcomes. We have also provided a number of individuals with access to ebikes to enable them to use them as part of their rehabilitatiom / recovery and to better manager long term health conditions. We continue to work with neighbouring communities and developing community cycling projects with a range of outreach activities; sharing sagfer cycle routes, providing bike checks, ebike trials and training in bike mechanics for volunteers. Through these activities we are encouraging active travel between villages and strengthening community connectedness and resilience along our Borders' valleys.

Consultation with stakeholders

We have not carried out a formal evaluation of our services and the benefits derived from them during this period. The Stow Cycle Hub was established to provide benefit to the population of the Parish of Stow and Fountainhall. They are our primary stakeholders. We provide regular updates on our activities in the local Community Newsletter which is delivered to all households four times annually. We use social media to advertise and keep people informed of our activities. For our regular users we use Whatsapp groups to engage with them, receive feedback and invite suggestions on how we can continuously improve our services. We recognise the power of the word of mouth in small communities and encourage volunteers and regular users to share their experiences with friends and family. This proactive engagement has helped to inform the continuing development of our services. In Nov 2023 the Stow Cycle Hub and its activities was featured in BBC News piece on the reopening of the Borders Railway and the revitalisation of the community. Working in partnership with other community groups has been critical to our development. It enables us to reach new groups in our community, reap the benefits of collaboration and tailor our offering to new audiences. Stow Cycle Hub received funding support from Smarter Choices Smarter Places Fund, TNL Community Fund, Cycling Scotland and Cycling Uk. We are accountable to our funders for the use of funding awarded and provide regular reports as required on use of funds, activities and outcomes achieved.

Directors' remuneration

Our sole employee Stephen Riddell, Cycle Hub Manager is also a Director of the Stow Cycle Hub CIC. There are no other transactions or arrangements in connection with the remuneration of directors, or compensation for loss of office, which requires to be disclosed

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
25 November 2024

And signed on behalf of the board by:
Name: David Montgomerie
Status: Director