0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 24,700 13,585 1,235 14,820 9,880 11,115 1,550 1,290 39 1,329 221 260 xbrli:pure xbrli:shares iso4217:GBP 07871216 2023-04-01 2024-03-31 07871216 2024-03-31 07871216 2023-03-31 07871216 2022-04-01 2023-03-31 07871216 2023-03-31 07871216 2022-03-31 07871216 core:NetGoodwill 2023-04-01 2024-03-31 07871216 core:PlantMachinery 2023-04-01 2024-03-31 07871216 bus:Director1 2023-04-01 2024-03-31 07871216 core:NetGoodwill 2023-03-31 07871216 core:NetGoodwill 2024-03-31 07871216 core:PlantMachinery 2023-03-31 07871216 core:PlantMachinery 2024-03-31 07871216 core:WithinOneYear 2024-03-31 07871216 core:WithinOneYear 2023-03-31 07871216 core:ShareCapital 2024-03-31 07871216 core:ShareCapital 2023-03-31 07871216 core:RetainedEarningsAccumulatedLosses 2024-03-31 07871216 core:RetainedEarningsAccumulatedLosses 2023-03-31 07871216 core:NetGoodwill 2023-03-31 07871216 core:PlantMachinery 2023-03-31 07871216 bus:SmallEntities 2023-04-01 2024-03-31 07871216 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07871216 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07871216 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07871216 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 07871216
BIKING FACTORY SHOP LTD
Filleted Unaudited Financial Statements
31 March 2024
BIKING FACTORY SHOP LTD
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
9,880
11,115
Tangible assets
6
221
260
--------
--------
10,101
11,375
Current assets
Stocks
7,700
4,600
Cash at bank and in hand
2
-------
-------
7,702
4,600
Creditors: amounts falling due within one year
7
37,259
32,586
--------
--------
Net current liabilities
29,557
27,986
--------
--------
Total assets less current liabilities
( 19,456)
( 16,611)
Provisions
Taxation including deferred tax
80
--------
--------
Net liabilities
( 19,456)
( 16,691)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 19,458)
( 16,693)
--------
--------
Shareholders deficit
( 19,456)
( 16,691)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BIKING FACTORY SHOP LTD
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 3 December 2024 , and are signed on behalf of the board by:
MR D P LAWRENCE
Director
Company registration number: 07871216
BIKING FACTORY SHOP LTD
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 113 Union Street, Oldham, Lancashire, OL1 1RU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
24,700
--------
Amortisation
At 1 April 2023
13,585
Charge for the year
1,235
--------
At 31 March 2024
14,820
--------
Carrying amount
At 31 March 2024
9,880
--------
At 31 March 2023
11,115
--------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
1,550
1,550
-------
-------
Depreciation
At 1 April 2023
1,290
1,290
Charge for the year
39
39
-------
-------
At 31 March 2024
1,329
1,329
-------
-------
Carrying amount
At 31 March 2024
221
221
-------
-------
At 31 March 2023
260
260
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,292
1,247
Trade creditors
7,273
12,141
Other creditors
28,694
19,198
--------
--------
37,259
32,586
--------
--------
8. Related party transactions
The company was under the control of Mr D Lawrence throughout the current period.