REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
BG CYCLES & BLADES LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2024 |
for |
BG CYCLES & BLADES LIMITED |
BG CYCLES & BLADES LIMITED (REGISTERED NUMBER: SC234268) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
BG CYCLES & BLADES LIMITED (REGISTERED NUMBER: SC234268) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 7 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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 financial statements were approved by the director and authorised for issue on |
BG CYCLES & BLADES LIMITED (REGISTERED NUMBER: SC234268) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
BG Cycles & Blades Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Turnover from the sale, hire and repair of cycles, blades and other sports equipment and accessories is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the sale, hire and repair of cycles, blades and other sports equipment and accessories. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulates impairment losses. Cost includes costs directly attributable to making the assets capable of operating as intended. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Stocks |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
BG CYCLES & BLADES LIMITED (REGISTERED NUMBER: SC234268) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | Accounting policies - continued |
Taxation |
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation represents the future taxation consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing differences, with |
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits. |
Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Pension costs and other post-retirement benefits |
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year. |
Leases |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Bank and cash |
Cash at bank and in hand includes cash and short term highly liquid investments with a short |
maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
3. | Employees and directors |
The average number of employees during the year was |
BG CYCLES & BLADES LIMITED (REGISTERED NUMBER: SC234268) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | Tangible fixed assets |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
Written back on disposals | ( |
) | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Prepayments and accrued income |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
8. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |