Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mrs L E Olley 22/07/2019 Mr A P Partridge 22/07/2019 Mr M K J Partridge 30/03/2011 22 January 2025 The principal activity of the company during the financial year was sale of bicycles and cycling accessories. 07583666 2024-04-30 07583666 bus:Director1 2024-04-30 07583666 bus:Director2 2024-04-30 07583666 bus:Director3 2024-04-30 07583666 2023-04-30 07583666 core:CurrentFinancialInstruments 2024-04-30 07583666 core:CurrentFinancialInstruments 2023-04-30 07583666 core:Non-currentFinancialInstruments 2024-04-30 07583666 core:Non-currentFinancialInstruments 2023-04-30 07583666 core:ShareCapital 2024-04-30 07583666 core:ShareCapital 2023-04-30 07583666 core:RetainedEarningsAccumulatedLosses 2024-04-30 07583666 core:RetainedEarningsAccumulatedLosses 2023-04-30 07583666 core:Goodwill 2023-04-30 07583666 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-30 07583666 core:Goodwill 2024-04-30 07583666 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-04-30 07583666 core:LeaseholdImprovements 2023-04-30 07583666 core:PlantMachinery 2023-04-30 07583666 core:FurnitureFittings 2023-04-30 07583666 core:LeaseholdImprovements 2024-04-30 07583666 core:PlantMachinery 2024-04-30 07583666 core:FurnitureFittings 2024-04-30 07583666 core:ImmediateParent core:CurrentFinancialInstruments 2024-04-30 07583666 core:ImmediateParent core:CurrentFinancialInstruments 2023-04-30 07583666 bus:OrdinaryShareClass1 2024-04-30 07583666 bus:OrdinaryShareClass2 2024-04-30 07583666 2023-05-01 2024-04-30 07583666 bus:FilletedAccounts 2023-05-01 2024-04-30 07583666 bus:SmallEntities 2023-05-01 2024-04-30 07583666 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07583666 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07583666 bus:Director1 2023-05-01 2024-04-30 07583666 bus:Director2 2023-05-01 2024-04-30 07583666 bus:Director3 2023-05-01 2024-04-30 07583666 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 07583666 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-05-01 2024-04-30 07583666 core:LeaseholdImprovements 2023-05-01 2024-04-30 07583666 core:PlantMachinery 2023-05-01 2024-04-30 07583666 core:FurnitureFittings 2023-05-01 2024-04-30 07583666 2022-05-01 2023-04-30 07583666 core:Goodwill 2023-05-01 2024-04-30 07583666 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-05-01 2024-04-30 07583666 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 07583666 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 07583666 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 07583666 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 07583666 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07583666 (England and Wales)

PARTRIDGE CYCLES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

PARTRIDGE CYCLES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PARTRIDGE CYCLES LIMITED

BALANCE SHEET

As at 30 April 2024
PARTRIDGE CYCLES LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 79,625
Tangible assets 4 516,743 543,858
516,743 623,483
Current assets
Stocks 5 321,984 517,000
Debtors 6 900,631 817,286
Cash at bank and in hand 13,180 5,001
1,235,795 1,339,287
Creditors: amounts falling due within one year 7 ( 287,311) ( 384,684)
Net current assets 948,484 954,603
Total assets less current liabilities 1,465,227 1,578,086
Creditors: amounts falling due after more than one year 8 ( 59,753) ( 74,000)
Provision for liabilities ( 25,462) ( 27,630)
Net assets 1,380,012 1,476,456
Capital and reserves
Called-up share capital 9 20 20
Profit and loss account 1,379,992 1,476,436
Total shareholder's funds 1,380,012 1,476,456

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Partridge Cycles Limited (registered number: 07583666) were approved and authorised for issue by the Board of Directors on 22 January 2025. They were signed on its behalf by:

Mr M K J Partridge
Director
PARTRIDGE CYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PARTRIDGE CYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Partridge Cycles Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is Partridge Cycles Superstore, A38, Kennford, Exeter, Devon, EX6 7TF.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 % reducing balance
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 23

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 May 2023 925,000 5,000 930,000
At 30 April 2024 925,000 5,000 930,000
Accumulated amortisation
At 01 May 2023 846,375 4,000 850,375
Charge for the financial year 78,625 1,000 79,625
At 30 April 2024 925,000 5,000 930,000
Net book value
At 30 April 2024 0 0 0
At 30 April 2023 78,625 1,000 79,625

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2023 495,387 38,979 181,145 715,511
Additions 11,517 3,216 0 14,733
At 30 April 2024 506,904 42,195 181,145 730,244
Accumulated depreciation
At 01 May 2023 87,503 11,459 72,691 171,653
Charge for the financial year 20,971 4,609 16,268 41,848
At 30 April 2024 108,474 16,068 88,959 213,501
Net book value
At 30 April 2024 398,430 26,127 92,186 516,743
At 30 April 2023 407,884 27,520 108,454 543,858

5. Stocks

2024 2023
£ £
Stocks 321,984 517,000

6. Debtors

2024 2023
£ £
Trade debtors 3,318 4,121
Amounts owed by Parent undertakings 885,876 801,238
Other debtors 11,437 11,927
900,631 817,286

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 36,083 77,426
Trade creditors 95,495 168,349
Corporation tax 7,300 2,402
Other taxation and social security 87,813 70,605
Other creditors 60,620 65,902
287,311 384,684

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 59,753 74,000

The company bank borrowings are secured via a fixed and floating charge on property from which the company trades.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
18 Ordinary A shares of £ 1.00 each 18 18
2 Ordinary B shares of £ 1.00 each 2 2
20 20

10. Related party transactions

Other related party transactions

2024 2023
£ £
Amount due from Associated Companies 885,876 801,238

11. Ultimate controlling party

Parent Company:

Partridge Group Holdings Limited
Partridge Cycles Superstore, A38, Kennford, Exeter, Devon, EX6 7TF