Registered number
06207688
Camden Cycles Ltd
Filleted Accounts
30 April 2024
Camden Cycles Ltd
Registered number: 06207688
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,799 2,249
Current assets
Stocks 49,960 46,364
Debtors 4 987,473 859,152
Cash at bank and in hand 401 -
1,037,834 905,516
Creditors: amounts falling due within one year 5 (356,136) (311,318)
Net current assets 681,698 594,198
Total assets less current liabilities 683,497 596,447
Creditors: amounts falling due after more than one year 6 (282,603) (288,605)
Net assets 400,894 307,842
Capital and reserves
Called up share capital 100 100
Profit and loss account 400,794 307,742
Shareholders' funds 400,894 307,842
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Kamran Ijaz
Director
Approved by the board on 20 January 2025
Camden Cycles Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tangible assets 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 May 2023 13,809
At 30 April 2024 13,809
Depreciation
At 1 May 2023 11,560
Charge for the year 450
At 30 April 2024 12,010
Net book value
At 30 April 2024 1,799
At 30 April 2023 2,249
4 Debtors 2024 2023
£ £
Trade debtors - 9,144
Amounts owed by group undertakings 987,473 850,008
987,473 859,152
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 51,121 53,588
Trade creditors 42,143 29,393
Amounts owed to group undertakings 31,825 30,000
Taxation and social security costs 110,482 106,944
Other creditors 120,565 91,393
356,136 311,318
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 282,603 288,605
7 Other information
Camden Cycles Ltd is a private company limited by shares and incorporated in England. Its registered office is:
241 Eversholt Street
Camden Town
London
NW1 1BE
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