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Certini Bicycle Company Limited

Annual Report and Financial Statements
Year Ended 30 April 2024

Registration number: 05725054

 

Certini Bicycle Company Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Statement of Income and Retained Earnings

8

Balance Sheet

9

Notes to the Financial Statements

10 to 22

 

Certini Bicycle Company Limited

Company Information

Directors

Mr R D Carron

Mr A Dare

Mr D P Carron

Mr C A Dare

Mrs C Pearce

Mr L D Dare

Company secretary

Mrs D Dare

Registered office

10 Kingsmill Road
Tamar View Industrial Estate
Saltash
Cornwall
PL12 6LD

Auditors

PKF Francis Clark LLP
Statutory Auditor
Unit 18, 23 Melville Building East
Royal William Yard
Plymouth
Devon
PL1 3GW

 

Certini Bicycle Company Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the company is the sale of bicycles and bicycle accessories.

Fair review of the business

We feel that while demand was as strong during the last 12 months and the overstock still a problem for the distributors, our ability to take advantage of the situation made the results very satisfying. Consumer demand for bikes and cycling equipment continues to be strong and turnover grew. Sales were up 20.8% on the previous year as did the gross margin to just under 27.7% (2023 – 21.4%) The increase is likely to our buying awareness, and the loss of some of our competitors Stock levels grew slightly compared to the previous year £4.9m (2023 - £4.6m).

The business has continued in its online business and has invested significant time and resource into growing the systems and processes in this area. This has meant continued growth in online activity.

The company has continued to try and manage its costs as effectively as possible although costs such as wages have increased as the retail industry has seen less Government support.

Whilst consumer confidence will undoubtedly be affected by growing inflation and the cost-of-living crisis, participation in cycling has increased and demand for premium products remains high which is expected to support sustainable long-term growth and opportunities. With the great relationship we have with many premium cycling brands Certini is well placed and confident to continue our growth as part of this environment.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

15,639,987

12,952,261

Gross profit margin

%

28

21

Principal risks and uncertainties

There are limited risks and uncertainties that might have a significant impact on the company going forward. The major one could be the impact that continued inflation and the cost-of-living crisis will have on consumer spending. The company is able to manage these risks due to its cash reserves and by being one of the leading retailers in the industry. Consumer spending is also expected to continue in the premium product retail space that Certini occupies.

Approved by the Board on 30 January 2025 and signed on its behalf by:

.........................................
Mr R D Carron
Director

.........................................
Mr A Dare
Director

 
     
 

Certini Bicycle Company Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R D Carron

Mr A Dare

Mr D P Carron (appointed 26 October 2023)

Mr C A Dare (appointed 26 October 2023)

Mrs C Pearce (appointed 26 October 2023)

Mr L D Dare (appointed 26 October 2023)

Financial instruments

Objectives and policies

There are no major objectives and policies within the company although the business always looks to be lowly geared and to have sufficient cash reserves to manage through any significant impacts that the sector may encounter.

Price risk, credit risk, liquidity risk and cash flow risk

The management team undertake various strategies to address the specific operational risks the company faces. These include closely managing relationships with the key cycling brands to ensure supply, benchmarking of prices across the industry to ensure they are competitive and robust cash flow modelling.

Going concern

The main threat to the business over the last year has been the continued impacts from the cost of living crisis and the overstock from all the major suppliers. Whilst this has had a negative impact, the business still generates reasonable profits, maintains good levels of cash reserves and is lowly geared and thus the directors have concluded that the company is a going concern and therefore the accounts have been prepared on a going concern basis.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 30 January 2025 and signed on its behalf by:

.........................................
Mr R D Carron
Director

.........................................
Mr A Dare
Director

 
     
 

Certini Bicycle Company Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Certini Bicycle Company Limited

Independent Auditor's Report to the Members of Certini Bicycle Company Limited

Opinion

We have audited the financial statements of Certini Bicycle Company Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Certini Bicycle Company Limited

Independent Auditor's Report to the Members of Certini Bicycle Company Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Certini Bicycle Company Limited

Independent Auditor's Report to the Members of Certini Bicycle Company Limited

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.

We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and the Companies Act). We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting.

Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations, review of VAT and corporation tax compliance and review of income recognition and cut-off. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Duncan Leslie (Senior Statutory Auditor)
PKF Francis Clark LLP, Statutory Auditor

Unit 18, 23 Melville Building East
Royal William Yard
Plymouth
Devon
PL1 3GW

30 January 2025

 

Certini Bicycle Company Limited

Statement of Income and Retained Earnings

Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

15,639,987

12,952,261

Cost of sales

 

(11,312,021)

(10,176,343)

Gross profit

 

4,327,966

2,775,918

Administrative expenses

 

(2,210,319)

(1,896,836)

Other operating income

4

41,784

83,838

Operating profit

5

2,159,431

962,920

Other interest receivable and similar income

9

28,681

4,735

Interest payable and similar charges

10

(17,631)

(18,673)

 

11,050

(13,938)

Profit before tax

 

2,170,481

948,982

Taxation

11

(546,230)

(184,407)

Profit for the financial year

 

1,624,251

764,575

Retained earnings brought forward

 

5,165,610

5,151,035

Dividends paid

 

(692,600)

(750,000)

Retained earnings carried forward

 

6,097,261

5,165,610

 

Certini Bicycle Company Limited

Balance Sheet

30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

-

8,400

Tangible assets

13

1,010,328

958,222

 

1,010,328

966,622

Current assets

 

Stocks

14

4,889,317

4,642,529

Debtors

15

292,263

443,376

Cash at bank and in hand

 

2,904,707

2,336,305

 

8,086,287

7,422,210

Creditors: Amounts falling due within one year

17

(2,584,671)

(2,791,184)

Net current assets

 

5,501,616

4,631,026

Total assets less current liabilities

 

6,511,944

5,597,648

Creditors: Amounts falling due after more than one year

17

(374,501)

(399,741)

Provisions for liabilities

20

(40,082)

(32,197)

Net assets

 

6,097,361

5,165,710

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

6,097,261

5,165,610

Shareholders' funds

 

6,097,361

5,165,710

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr R D Carron
Director

.........................................
Mr A Dare
Director

 
     

Company Registration Number: 05725054

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Kingsmill Road
Tamar View Industrial Estate
Saltash
Cornwall
PL12 6LD
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its ultimate parent company, Certini Bicycle Company Limited, included the company's cash flows in its own consolidated financial statements. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Certini Holdings No 2 Limited group.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers. Revenue is recognised at the point of the goods being despatched or sold at the till.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% reducing balance

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Other property, plant and equipment

5% straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Saltash sales

10,349,766

8,569,183

Bristol sales

2,917,071

2,577,586

Birmingham sales

2,373,150

1,805,492

15,639,987

12,952,261

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

15,542,539

12,675,312

Rest of world

97,448

276,949

15,639,987

12,952,261

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

20,568

67,230

Miscellaneous other operating income

21,216

16,608

41,784

83,838

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

50,535

49,934

Amortisation expense

8,400

8,400

Operating lease expense - other

1,597

2,224

Loss on disposal of property, plant and equipment

-

10,081

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,114,086

1,128,812

Social security costs

101,415

95,455

Pension costs, defined contribution scheme

282,530

38,179

1,498,031

1,262,446

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

3

3

Sales

19

22

Distribution

12

14

Management

9

11

43

50

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

118,545

24,000

Contributions paid to money purchase schemes

242,552

-

361,097

24,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

5

2

8

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

23,625

19,000


 

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

9

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

28,681

4,735

10

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

17,631

18,673

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

538,345

184,177

Deferred taxation

Arising from origination and reversal of timing differences

7,885

230

Tax expense in the income statement

546,230

184,407

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 0% (2023 - 19.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,170,481

948,982

Corporation tax at standard rate

542,620

185,051

Effect of expense not deductible in determining taxable profit (tax loss)

475

3,750

Deferred tax expense relating to changes in tax rates or laws

7,885

50

Decrease from effect of tax incentives

(4,750)

(4,444)

Total tax charge

546,230

184,407

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

-

40,672

Difference in unpaid pension

-

(590)

-

40,082

2023

Asset
£

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

-

33,355

Difference in unpaid pension

-

(1,158)

-

32,197

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

12

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

84,000

84,000

At 30 April 2024

84,000

84,000

Amortisation

At 1 May 2023

75,600

75,600

Amortisation charge

8,400

8,400

At 30 April 2024

84,000

84,000

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

8,400

8,400

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

887,547

148,637

136,245

49,400

1,221,829

Additions

40,302

2,165

20,945

39,229

102,641

At 30 April 2024

927,849

150,802

157,190

88,629

1,324,470

Depreciation

At 1 May 2023

51,768

132,134

61,584

18,121

263,607

Charge for the year

17,525

4,676

23,902

4,432

50,535

At 30 April 2024

69,293

136,810

85,486

22,553

314,142

Carrying amount

At 30 April 2024

858,556

13,992

71,704

66,076

1,010,328

At 30 April 2023

835,779

16,503

74,661

31,279

958,222

Included within the net book value of land and buildings above is £649,835 (2023 - £661,633) in respect of freehold land and buildings and £208,721 (2023 - £174,146) in respect of short leasehold land and buildings.

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

14

Stocks

2024
£

2023
£

Other inventories

4,889,317

4,642,529

Included in the above stock total is a provision for £413,630 (2023: £392,136).

15

Debtors

2024
£

2023
£

Other debtors

250,929

404,103

Prepayments

41,334

39,273

292,263

443,376

16

Cash and cash equivalents

2024
£

2023
£

Cash on hand

750

750

Cash at bank

2,903,957

2,335,555

2,904,707

2,336,305

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

25,239

24,125

Trade creditors

 

1,485,006

2,240,935

Social security and other taxes

 

331,639

19,566

Other creditors

 

476,061

441,819

Accruals

 

146,763

43,723

Corporation tax

11

119,963

21,016

 

2,584,671

2,791,184

Due after one year

 

Loans and borrowings

18

374,501

399,741

18

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

374,501

399,741

2024
£

2023
£

Current loans and borrowings

Bank borrowings

25,239

24,125

Bank borrowings

The bank loan is denominated in pound sterling, £, with a nominal interest rate of 4%, and the final instalment is due on 16 August 2036. The carrying amount at year end is £399,740 (2023 - £423,866).

The loan is secured with a legal charge over the Saltash commercial property.

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

207,018

207,018

Later than one year and not later than five years

656,725

713,450

Later than five years

343,750

493,750

1,207,493

1,414,218

The amount of non-cancellable operating lease payments recognised as an expense during the year was £196,992 (2023 - £196,947).

20

Provisions for liabilities

Deferred tax
£

Total
£

At 1 May 2023

32,197

32,197

Additional provisions

7,885

7,885

At 30 April 2024

40,082

40,082

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

22

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £282,530 (2023 - £38,179).

 

Certini Bicycle Company Limited

Notes to the Financial Statements

Year Ended 30 April 2024

23

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr A Dare

Directors Loan Account

(126,225)

(74,401)

252,000

51,374

         

Mr R D Carron

Directors Loan Account

(103,996)

(74,026)

252,000

73,978

         

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr A Dare

Directors Loan Account

(18,403)

(357,823)

250,000

(126,225)

         
       

Mr R D Carron

Directors Loan Account

1,170

(355,166)

250,000

(103,996)

         
       

 

24

Parent and ultimate parent undertaking

The company's immediate parent is Certini (Holdings) Limited, incorporated in England and Wales.

 The ultimate parent is Certini (Holdings) No 2 Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff. Certini (Holdings) Limited and Certini (Holdings) No 2 Limited share a registered office with the company at 10 Kingsmill Road, Tamar View Industrial Estate, Saltash, Cornwall, PL12 6LD.