Springhead Bikes Ltd |
Notes to the Accounts |
for the year ended 31 July 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 August 2023 |
1,083 |
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At 31 July 2024 |
1,083 |
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Depreciation |
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At 1 August 2023 |
433 |
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Charge for the year |
433 |
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At 31 July 2024 |
866 |
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Net book value |
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At 31 July 2024 |
217 |
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At 31 July 2023 |
650 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Prepaid interest |
2,919 |
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4,378 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Directors current account |
19,984 |
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39,390 |
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Bank loans and overdrafts |
34,504 |
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24,214 |
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Taxation and social security costs |
3,241 |
|
522 |
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Other creditors |
650 |
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650 |
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58,379 |
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64,776 |
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6 |
Other information |
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Springhead Bikes Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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20 The Harrowins |
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Queensbury |
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Bradford |
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BD13 1FA |