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Registered number: 12688151
Friction Cycles Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12688151
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,426 3,504
Tangible Assets 5 39,055 50,533
41,481 54,037
CURRENT ASSETS
Stocks 6 130,544 193,761
Debtors 7 11,164 15,332
Cash at bank and in hand 62,112 60,495
203,820 269,588
Creditors: Amounts Falling Due Within One Year 8 (71,229 ) (129,575 )
NET CURRENT ASSETS (LIABILITIES) 132,591 140,013
TOTAL ASSETS LESS CURRENT LIABILITIES 174,072 194,050
Creditors: Amounts Falling Due After More Than One Year 9 (76,310 ) (73,623 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,943 ) (8,424 )
NET ASSETS 93,819 112,003
CAPITAL AND RESERVES
Called up share capital 10 75,000 75,000
Profit and Loss Account 18,819 37,003
SHAREHOLDERS' FUNDS 93,819 112,003
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Samuel Ralton
Director
29/01/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Friction Cycles Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12688151 . The registered office is 30 Cannon Street, Bedminster, Bristol, BS3 1BN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and is recognised when the goods or services are transferred to the customer.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
The website costs are being amortised over 4 years on a straight line basis.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5 years straight line
Plant & Machinery 20% straight line
Motor Vehicles 15% reducing balance
Fixtures & Fittings 20% straight line
Computer Equipment 25% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 
2.6. Taxation
The tax charge in the profit and loss account represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 7)
6 7
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 4,313
As at 30 June 2024 4,313
Amortisation
As at 1 July 2023 809
Provided during the period 1,078
As at 30 June 2024 1,887
Net Book Value
As at 30 June 2024 2,426
As at 1 July 2023 3,504
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 7,332 4,072 44,618 16,728
As at 30 June 2024 7,332 4,072 44,618 16,728
Depreciation
As at 1 July 2023 3,841 2,235 9,537 7,990
Provided during the period 1,466 814 5,262 3,345
As at 30 June 2024 5,307 3,049 14,799 11,335
Net Book Value
As at 30 June 2024 2,025 1,023 29,819 5,393
As at 1 July 2023 3,491 1,837 35,081 8,738
Computer Equipment Total
£ £
Cost
As at 1 July 2023 2,363 75,113
As at 30 June 2024 2,363 75,113
Depreciation
As at 1 July 2023 977 24,580
Provided during the period 591 11,478
As at 30 June 2024 1,568 36,058
...CONTINUED
Page 4
Page 5
Net Book Value
As at 30 June 2024 795 39,055
As at 1 July 2023 1,386 50,533
6. Stocks
2024 2023
£ £
Stock 130,544 193,761
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,389
Prepayments and accrued income 1,926 1,045
Other debtors 9,238 12,898
11,164 15,332
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 44,094 81,045
Other taxes and social security 824 1,287
VAT 9,617 11,545
Other creditors 8,063 4,407
Accruals and deferred income 274 1,789
Director's loan account 8,357 29,502
71,229 129,575
The director's loan account is interest free and repayable on demand.
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 76,310 73,623
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
75,000 Ordinary Shares of £ 1.000 each 75,000 75,000
Page 5
Page 6
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 13,500 13,500
Later than one year and not later than five years 2,250 15,750
15,750 29,250
12. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £358 (2023 - £425) were due to the fund. They are included in Other Creditors.
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