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Registered number: 07250922
Pipewerx Bikes Ltd
Financial Statements
For The Year Ended 30 June 2024
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07250922
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 53,724 66,005
53,724 66,005
CURRENT ASSETS
Stocks 5 60,671 45,984
Debtors 6 1,721 734
Cash at bank and in hand 19,572 32,341
81,964 79,059
Creditors: Amounts Falling Due Within One Year 7 (70,626 ) (57,647 )
NET CURRENT ASSETS (LIABILITIES) 11,338 21,412
TOTAL ASSETS LESS CURRENT LIABILITIES 65,062 87,417
Creditors: Amounts Falling Due After More Than One Year 8 (10,957 ) (21,056 )
NET ASSETS 54,105 66,361
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account 53,905 66,161
SHAREHOLDERS' FUNDS 54,105 66,361
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
J Seddon
Director
24th January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pipewerx Bikes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07250922 . The registered office is 55 Hoghton Street, Southport, Merseyside, PR9 0PG. The company's functional and presentational currency is GBP and no level of rounding has been used in the preparation of the financial statements.
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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities
2.3. 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:
Plant & Machinery 15% reducing balance basis
Motor Vehicles 25% reducing balance basis
2.4. 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 6)
3 6
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 July 2023 79,710 75,972 155,682
As at 30 June 2024 79,710 75,972 155,682
Depreciation
As at 1 July 2023 37,503 52,174 89,677
Provided during the period 6,331 5,950 12,281
As at 30 June 2024 43,834 58,124 101,958
Net Book Value
As at 30 June 2024 35,876 17,848 53,724
As at 1 July 2023 42,207 23,798 66,005
5. Stocks
2024 2023
£ £
Materials 60,671 45,984
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 435 734
Other debtors 1,286 -
1,721 734
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,836 5,635
Bank loans and overdrafts 10,649 10,649
Other creditors 44,612 32,266
Taxation and social security 6,529 9,097
70,626 57,647
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,957 21,056
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
Page 5