6 7 Cycle Centre Newcastle Limited 09012562 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Cycle repair and sales Digita Accounts Production Advanced 6.30.9574.0 true 09012562 2023-06-01 2024-05-31 09012562 2024-05-31 09012562 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-05-31 09012562 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 09012562 core:CurrentFinancialInstruments 2024-05-31 09012562 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09012562 core:Non-currentFinancialInstruments 2024-05-31 09012562 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 09012562 core:MoreThanFiveYears 1 2024-05-31 09012562 core:WithinOneYear 2024-05-31 09012562 core:FurnitureFittings 2024-05-31 09012562 core:MotorVehicles 2024-05-31 09012562 core:OfficeEquipment 2024-05-31 09012562 bus:SmallEntities 2023-06-01 2024-05-31 09012562 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09012562 bus:FilletedAccounts 2023-06-01 2024-05-31 09012562 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09012562 bus:RegisteredOffice 2023-06-01 2024-05-31 09012562 bus:Director1 2023-06-01 2024-05-31 09012562 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09012562 core:FurnitureFittings 2023-06-01 2024-05-31 09012562 core:MotorVehicles 2023-06-01 2024-05-31 09012562 core:OfficeEquipment 2023-06-01 2024-05-31 09012562 countries:UnitedKingdom 2023-06-01 2024-05-31 09012562 2023-05-31 09012562 core:FurnitureFittings 2023-05-31 09012562 core:MotorVehicles 2023-05-31 09012562 core:OfficeEquipment 2023-05-31 09012562 2022-06-01 2023-05-31 09012562 2023-05-31 09012562 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-05-31 09012562 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 09012562 core:CurrentFinancialInstruments 2023-05-31 09012562 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09012562 core:Non-currentFinancialInstruments 2023-05-31 09012562 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 09012562 core:MoreThanFiveYears 1 2023-05-31 09012562 core:WithinOneYear 2023-05-31 09012562 core:FurnitureFittings 2023-05-31 09012562 core:MotorVehicles 2023-05-31 09012562 core:OfficeEquipment 2023-05-31 xbrli:pure iso4217:GBP

Registration number: 09012562

Cycle Centre Newcastle Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Cycle Centre Newcastle Limited

(Registration number: 09012562)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,403

12,703

Current assets

 

Stocks

183,018

254,264

Debtors

5

15,112

8,612

Cash at bank and in hand

 

835

2,644

 

198,965

265,520

Creditors: Amounts falling due within one year

6

(150,409)

(156,738)

Net current assets

 

48,556

108,782

Total assets less current liabilities

 

74,959

121,485

Creditors: Amounts falling due after more than one year

6

(39,079)

(38,468)

Provisions for liabilities

(5,016)

(2,414)

Net assets

 

30,864

80,603

Capital and reserves

 

Called up share capital

100

100

Retained earnings

30,764

80,503

Shareholders' funds

 

30,864

80,603

 

Cycle Centre Newcastle Limited

(Registration number: 09012562)
Statement of Financial Position as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Income and retained earnings.

Approved and authorised by the director on 26 February 2025
 

.........................................
Mr Robert Alan Ford
Director

 

Cycle Centre Newcastle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Hopkirk Building
250 Shields Road
Byker
Newcastlle Upon Tyne
NE6 1DX

These financial statements were authorised for issue by the director on 26 February 2025.

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

The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.


The accounts are presented in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

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.

Tax

The tax expense for the period comprises current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cycle Centre Newcastle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures and fittings

10% straight line

Office equipment

33% straight line

Motor vehicles

20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

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

 

Cycle Centre Newcastle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 7).

 

Cycle Centre Newcastle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

25,000

4,414

26,495

55,909

Additions

560

1,800

17,199

19,559

Disposals

-

-

(6,600)

(6,600)

At 31 May 2024

25,560

6,214

37,094

68,868

Depreciation

At 1 June 2023

22,500

3,479

17,227

43,206

Charge for the year

2,514

1,085

2,260

5,859

Eliminated on disposal

-

-

(6,600)

(6,600)

At 31 May 2024

25,014

4,564

12,887

42,465

Carrying amount

At 31 May 2024

546

1,650

24,207

26,403

At 31 May 2023

2,500

935

9,268

12,703

5

Debtors

Current

2024
£

2023
£

Trade debtors

9,710

8,296

Prepayments

1,241

316

Other debtors

4,161

-

 

15,112

8,612

6

Creditors

Creditors: amounts falling due within one year

 

Cycle Centre Newcastle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

14,797

9,258

Trade creditors

 

78,356

94,618

Taxation and social security

 

10,079

16,618

Accruals and deferred income

 

4,976

5,130

Other creditors

 

42,201

31,114

 

150,409

156,738

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

39,079

38,468

2024
£

2023
£

Due after more than five years

After more than five years by instalments

5,522

11,056

-

-

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,592

33,170

Hire purchase contracts

12,487

5,298

39,079

38,468

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,528

4,485

Bank overdrafts

1,519

-

Hire purchase contracts

7,750

4,773

14,797

9,258

Other borrowings

 

Cycle Centre Newcastle Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The carrying amount of Hire purchase agreements due within 1 year, at year end is £7,750 (2023 - £4,773).

These are secured over the assets to which they relate

The carrying amount of Hire purchase agreements due after 1 year, at year end is £12,487 (2023 - £5,298).

These are secured over the assets to which they relate

8

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

-

31,000