Registered number
09240452
Prologue Performance Cycling Limited
Filleted Accounts
31 October 2024
Prologue Performance Cycling Limited
Registered number: 09240452
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 122,862 95,997
Current assets
Stocks 304,132 306,991
Debtors 4 11,986 15,093
Cash at bank and in hand 5,006 43,305
321,124 365,389
Creditors: amounts falling due within one year 5 (311,758) (324,422)
Net current assets 9,366 40,967
Total assets less current liabilities 132,228 136,964
Creditors: amounts falling due after more than one year 6 (32,611) (16,667)
Provisions for liabilities (13,139) (13,139)
Net assets 86,478 107,158
Capital and reserves
Called up share capital 100 100
Profit and loss account 86,378 107,058
Shareholders' funds 86,478 107,158
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John George Reid
Director
Approved by the board on 28 March 2025
Prologue Performance Cycling Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
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).
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Computer equipment 25% reducing balance
Leasehold Improvements 10% reducing balance
Motor Vehicles 25% reducing balance
Stocks
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 44,284 188,384 - 232,668
Additions - 11,859 39,990 51,849
At 31 October 2024 44,284 200,243 39,990 284,517
Depreciation
At 1 November 2023 8,222 128,449 - 136,671
Charge for the year 3,606 11,380 9,998 24,984
At 31 October 2024 11,828 139,829 9,998 161,655
Net book value
At 31 October 2024 32,456 60,414 29,992 122,862
At 31 October 2023 36,062 59,935 - 95,997
4 Debtors 2024 2023
£ £
Other debtors 11,986 15,093
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 37,360 10,000
Obligations under finance lease and hire purchase contracts 7,006 -
Trade creditors 220,717 168,917
Taxation and social security costs 36,378 29,772
Other creditors 10,297 115,733
311,758 324,422
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,667 16,667
Obligations under finance lease and hire purchase contracts 25,944 -
32,611 16,667
7 Other information
Prologue Performance Cycling Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 3 & 4 Wellington House
Cold Bath Road
Harrogate
North Yorkshire
HG2 0NA
Prologue Performance Cycling Limited 09240452 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts April 2025 John George Reid No description of principal activity 09240452 2022-11-01 2023-10-31 09240452 core:WithinOneYear 2023-10-31 09240452 core:AfterOneYear 2023-10-31 09240452 core:ShareCapital 2023-10-31 09240452 core:RetainedEarningsAccumulatedLosses 2023-10-31 09240452 2023-11-01 2024-10-31 09240452 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09240452 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 09240452 bus:Director40 2023-11-01 2024-10-31 09240452 1 2023-11-01 2024-10-31 09240452 2 2023-11-01 2024-10-31 09240452 core:LandBuildings 2023-11-01 2024-10-31 09240452 core:PlantMachinery 2023-11-01 2024-10-31 09240452 core:Vehicles 2023-11-01 2024-10-31 09240452 countries:England 2023-11-01 2024-10-31 09240452 bus:FRS102 2023-11-01 2024-10-31 09240452 bus:FilletedAccounts 2023-11-01 2024-10-31 09240452 2024-10-31 09240452 core:WithinOneYear 2024-10-31 09240452 core:AfterOneYear 2024-10-31 09240452 core:ShareCapital 2024-10-31 09240452 core:RetainedEarningsAccumulatedLosses 2024-10-31 09240452 core:LandBuildings 2024-10-31 09240452 core:PlantMachinery 2024-10-31 09240452 core:Vehicles 2024-10-31 09240452 2023-10-31 09240452 core:LandBuildings 2023-10-31 09240452 core:PlantMachinery 2023-10-31 09240452 core:Vehicles 2023-10-31 iso4217:GBP xbrli:pure