Company Registration No. 12790360 (England and Wales)
The Bike Sanctuary Ltd
Unaudited accounts
for the year ended 31 August 2024
The Bike Sanctuary Ltd
Unaudited accounts
Contents
The Bike Sanctuary Ltd
Company Information
for the year ended 31 August 2024
Company Number
12790360 (England and Wales)
Registered Office
The Bike Sanctuary Ltd
The Old Woodyard
Forest Road, Hanslope
Milton Keynes
Buckinghamshire
MK19 7DE
England
Accountants
Zincbooks Limited
27 Nettle Gap Close
Wootton Fields
Northampton
NN4 6AH
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of The Bike Sanctuary Ltd for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
The Bike Sanctuary Ltd for the year ended
31 August 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of The Bike Sanctuary Ltd, as a body, in accordance with the terms of our engagement letter dated 27 August 2020. Our work has been undertaken solely to prepare for your approval the accounts of The Bike Sanctuary Ltd and state those matters that we have agreed to state to the Board of Directors of The Bike Sanctuary Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Bike Sanctuary Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Bike Sanctuary Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Bike Sanctuary Ltd. You consider that The Bike Sanctuary Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Bike Sanctuary Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Zincbooks Limited
Chartered Accountants
27 Nettle Gap Close
Wootton Fields
Northampton
NN4 6AH
17 October 2024
The Bike Sanctuary Ltd
Statement of financial position
as at 31 August 2024
Tangible assets
160,496
126,918
Inventories
781,740
440,270
Cash at bank and in hand
7,012
43,624
Creditors: amounts falling due within one year
(745,203)
(459,414)
Net current assets
73,506
72,284
Total assets less current liabilities
234,002
199,202
Creditors: amounts falling due after more than one year
(231,699)
(157,218)
Called up share capital
2
2
Profit and loss account
2,301
41,982
Shareholders' funds
2,303
41,984
For the year ending 31 August 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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 October 2024 and were signed on its behalf by
Ben Grayson
Director
Company Registration No. 12790360
The Bike Sanctuary Ltd
Notes to the Accounts
for the year ended 31 August 2024
The Bike Sanctuary Ltd is a private company, limited by shares, registered in England and Wales, registration number 12790360. The registered office is The Bike Sanctuary Ltd, The Old Woodyard, Forest Road, Hanslope, Milton Keynes, Buckinghamshire, MK19 7DE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10 years (or period of leasehold)
Fixtures & fittings
5 years
Computer equipment
3 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The Bike Sanctuary Ltd
Notes to the Accounts
for the year ended 31 August 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2023
25,634
63,466
73,577
1,327
164,004
Additions
27,063
31,705
10,452
602
69,822
At 31 August 2024
52,697
95,171
84,029
1,929
233,826
At 1 September 2023
1,171
24,773
10,349
793
37,086
Charge for the year
3,499
17,840
14,565
340
36,244
At 31 August 2024
4,670
42,613
24,914
1,133
73,330
At 31 August 2024
48,027
52,558
59,115
796
160,496
At 31 August 2023
24,463
38,693
63,228
534
126,918
Amounts falling due within one year
Trade debtors
13,957
31,804
Accrued income and prepayments
16,000
16,000
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
39,423
57,442
Obligations under finance leases and hire purchase contracts
17,081
21,616
Trade creditors
595,046
336,697
Taxes and social security
65,604
26,618
Other creditors
42,834
36,820
Loans from directors
86
9,839
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
217,904
135,773
Obligations under finance leases and hire purchase contracts
13,795
21,445
The Bike Sanctuary Ltd
Notes to the Accounts
for the year ended 31 August 2024
8
Average number of employees
During the year the average number of employees was 10 (2023: 7).