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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
Page
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The Bike Sanctuary Ltd Company Information for the year ended 31 August 2024
Director
Ben Grayson
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
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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
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The Bike Sanctuary Ltd Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
160,496 
126,918 
Current assets
Inventories
781,740 
440,270 
Debtors
29,957 
47,804 
Cash at bank and in hand
7,012 
43,624 
818,709 
531,698 
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)
Net assets
2,303 
41,984 
Capital and reserves
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
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The Bike Sanctuary Ltd Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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)
Plant & machinery
5 years
Fixtures & fittings
5 years
Computer equipment
3 years
Inventories
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.
Leased assets
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.
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The Bike Sanctuary Ltd Notes to the Accounts for the year ended 31 August 2024
Pension costs
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 
Depreciation
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 
Net book value
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 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
13,957 
31,804 
Accrued income and prepayments
16,000 
16,000 
29,957 
47,804 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
39,423 
57,442 
VAT
(14,871)
(29,618)
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 
745,203 
459,414 
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 
231,699 
157,218 
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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).
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