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Company No: 11576456 (England and Wales)

CLIVE MITCHELL CYCLES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

CLIVE MITCHELL CYCLES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

CLIVE MITCHELL CYCLES LIMITED

BALANCE SHEET

As at 30 November 2024
CLIVE MITCHELL CYCLES LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 18,285 36,571
Tangible assets 4 253,353 269,916
271,638 306,487
Current assets
Stocks 5 540,000 537,050
Debtors 6 929,438 34,325
Cash at bank and in hand 305,678 840,297
1,775,116 1,411,672
Creditors: amounts falling due within one year 7 ( 495,813) ( 415,120)
Net current assets 1,279,303 996,552
Total assets less current liabilities 1,550,941 1,303,039
Provision for liabilities ( 13,464) ( 63,152)
Net assets 1,537,477 1,239,887
Capital and reserves
Called-up share capital 8 300 300
Profit and loss account 1,537,177 1,239,587
Total shareholder's funds 1,537,477 1,239,887

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Clive Mitchell Cycles Limited (registered number: 11576456) were approved and authorised for issue by the Board of Directors on 21 April 2025. They were signed on its behalf by:

Mr F R I Mitchell
Director
CLIVE MITCHELL CYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
CLIVE MITCHELL CYCLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Clive Mitchell Cycles Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
United Kingdom

The principal place of business is:
Unit 1
Chapel Parc
Chapel Town
Summercourt
Newquay
Cornwall
TR8 5AH

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 7 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 7 - 10 years straight line
not depreciated
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 19

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2023 128,000 128,000
At 30 November 2024 128,000 128,000
Accumulated amortisation
At 01 December 2023 91,429 91,429
Charge for the financial year 18,286 18,286
At 30 November 2024 109,715 109,715
Net book value
At 30 November 2024 18,285 18,285
At 30 November 2023 36,571 36,571

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 December 2023 268,688 22,147 60,790 351,625
Additions 1,595 0 0 1,595
At 30 November 2024 270,283 22,147 60,790 353,220
Accumulated depreciation
At 01 December 2023 39,581 16,452 25,676 81,709
Charge for the financial year 9,711 1,424 7,023 18,158
At 30 November 2024 49,292 17,876 32,699 99,867
Net book value
At 30 November 2024 220,991 4,271 28,091 253,353
At 30 November 2023 229,107 5,695 35,114 269,916

Included within the net book value of land and buildings above is £14,343 (2023 - £24,055 ) in respect of short leasehold land and buildings.

5. Stocks

2024 2023
£ £
Stocks 540,000 537,050

6. Debtors

2024 2023
£ £
Trade debtors 16,969 5,193
Amounts owed by Parent undertakings 888,107 0
Other debtors 24,362 29,132
929,438 34,325

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 163,675 64,735
Taxation and social security 118,256 118,500
Other creditors 213,882 231,885
495,813 415,120

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
Nil Ordinary A shares (2023: 100 shares of £ 1.00 each) 0 100
Nil Ordinary B shares (2023: 100 shares of £ 1.00 each) 0 100
Nil Ordinary C shares (2023: 100 shares of £ 1.00 each) 0 100
300 Ordinary shares of £ 1.00 each (2023: nil shares) 300 0
300 300

The A, B and C ordinary shares of £1 each were re-designated as £1 ordinary shares on 30 July 2024.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 118,297 90,000

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
F R I Mitchell (5,408) 30,559

F R I Mitchell was advanced £120,967 during the year and repaid £85,000. Interest is being charged on the loan at 2.25%.

11. Ultimate controlling party

Parent Company:

Moresk Holdings Limited
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The company is controlled by Moresk Holdings Limited who owns 100% of the share capital.

The company's immediate parent is Moresk Holdings Limited, incorporated in the UK.

The ultimate controlling party is Mr F R I Mitchell, Miss S J Mitchell and Mrs M M Mitchell.