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REGISTERED NUMBER: 13622618 (England and Wales)















Financial Statements

for the Period

1 October 2022 to 31 December 2023

for

Propain Bicycles UK Ltd

Propain Bicycles UK Ltd (Registered number: 13622618)

Contents of the Financial Statements
for the Period 1 October 2022 to 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Propain Bicycles UK Ltd

Company Information
for the Period 1 October 2022 to 31 December 2023







DIRECTOR: F Beck



REGISTERED OFFICE: Unit 1-2 Spindle Court
Spindle Way
Crawley
West Sussex
RH10 1AX



REGISTERED NUMBER: 13622618 (England and Wales)



SENIOR STATUTORY AUDITOR: Caroline Peverett BA FCA



AUDITORS: Tuerner Audit Limited
Bridge House
Old Grantham Road
Whatton
Nottingham
NG13 9FG

Propain Bicycles UK Ltd (Registered number: 13622618)

Balance Sheet
31 December 2023

31.12.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 166,117 158,357

CURRENT ASSETS
Stocks 238,275 87,348
Debtors 6 109,847 235,707
Cash at bank and in hand 139,435 -
487,557 323,055
CREDITORS
Amounts falling due within one year 7 1,075,368 528,451
NET CURRENT LIABILITIES (587,811 ) (205,396 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(421,694

)

(47,039

)

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (421,695 ) (47,040 )
SHAREHOLDERS' FUNDS (421,694 ) (47,039 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 May 2025 and were signed by:





F Beck - Director


Propain Bicycles UK Ltd (Registered number: 13622618)

Notes to the Financial Statements
for the Period 1 October 2022 to 31 December 2023


1. STATUTORY INFORMATION

Propain Bicycles UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts have been prepared under the going concern concept due to the fact that the company has the continued support of the group. The director has been given assurance that this support will continue for the foreseeable future.

The current period covers a 15 month period. Accordingly, the comparative results are not comparable.
The company has changed its accounting reference date to bring it in line with the group.

Related party exemption
Propain Bicycles UK Ltd has been charged GBP 463,270 for goods by a member of the same corporate group. This transaction was not concluded under normal market conditions. As a result, Propain Bicycles UK Ltd has incurred increased cost of sales than would be expected under normal market conditions

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes.

The company recognises revenue upon delivery of goods to the customer.

Revenue is recognised on commission when the customer makes and pays for the order of goods to which the commission relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Term of lease
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Propain Bicycles UK Ltd (Registered number: 13622618)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 December 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 115,796 49,342 165,138
Additions - 51,735 51,735
At 31 December 2023 115,796 101,077 216,873
DEPRECIATION
At 1 October 2022 - 6,781 6,781
Charge for period 24,362 19,613 43,975
At 31 December 2023 24,362 26,394 50,756
NET BOOK VALUE
At 31 December 2023 91,434 74,683 166,117
At 30 September 2022 115,796 42,561 158,357

6. DEBTORS
31.12.23 30.9.22
£    £   
Amounts falling due within one year:
Trade debtors 12,973 -
Amounts owed by group undertakings - 152,950
Other debtors 75,874 61,757
88,847 214,707

Propain Bicycles UK Ltd (Registered number: 13622618)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 December 2023


6. DEBTORS - continued
31.12.23 30.9.22
£    £   
Amounts falling due after more than one year:
Other debtors 21,000 21,000

Aggregate amounts 109,847 235,707

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 30.9.22
£    £   
Trade creditors 16,628 24,201
Amounts owed to group undertakings 1,003,137 488,845
Taxation and social security 3,361 3,260
Other creditors 52,242 12,145
1,075,368 528,451

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 30.9.22
£    £   
Within one year 43,750 43,750
Between one and five years 134,896 189,583
178,646 233,333

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 30.9.22
value: £    £   
1 Ordinary £1 1 1

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Caroline Peverett BA FCA (Senior Statutory Auditor)
for and on behalf of Tuerner Audit Limited