Registered number
05860892
Cycle Solutions (Cycle to Work) Limited
Report and Financial Statements
31 August 2024
Cycle Solutions (Cycle to Work) Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 4
Independent auditor's report 5
Income statement 8
Statement of financial position 9
Statement of changes in equity 10
Statement of cash flows 11
Notes to the financial statements 12-20
Cycle Solutions (Cycle to Work) Limited
Company Information
Directors
S Edgell
K R Jones
M P Jones
Secretary
M P Jones
Auditors
Bevan Buckland LLP
Ground Floor, Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA
Bankers
Lloyds Bank plc
802 Oxford Street
Swansea
SA1 3AP
Solicitors
Hugh James
Two Central Square
Cardiff
CF10 1FS
Registered office
Unit 6
Europa Way
Fforestfach
Swansea
SA5 4AJ
Registered number
05860892
Cycle Solutions (Cycle to Work) Limited
Registered number: 05860892
Directors' Report
The directors present their report and financial statements for the year ended 31 August 2024.
Principal activities
The company's principal activity during the year continued to be a provider of cycle & related safety equipment to employers under the Cycle to Work Scheme, along with a cycle retailer operating online and with retail shops.
Future developments
The business sales were up 1.5% in 2024 on the prior year following the establishment of a new retail brand, UPRISE, which is trading both online and through a new retail outlet in Swansea. The business has also transformed its first retail outlet in collaboration with Trek Bicycle Corporation, with a new Trek concept store. The business continues to expand its supplier base to ensure it has one of the widest cycling brand offerings in the UK market.
Directors
The following persons served as directors during the year:
S Edgell
K R Jones
M P Jones
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 28 May 2025 and signed on its behalf.
K R Jones
Director
Cycle Solutions (Cycle to Work) Limited
Strategic Report
Cycle Solution (Cycle to Work) Limited has continued to grow in 2024 with sales up 1.5% on 2023 and this growth has been both in the cycle to work sector and with the retail operations – both ecommerce & retail shops. The strategy is to continue to look for new opportunities related to the cycling sector and the business is continuing to grow in 2024/25 with the new retail trading brand, UPRISE, and working in partnership with Trek Bicycle Corporation with a Trek concept store in Swansea.
This report was approved by the board on 28 May 2025 and signed on its behalf.
K R Jones
Director
Cycle Solutions (Cycle to Work) Limited
Independent auditor's report
to the members of Cycle Solutions (Cycle to Work) Limited
Opinion
We have audited the financial statements of Cycle Solutions (Cycle to Work) Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• enquiring of management, including obtaining and reviewing supporting documentation, concerning the Group's policies and procedures relating to:
• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
• detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;
• the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
• discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas:
• Assumptions used when valuing complex financial instruments i.e. convertible loan notes; and
• Potential for overstating contract income
• obtaining an understanding of the legal and regulatory frameworks that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group, the key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.
Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
• enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
• assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
• evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alison Vickers
(Senior Statutory Auditor) Ground Floor, Cardigan House
for and on behalf of Castle Court
Bevan Buckland LLP Swansea Enterprise Park
Statutory Auditor Swansea
28 May 2025 SA7 9LA
Cycle Solutions (Cycle to Work) Limited
Income Statement
for the year ended 31 August 2024
Notes 2024 2023
£ £
Turnover 2 28,826,626 28,391,732
Cost of sales (22,976,598) (22,639,198)
Gross profit 5,850,028 5,752,534
Distribution costs (930,033) (980,144)
Administrative expenses (3,670,796) (3,208,845)
Operating profit 3 1,249,199 1,563,545
Interest payable 6 (397,130) (323,037)
Profit on ordinary activities before taxation 852,069 1,240,508
Tax on profit on ordinary activities 7 (229,316) (237,318)
Profit for the financial year 622,753 1,003,190
Cycle Solutions (Cycle to Work) Limited
Statement of Financial Position
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 8 1,425,328 1,006,062
Current assets
Stocks 9 3,173,289 4,542,678
Debtors 10 5,676,519 5,645,104
Cash at bank and in hand 190,752 800
9,040,560 10,188,582
Creditors: amounts falling due within one year 11 (6,242,432) (7,565,809)
Net current assets 2,798,128 2,622,773
Total assets less current liabilities 4,223,456 3,628,835
Creditors: amounts falling due after more than one year 12 (766,160) (571,077)
Provisions for liabilities
Deferred taxation 15 (141,403) (104,618)
Net assets 3,315,893 2,953,140
Capital and reserves
Called up share capital 16 750,105 750,105
Share premium 17 1,995 1,995
Profit and loss account 18 2,563,793 2,201,040
Total equity 3,315,893 2,953,140
K R Jones
Director
Approved by the board on 28 May 2025
Cycle Solutions (Cycle to Work) Limited
Statement of Changes in Equity
for the year ended 31 August 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 September 2022 750,105 1,995 - 1,455,350 2,207,450
Profit for the financial year 1,003,190 1,003,190
Dividends (257,500) (257,500)
At 31 August 2023 750,105 1,995 - 2,201,040 2,953,140
At 1 September 2023 750,105 1,995 - 2,201,040 2,953,140
Profit for the financial year 622,753 622,753
Dividends (260,000) (260,000)
At 31 August 2024 750,105 1,995 - 2,563,793 3,315,893
Cycle Solutions (Cycle to Work) Limited
Statement of Cash Flows
for the year ended 31 August 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 622,753 1,003,190
Adjustments for:
Interest payable 397,130 323,037
Tax on profit on ordinary activities 229,316 237,318
Depreciation 135,490 140,516
Profit on disposal of tangible fixed assets - (11,084)
Decrease in stocks 1,369,389 1,026,201
Increase in debtors (31,415) (2,031,892)
Decrease in creditors (198,470) (119,312)
2,524,193 567,974
Interest paid (391,177) (317,744)
Interest element of finance lease payments (5,953) (5,293)
Corporation tax paid (361,873) (377,593)
Cash generated by/(used in) operating activities 1,765,190 (132,656)
Investing activities
Payments to acquire tangible fixed assets (554,756) (576,850)
Proceeds from sale of tangible fixed assets - 18,500
Cash used in investing activities (554,756) (558,350)
Financing activities
Equity dividends paid (260,000) (257,500)
Proceeds from new loans 363,600 475,372
Repayment of loans (195,692) (66,657)
Capital element of finance lease payments (35,242) (40,341)
Cash (used in)/generated by financing activities (127,334) 110,874
Net cash generated/(used)
Cash generated by/(used in) operating activities 1,765,190 (132,656)
Cash used in investing activities (554,756) (558,350)
Cash (used in)/generated by financing activities (127,334) 110,874
Net cash generated/(used) 1,083,100 (580,132)
Cash and cash equivalents at 1 September (2,524,383) (1,944,251)
Cash and cash equivalents at 31 August (1,441,283) (2,524,383)
Cash and cash equivalents comprise:
Cash at bank 190,752 800
Bank overdrafts 11 (1,632,035) (2,525,183)
(1,441,283) (2,524,383)
Cycle Solutions (Cycle to Work) Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements 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.
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:
Freehold buildings over 50 years
Property, plant & equipment 10% to 33% straight line on cost
Motor vehicles over 5 years
Assets on hire with customers 12 or 18 months dependent on hire term
Cash & cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2024 2023
£ £
Sale of goods 28,826,626 28,391,732
By geographical market:
UK 28,826,626 28,391,732
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 100,369 112,383
Depreciation of assets held under finance leases and hire purchase contracts 35,121 28,133
Operating lease rentals - plant and machinery 19,768 36,622
Operating lease rentals - land and buildings 150,000 150,000
Auditors' remuneration for audit services 10,400 10,000
Carrying amount of stock sold 15,164,142 15,462,966
4 Remuneration of directors & key management personnel 2024 2023
£ £
Directors remuneration 98,639 93,177
Company contributions to defined contribution pension plans 4,501 4,501
103,140 97,678
The total cost to the Company of key mangement personnel including directors was £171,290 (2023:£161,999).
5 Staff costs 2024 2023
£ £
Wages and salaries 1,927,131 1,582,889
Social security costs 174,863 153,442
Other pension costs 42,301 38,023
2,144,295 1,774,354
Average number of employees during the year Number Number
Administration 18 18
Distribution 28 27
Sales 26 26
72 71
6 Interest payable 2024 2023
£ £
Bank loans and overdrafts 383,184 317,744
Other loans 7,993 -
Finance charges payable under finance leases and hire purchase contracts 5,953 5,293
397,130 323,037
7 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 177,219 237,807
Adjustments in respect of previous periods 15,312 -
192,531 237,807
Deferred tax:
Origination and reversal of timing differences 36,785 (489)
Tax on profit on ordinary activities 229,316 237,318
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 852,069 1,240,508
Standard rate of corporation tax in the UK 25% 25%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 213,017 310,127
Effects of:
Expenses not deductible for tax purposes 175,452 (53,020)
Capital allowances for period in excess of depreciation (107,500) (19,300)
Utilisation of tax losses (103,750) -
Adjustments to tax charge in respect of previous periods 15,312 -
Current tax charge for period 192,531 237,807
Factors that may affect future tax charges
The deferred tax assets/liabilites at 31 August 2024 have been calculated at the rate of 25% (2023: 25%).
8 Tangible fixed assets
Assets on hire to customers Property, plant & equipment Motor vehicles Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 September 2023 382,284 1,582,458 345,837 2,310,579
Additions 2,491 552,265 - 554,756
At 31 August 2024 384,775 2,134,723 345,837 2,865,335
Depreciation
At 1 September 2023 382,284 752,723 169,510 1,304,517
Charge for the year 2,491 88,929 44,070 135,490
At 31 August 2024 384,775 841,652 213,580 1,440,007
Carrying amount
At 31 August 2024 - 1,293,071 132,257 1,425,328
At 31 August 2023 - 829,735 176,327 1,006,062
2024 2023
£ £
Carrying value of plant and machinery included above held under finance leases and hire purchase contracts 102,201 137,322
9 Stocks 2024 2023
£ £
Finished goods and goods for resale 3,173,289 4,542,678
10 Debtors 2024 2023
£ £
Trade debtors 5,341,527 5,577,863
Amounts owed by group undertakings and undertakings in which the company has a participating interest 230,462 -
Prepayments and accrued income 104,530 67,241
5,676,519 5,645,104
11 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdrafts 1,632,035 2,525,183
Bank loans 96,657 181,102
Obligations under finance lease and hire purchase contracts 38,503 35,257
Trade creditors 3,737,578 4,020,050
Corporation tax 71,397 240,739
Other taxes and social security costs 355,812 160,753
Other creditors 310,450 255,357
Accruals and deferred income - 147,368
6,242,432 7,565,809
12 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 710,534 458,181
Obligations under finance lease and hire purchase contracts 55,626 94,114
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 18,782
766,160 571,077
13 Loans 2024 2023
£ £
Analysis of maturity of debt:
Within one year or on demand 1,762,195 2,741,542
Between one and two years 105,223 115,289
Between two and five years 150,999 131,615
After five years 509,938 305,391
2,528,355 3,293,837
The bank loans are secured on the assets of the company and through a cross-guarantee with its parent company, Starbill Limited.

The company has invoice discounting facility with Close Brothers and this facility is secured on the trade debtors. The interest rate charged is 2.95% above the base rate.

The company also has a CBILs loan with a balance of £97,253 (2023:£163,911) at 31 August 2024 and this loan is repayble over 5 years and has an interest rate of 4% over base rate per annum.
14 Obligations under finance leases and hire purchase 2024 2023
contracts £ £
Amounts payable:
Within one year 38,503 35,257
Within two to five years 55,626 94,114
94,129 129,371
15 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 141,403 104,618
2024 2023
£ £
At 1 September 104,618 105,107
Charged/(credited) to the profit and loss account 36,785 (489)
At 31 August 141,403 104,618
16 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
A Ordinary shares £1 each 5 5 5
105 105
Preference shares £1 each 750,000 750,000 750,000
750,105 750,105
The Ordinary shares have full voting rights and rights to distributions. The "A" Ordinary shares have no voting rights and no rights to distributions except on sale of the entire share capital. The Preference shares have a variable rate of return and have no voting rights.
17 Share premium 2024 2023
£ £
At 1 September 1,995 1,995
At 31 August 1,995 1,995
18 Profit and loss account 2024 2023
£ £
At 1 September 2,201,040 1,455,350
Profit for the financial year 622,753 1,003,190
Dividends (260,000) (257,500)
At 31 August 2,563,793 2,201,040
19 Dividends 2024 2023
£ £
Dividends on ordinary shares (note 18) 260,000 257,500
20 Defined benefit pension plans
During the period, the company made pension contributions of £38,023 (2022: £30,722).
21 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings Other Other
2024 2023 2024 2023
£ £ £ £
Falling due:
within one year 210,039 197,421 19,768 36,622
within two to five years 600,000 742,263 - 16,854
in over five years - 150,000 - -
810,039 1,089,684 19,768 53,476
22 Related party transactions
During the year, the company has traded with its parent company, Starbill Limited, and has been charged £48,000 management charge (2023: £48,000) and rent on premises of £150,000 (2023: £150,000). The company has also repaid £72,000 of the debt facility provided by the parent company (2023: £72,000). The company also paid dividends of £208,000 to its parent company (2023: £206,000).

The Company also recharged costs incurred on behalf ot the parent company of £49,133 (2023: £49,133).The balance due from the parent company at 31 August 2024 is £166,284 (2023: £18,782 due to the parent company).

Gower Gelato Limited, a fellow subsidiary company, has received loan funding from Cycle Solutions during the year and the balance owing at 31 August 2024 is £54,178 (2023: £Nil). There was no interest charged on this loan funding.
23 Controlling party
The company is a subsidiary of Starbill Limited, a company registered in England & Wales. Starbill Limited is controlled by its 2 director/shareholders Mr K R Jones & Mr M P Jones.

The results for the company are included in the consolidated financial statements for the parent company and a copy of the consolidated accounts can be obtained from Unit 6 Europa Way, Fforestfach, Swansea SA5 4AJ.
24 Presentation currency
The financial statements are presented in Sterling.
25 Legal form of entity and country of incorporation
Cycle Solutions (Cycle to Work) Limited is a private company limited by shares and incorporated in England.
26 Principal place of business
The address of the company's principal place of business and registered office is:
Unit 6
Europa Way
Fforestfach
Swansea
SA5 4AJ
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