| Registered number |
| 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 |
| Company Information |
| Directors |
| Secretary |
| Auditors |
| Ground Floor, Cardigan House |
| Castle Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9LA |
| Bankers |
| 802 Oxford Street |
| Swansea |
| SA1 3AP |
| Solicitors |
| Two Central Square |
| Cardiff |
| CF10 1FS |
| Registered office |
| Unit 6 |
| Europa Way |
| Fforestfach |
| Swansea |
| SA5 4AJ |
| Registered number |
| Registered number: | |||||||
| Directors' Report | |||||||
| The directors present their report and financial statements for the year ended |
|||||||
| Principal activities | |||||||
| 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: | |||||||
| 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 |
|||||||
| K R Jones | |||||||
| Director | |||||||
| 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. | ||
| (Senior Statutory Auditor) | Ground Floor, Cardigan House | |
| for and on behalf of | Castle Court | |
| Swansea Enterprise Park | ||
| Statutory Auditor | Swansea | |
| SA7 9LA | ||
| Income Statement | ||||||||
| for the year ended |
||||||||
| Notes | 2024 | 2023 | ||||||
| £ | £ | |||||||
| Turnover | 2 | |||||||
| Cost of sales | ( |
( |
||||||
| Gross profit | ||||||||
| Distribution costs | ( |
( |
||||||
| Administrative expenses | ( |
( |
||||||
| Operating profit | 3 | |||||||
| Interest payable | 6 | ( |
( |
|||||
| Profit on ordinary activities before taxation | ||||||||
| Tax on profit on ordinary activities | 7 | ( |
( |
|||||
| Profit for the financial year | ||||||||
| Statement of Financial Position | |||||||
| as at |
|||||||
| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 8 | ||||||
| Current assets | |||||||
| Stocks | 9 | ||||||
| Debtors | 10 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 11 | ( |
( |
||||
| Net current assets | |||||||
| Total assets less current liabilities | |||||||
| Creditors: amounts falling due after more than one year | 12 | ( |
( |
||||
| Provisions for liabilities | |||||||
| Deferred taxation | 15 | ( |
( |
||||
| Net assets | |||||||
| Capital and reserves | |||||||
| Called up share capital | 16 | ||||||
| Share premium | 17 | ||||||
| Profit and loss account | 18 | ||||||
| Total equity | |||||||
| K R Jones | |||||||
| Director | |||||||
| Approved by the board on |
|||||||
| Statement of Changes in Equity | ||||||||||
| for the year ended |
||||||||||
| Share | Share | Other | Profit | Total | ||||||
| capital | premium | reserves | and loss | |||||||
| account | ||||||||||
| £ | £ | £ | £ | £ | ||||||
| At 1 September 2022 | - | |||||||||
| Profit for the financial year | 1,003,190 | 1,003,190 | ||||||||
| Dividends | ( |
( |
||||||||
| At 31 August 2023 | 750,105 | 1,995 | - | 2,201,040 | 2,953,140 | |||||
| At 1 September 2023 | - | |||||||||
| Profit for the financial year | ||||||||||
| Dividends | ( |
( |
||||||||
| At 31 August 2024 | - | |||||||||
| Statement of Cash Flows | |||||
| for the year ended |
|||||
| 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) | |||
| Interest paid | ( |
( |
|||
| Interest element of finance lease payments | ( |
( |
|||
| Corporation tax paid | ( |
( |
|||
| Cash generated by/(used in) operating activities | ( |
||||
| Investing activities | |||||
| Payments to acquire tangible fixed assets | ( |
( |
|||
| Proceeds from sale of tangible fixed assets | - | ||||
| Cash used in investing activities | ( |
( |
|||
| Financing activities | |||||
| Equity dividends paid | ( |
( |
|||
| Proceeds from new loans | |||||
| Repayment of loans | ( |
( |
|||
| Capital element of finance lease payments | ( |
( |
|||
| Cash (used in)/generated by financing activities | ( |
||||
| Net cash generated/(used) | |||||
| Cash generated by/(used in) operating activities | ( |
||||
| Cash used in investing activities | ( |
( |
|||
| Cash (used in)/generated by financing activities | ( |
||||
| Net cash generated/(used) | ( |
||||
| 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 | |||||
| Bank overdrafts | 11 | ( |
( |
||
| (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 | ||||||||
| Turnover | ||||||||
| 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 | ||||||||
| 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 | ||||||||
| Taxation | ||||||||
| Provisions | ||||||||
| Foreign currency translation | ||||||||
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 | ||||||||
| Pensions | ||||||||
| 2 | Analysis of turnover | 2024 | 2023 | |||||
| £ | £ | |||||||
| Sale of goods | ||||||||
| By geographical market: | ||||||||
| UK | ||||||||
| 3 | Operating profit | 2024 | 2023 | |||||
| £ | £ | |||||||
| This is stated after charging: | ||||||||
| Depreciation of owned fixed assets | ||||||||
| Depreciation of assets held under finance leases and hire purchase contracts | ||||||||
| Operating lease rentals - plant and machinery | ||||||||
| Operating lease rentals - land and buildings | ||||||||
| Auditors' remuneration for audit services | ||||||||
| Carrying amount of stock sold | ||||||||
| 4 | Remuneration of directors & key management personnel | 2024 | 2023 | |||||
| £ | £ | |||||||
| Directors remuneration | ||||||||
| Company contributions to defined contribution pension plans | ||||||||
| 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 | ||||||||
| Social security costs | ||||||||
| Other pension costs | ||||||||
| Average number of employees during the year | Number | Number | ||||||
| Administration | ||||||||
| Distribution | ||||||||
| Sales | ||||||||
| 6 | Interest payable | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank loans and overdrafts | ||||||||
| Other loans | - | |||||||
| Finance charges payable under finance leases and hire purchase contracts | ||||||||
| 7 | Taxation | 2024 | 2023 | |||||
| £ | £ | |||||||
| Analysis of charge in period | ||||||||
| Current tax: | ||||||||
| UK corporation tax on profits of the period | ||||||||
| Adjustments in respect of previous periods | - | |||||||
| Deferred tax: | ||||||||
| Origination and reversal of timing differences | ( |
|||||||
| Tax on profit on ordinary activities | ||||||||
| 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 | ||||||||
| £ | £ | |||||||
| Profit on ordinary activities multiplied by the standard rate of corporation tax | ||||||||
| Effects of: | ||||||||
| Expenses not deductible for tax purposes | ( |
|||||||
| Capital allowances for period in excess of depreciation | ( |
( |
||||||
| Utilisation of tax losses | ( |
- | ||||||
| Adjustments to tax charge in respect of previous periods | - | |||||||
| Current tax charge for period | ||||||||
| Factors that may affect future tax charges | ||||||||
| 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 | ||||||||
| Additions | - | |||||||
| At 31 August 2024 | ||||||||
| Depreciation | ||||||||
| At 1 September 2023 | ||||||||
| Charge for the year | ||||||||
| At 31 August 2024 | ||||||||
| Carrying amount | ||||||||
| At 31 August 2024 | - | |||||||
| At 31 August 2023 | - | |||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Carrying value of plant and machinery included above held under finance leases and hire purchase contracts | ||||||||
| 9 | Stocks | 2024 | 2023 | |||||
| £ | £ | |||||||
| Finished goods and goods for resale | ||||||||
| 10 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade debtors | ||||||||
| Amounts owed by group undertakings and undertakings in which the company has a participating interest | - | |||||||
| Prepayments and accrued income | ||||||||
| 11 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank overdrafts | ||||||||
| Bank loans | ||||||||
| Obligations under finance lease and hire purchase contracts | ||||||||
| Trade creditors | ||||||||
| Corporation tax | ||||||||
| Other taxes and social security costs | ||||||||
| Other creditors | ||||||||
| Accruals and deferred income | - | |||||||
| 12 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank loans | ||||||||
| Obligations under finance lease and hire purchase contracts | ||||||||
| Amounts owed to group undertakings and undertakings in which the company has a participating interest | - | |||||||
| 13 | Loans | 2024 | 2023 | |||||
| £ | £ | |||||||
| Analysis of maturity of debt: | ||||||||
| Within one year or on demand | ||||||||
| Between one and two years | ||||||||
| Between two and five years | ||||||||
| After five years | ||||||||
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 | ||||||||
| Within two to five years | ||||||||
| 15 | Deferred taxation | 2024 | 2023 | |||||
| £ | £ | |||||||
| Accelerated capital allowances | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| At 1 September | ||||||||
| Charged/(credited) to the profit and loss account | ( |
|||||||
| At 31 August | ||||||||
| 16 | Share capital | Nominal | 2024 | 2024 | 2023 | |||
| value | Number | £ | £ | |||||
| Allotted, called up and fully paid: | ||||||||
| £ |
||||||||
| £ |
||||||||
| £ |
||||||||
| 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 | ||||||||
| At 31 August | ||||||||
| 18 | Profit and loss account | 2024 | 2023 | |||||
| £ | £ | |||||||
| At 1 September | ||||||||
| Profit for the financial year | ||||||||
| Dividends | ( |
( |
||||||
| At 31 August | ||||||||
| 19 | Dividends | 2024 | 2023 | |||||
| £ | £ | |||||||
| Dividends on ordinary shares (note 18) | ||||||||
| 20 | Defined benefit pension plans | |||||||
| 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 | ||||||||
| within two to five years | - | |||||||
| in over five years | - | - | - | |||||
| 22 | Related party transactions | |||||||
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 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. |
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| 24 | Presentation currency | |||||||
| 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 | ||||||||