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REGISTERED NUMBER: 12277646 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

STRYPE STREET CYCLES LTD

STRYPE STREET CYCLES LTD (REGISTERED NUMBER: 12277646)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STRYPE STREET CYCLES LTD

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: K P Dawson
S P Pathmanathan





REGISTERED OFFICE: 8 Strype Street
London
United Kingdom
E1 7LF





REGISTERED NUMBER: 12277646 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

STRYPE STREET CYCLES LTD (REGISTERED NUMBER: 12277646)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 400 800
Tangible assets 5 5,777 8,860
6,177 9,660

CURRENT ASSETS
Stocks 381,158 407,525
Debtors 6 19,093 19,144
Cash at bank 51,340 118,134
451,591 544,803
CREDITORS
Amounts falling due within one year 7 (436,181 ) (452,593 )
NET CURRENT ASSETS 15,410 92,210
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,587

101,870

CREDITORS
Amounts falling due after more than one
year

8

(19,085

)

(29,277

)
NET ASSETS 2,502 72,593

STRYPE STREET CYCLES LTD (REGISTERED NUMBER: 12277646)

BALANCE SHEET - continued
29 February 2024

2024 2023
Notes £    £   

CAPITAL AND RESERVES
Called up share capital 65,368 65,200
Retained earnings (62,866 ) 7,393
SHAREHOLDERS' FUNDS 2,502 72,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2025 and were signed on its behalf by:





S P Pathmanathan - Director


STRYPE STREET CYCLES LTD (REGISTERED NUMBER: 12277646)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024


1. STATUTORY INFORMATION

Strype Street Cycles Ltd is a limited company, limited by shares, registered in England and Wales. Its registered office address is 8 Strype Street, London, E1 7LF and the registered number is 12277646.

2. ACCOUNTING POLICIES

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

The presentation currency of the financial statements is Pound Sterling (£) and figures are rounded to the nearest £1.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of goods and services
Revenue from a contract to provide goods and services is recognised in the period in which the goods and services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

(i) the amount of revenue can be reliably measured;
(ii) it is probable the Company will receive the consideration due under the contract;
(III) the stage of completion of the contract at the end of the reporting period can be measured reliably; and
(iv) the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised over their estimated useful life of five years.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment - 33.33% straight line method

Plant and Machinery - 20% straight line method

Fixtures and Fittings - 20% straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

STRYPE STREET CYCLES LTD (REGISTERED NUMBER: 12277646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

STRYPE STREET CYCLES LTD (REGISTERED NUMBER: 12277646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 2,000
AMORTISATION
At 1 March 2023 1,200
Charge for year 400
At 29 February 2024 1,600
NET BOOK VALUE
At 29 February 2024 400
At 28 February 2023 800

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 18,943
Additions 1,730
At 29 February 2024 20,673
DEPRECIATION
At 1 March 2023 10,083
Charge for year 4,813
At 29 February 2024 14,896
NET BOOK VALUE
At 29 February 2024 5,777
At 28 February 2023 8,860

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 219
Other debtors 19,093 18,925
19,093 19,144

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,246 9,932
Trade creditors 391,202 297,354
Taxation and social security 22,821 61,541
Other creditors 11,912 83,766
436,181 452,593

STRYPE STREET CYCLES LTD (REGISTERED NUMBER: 12277646)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

At 29 February 2024, the creditors balance included a pension liability of £849 (2023: £896).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 19,085 29,277

The balance is made up of a bounce bank loan issued by Natwest.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 55,000 70,000
Between one and five years - 50,000
55,000 120,000