Registered number
12949835
Gateway Cycles Limited
Unaudited Filleted Accounts
30 September 2024
Gateway Cycles Limited
Registered number: 12949835
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 14,580 17,010
Tangible assets 4 31,780 43,971
46,360 60,981
Current assets
Stocks 233,284 320,000
Debtors 5 6,489 2,858
Cash at bank and in hand 8,621 2,749
248,394 325,607
Creditors: amounts falling due within one year 6 (165,224) (198,165)
Net current assets 83,170 127,442
Total assets less current liabilities 129,530 188,423
Creditors: amounts falling due after more than one year 7 (87,910) (80,892)
Provisions for liabilities (4,556) (6,141)
Net assets 37,064 101,390
Capital and reserves
Called up share capital 100 100
Profit and loss account 36,964 101,290
Shareholders' funds 37,064 101,390
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Claire Bowen
Director
Approved by the board on 22 May 2025
Gateway Cycles Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts 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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings 20% straight line
Plant and machinery 20% reducing balance
Fixtures and fittings 20% reducing balance
Computers 25% reducing balance
Motor vehicles 25% reducing balance
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 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 24,300
At 30 September 2024 24,300
Amortisation
At 1 October 2023 7,290
Provided during the year 2,430
At 30 September 2024 9,720
Net book value
At 30 September 2024 14,580
At 30 September 2023 17,010
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 17,874 18,389 36,000 72,263
At 30 September 2024 17,874 18,389 36,000 72,263
Depreciation
At 1 October 2023 10,426 7,179 10,687 28,292
Charge for the year 3,575 2,288 6,328 12,191
At 30 September 2024 14,001 9,467 17,015 40,483
Net book value
At 30 September 2024 3,873 8,922 18,985 31,780
At 30 September 2023 7,448 11,210 25,313 43,971
5 Debtors 2024 2023
£ £
Trade debtors 1,200 -
Corporation tax repayable 2,308 -
Other debtors 2,981 2,858
6,489 2,858
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 52,500 48,711
Other loans 47,544 40,587
Obligations under finance lease and hire purchase contracts 3,593 4,346
Trade creditors 42,886 46,169
Taxation and social security costs 10,176 14,962
Other creditors 8,525 43,390
165,224 198,165
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans 76,199 65,588
Obligations under finance lease and hire purchase contracts 11,711 15,304
87,910 80,892
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 101,652 135,536
9 Share Capital 2024 2023 2024 2023
Number Number £ £
Ordinary share capital
Ordinary A of £1 each 50 50 50 50
Ordinary B of £1 each 50 50 50 50
100 100 100 100
10 Related party transactions
None noted.
11 Controlling party
Company directors Claire Bowen and Richard Bowen each hold 50% of the issued share capital of the company. Together they are the ultimate controlling party of Gateway Cycles Limited.
12 Transactions with directors
During the year both directors used a current account with the company to record amounts due to them and amounts drawn by them.
The account shows an amount owing back to Claire Bowen as a director as at 30th September 2024 of £1,499.03 (2023: £3,386.12).
The account shows an amount owing back to Richard Bowen as a director as at 30th September 2024 of £1,499.03 (2023: £3,386.13).
The amounts are repayable on demand and carry interest.
13 Other information
Gateway Cycles Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
5 Brecon Road
Abergavenny
Monmouthshire
NP7 5UH
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