Company registration number 10098146 (England and Wales)
THE BIKE CLUB LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE BIKE CLUB LIMITED
COMPANY INFORMATION
Directors
J Symes
M Balfour
JR Lawson-Brown
D Mowat
A Shukla
J Robinson
(Appointed 24 November 2023)
Secretary
J Symes
Company number
10098146
Registered office
1 Long Lane
London
United Kingdom
SE1 4PG
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
THE BIKE CLUB LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 35
THE BIKE CLUB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Principal activities
The principal activity of the Company and Group continued to be that of bike hire.
Review of the business
The principal activity of the Group is the provision of bike subscription services across the UK and Europe.
The wider bike industry continued to experience a decline in sales. Despite this back drop the Group maintained a highly differentiated position, with an increase in revenue and members during the year. Revenue increased by 52% to £7,475,964 (2023: £4,933,310) driven by subscription growth of 38%. Losses before tax decreased to £8,670,664 (2023: £8,835,996) as the Group continued investment in staff and infrastructure to support growth. The Group held cash of £1,220,063 (2023: £5,225,322). It has been a successful year for the Group which continued to grow in both the UK and Germany, following receiving Series B funding.
The Group continues to perform strongly in the German market where it has been well received. The UK remains a key market for the Group, however Germany represents an exciting growth opportunity which could grow to be bigger than the UK in the medium term.
The Group fundamentally believes that by changing from the linear to circular consumption of hard consumer products consumers can reduce their impact on the environment whilst maintaining their economic utility. The Group will continue to work towards a world where circular consumption is an easy choice for consumers to make.
Key Performance Indicators
The KPIs used across the Group are relevant to the type of business it operates.
The Group continually monitors the performance of its operations and other activities through regular reviews using key performance indicators (KPIs) as tools for measurement.
The directors consider that the Group performed well against KPI targets in the year and look forward to the continued growth of the business. The Board monitors the progress of the Group by reference to the following key performance indicators:
THE BIKE CLUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Financial Risk Management Objectives and Policies
Economic risk:
The risk of inflation and a deteriorating economic environment may have an adverse impact on consumer demand and affordability. These risks are managed by the Group’s leading proposition and data technology. Ensuring that the Group’s subscription always offer the maximum value and flexibility to members.
Financial risk:
The Group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.
Liquidity and cash flow risk:
The Group’s policy is to ensure that sufficient resources are available either from cash balances and cash flows to ensure all obligations can be met when they fall due.
Regulatory risk:
The Group is regulated by the Financial Conduct Authority. The risk of non-compliance is mitigated by having an experienced management team and board and by regular monitoring of employees.
Future developments
The directors expect the general level of activity to increase in the forthcoming year. This is as a result of expansion into various geographic locations, including Germany. Management plan on financing these expansions through taking on additional funding through a combination of debt and equity.
J Symes
Director
9 June 2025
THE BIKE CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Symes
M Balfour
C Carroll
(Resigned 21 November 2023)
JR Lawson-Brown
D Mowat
A Shukla
J Robinson
(Appointed 24 November 2023)
Financial risk management objectives and policies
The Group's activities expose it to a number of financial risks including cash flow and liquidity risk. The Group does not use derivative financial instruments for speculative purposes.
Below are the financial risks affecting the group as well as the financial management procedures taken to mitigate these risks:
Liquidity risk
The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business. The Group ensures that sufficient funding is in place before any new commitments are entered into. The cash position and cash flow forecasts are monitored by management on a regular basis. The review provides liquidity assurance for the Group and the ability to mitigate any financial risks that could arise from significant cash items, planned or unplanned, through contingency scenarios.
Cash flow risk
The Group has significant external borrowing in place and therefore are exposed to interest rate risk on its fixed rate borrowings, bank overdrafts and loans. The Group has fixed loan rates only, which reduces its exposure to changes in interest rates. The directors review monthly financial performance, which includes management cash flow, sensitivity analysis, covenants of the debt facility, assumptions and financials on a forward and backward basis, and credit controls. All customers who wish to trade on credit terms are subject to credit verification procedures.
Foreign currency risk
The Group’s principal foreign currency exposure arise from trading with overseas companies. Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
THE BIKE CLUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Post reporting date events
The Group issued loan notes in April 2024 to the value of £5,000,000.
In December 2024, the Group agreed an extension to the maturity date of its existing loan facilities with Triplepoint ("TPG") of £19.04m until March 2026. A further £2.25m of convertible loan notes have been issued between December 2024 and March 2025.
After the period end, following the Group's soft launch in Spain to explore the product market fit in the prior year, management took the decision to cease operations in Spain.
The Group also ceased operations in Gibraltar, which comprised of back office support, with these services being transferred into UK operations instead.
Future developments
Details of future developments can be found in the Strategic Report on page 2 and form part of this report by cross-reference.
Auditor
The auditors, Azets Audit Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the Company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the Company is aware of that information.
On behalf of the board
J Symes
Director
9 June 2025
THE BIKE CLUB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
The directors are responsible for preparing the Annual Report and the 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 (United Kingdom Accounting Standards 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 Group and Company, and of the profit or loss of the Group 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 accounting 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 Group and Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE BIKE CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE BIKE CLUB LIMITED
- 6 -
Opinion
We have audited the financial statements of The Bike Club Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended 31 March 2024 which comprise the:
the Group statement of comprehensive income;
the Group and Parent Company balance sheet;
the Group and Parent Company statement of changes in equity;
the Group statement of cash flows; and
the related notes, 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 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 Group’s, and of the Parent Company’s affairs as at 31 March 2024, and of the Groups loss for the year then ended;
the Group financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
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 Group and Parent 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
We draw attention to note 1.3 in the financial statements, concerning the current position and performance of the Company and the matters set out within. As stated in note 1.3 these factors indicate that a material uncertainty exists that may cast significant doubt on the Group and Company’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
In auditing the Group financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the Group financial statements is appropriate.
Our responsibilities and the responsibilities of directors with respect to going concern are described in the relevant sections of this report.
THE BIKE CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BIKE CLUB LIMITED
- 7 -
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 our 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 Group and the Parent Company and their 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company 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 Parent 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 Parent 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
THE BIKE CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE BIKE CLUB LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Alistair Campbell
Senior Statutory Auditor
For and on behalf of Azets Audit Services
9 June 2025
Chartered Accountants
Statutory Auditor
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
THE BIKE CLUB LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
7,475,964
4,933,310
Cost of sales
(1,558,054)
(1,309,183)
Gross profit
5,917,910
3,624,127
Administrative expenses
(13,090,412)
(11,672,680)
Operating loss
4
(7,172,502)
(8,048,553)
Interest receivable and similar income
8
88,092
14,495
Interest payable and similar expenses
9
(1,586,254)
(801,938)
Loss before taxation
(8,670,664)
(8,835,996)
Tax on loss
10
192,282
340,483
Loss for the financial year
(8,478,382)
(8,495,513)
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
8,289
(12)
Total comprehensive income for the year
(8,470,093)
(8,495,525)
Loss for the financial year is all attributable to the owners of the Parent Company.
Total comprehensive income for the year is all attributable to the owners of the Parent Company.
THE BIKE CLUB LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
480,133
186,372
Tangible assets
12
16,983,749
13,687,254
17,463,882
13,873,626
Current assets
Stocks
15
-
26,569
Debtors
16
2,010,802
2,226,060
Cash at bank and in hand
1,220,063
5,225,322
3,230,865
7,477,951
Creditors: amounts falling due within one year
17
(22,105,022)
(1,814,780)
Net current (liabilities)/assets
(18,874,157)
5,663,171
Total assets less current liabilities
(1,410,275)
19,536,797
Creditors: amounts falling due after more than one year
18
(32,971)
(12,499,401)
Provisions for liabilities
Provisions
21
12,230
22,779
(12,230)
(22,779)
Net (liabilities)/assets
(1,455,476)
7,014,617
Capital and reserves
Called up share capital
23
617
617
Share premium account
24
22,473,156
22,473,156
Profit and loss reserves
(23,929,249)
(15,459,156)
Total equity
(1,455,476)
7,014,617
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
09 June 2025
J Symes
Director
Company registration number 10098146 (England and Wales)
THE BIKE CLUB LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
382,574
186,372
Tangible assets
12
13,451,078
13,413,470
Investments
13
25,963
22,861
13,859,615
13,622,703
Current assets
Stocks
15
-
26,569
Debtors
16
1,557,213
2,547,082
Cash at bank and in hand
973,715
5,207,294
2,530,928
7,780,945
Creditors: amounts falling due within one year
17
(20,709,268)
(3,984,165)
Net current (liabilities)/assets
(18,178,340)
3,796,780
Total assets less current liabilities
(4,318,725)
17,419,483
Creditors: amounts falling due after more than one year
18
(32,971)
(9,986,454)
Provisions for liabilities
Provisions
21
12,230
22,779
(12,230)
(22,779)
Net (liabilities)/assets
(4,363,926)
7,410,250
Capital and reserves
Called up share capital
23
617
617
Share premium account
24
22,473,156
22,473,156
Profit and loss reserves
(26,837,699)
(15,063,523)
Total equity
(4,363,926)
7,410,250
As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s loss for the year was £11,774,176 (2023 - £8,165,930 loss).
The financial statements were approved by the board of directors and authorised for issue on 9 June 2025 and are signed on its behalf by:
09 June 2025
J Symes
Director
Company registration number 10098146 (England and Wales)
THE BIKE CLUB LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
191
1,422,891
(6,963,631)
(5,540,549)
Year ended 31 March 2023:
Loss for the year
-
-
(8,495,513)
(8,495,513)
Other comprehensive income:
Currency translation differences
-
-
(12)
(12)
Total comprehensive income
-
-
(8,495,525)
(8,495,525)
Issue of share capital
23
426
-
426
Other movements
-
21,050,265
-
21,050,265
Balance at 31 March 2023
617
22,473,156
(15,459,156)
7,014,617
Year ended 31 March 2024:
Loss for the year
-
-
(8,478,382)
(8,478,382)
Other comprehensive income:
Currency translation differences
-
-
8,289
8,289
Total comprehensive income
-
-
(8,470,093)
(8,470,093)
Balance at 31 March 2024
617
22,473,156
(23,929,249)
(1,455,476)
THE BIKE CLUB LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
191
1,422,891
(6,897,593)
(5,474,511)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(8,165,930)
(8,165,930)
Issue of share capital
23
426
-
426
Other movements
-
21,050,265
-
21,050,265
Balance at 31 March 2023
617
22,473,156
(15,063,523)
7,410,250
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
(11,774,176)
(11,774,176)
Balance at 31 March 2024
617
22,473,156
(26,837,699)
(4,363,926)
THE BIKE CLUB LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(2,867,848)
(8,281,012)
Interest paid
(1,586,254)
(801,938)
Income taxes refunded
128,211
-
Net cash outflow from operating activities
(4,325,891)
(9,082,950)
Investing activities
Purchase of intangible assets
(393,250)
(7,685)
Purchase of tangible fixed assets
(5,920,388)
(7,493,527)
Proceeds from disposal of tangible fixed assets
45,974
1,628,966
Interest received
88,092
14,495
Net cash used in investing activities
(6,179,572)
(5,857,751)
Financing activities
Proceeds from issue of shares
-
12,911,182
Proceeds of borrowings
6,507,992
7,376,018
Repayment of bank loans
(9,391)
(116,513)
Payment of finance leases obligations
(6,686)
(322,086)
Net cash generated from financing activities
6,491,915
19,848,601
Net (decrease)/increase in cash and cash equivalents
(4,013,548)
4,907,900
Cash and cash equivalents at beginning of year
5,225,322
317,434
Effect of foreign exchange rates
8,289
(12)
Cash and cash equivalents at end of year
1,220,063
5,225,322
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information
The Bike Club Limited (“the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Long Lane, London, SE1 4PG.
The Group consists of The Bike Club Limited and all of its subsidiaries.
The principal activity of the Company and its subsidiaries (the Group) are set out in the strategic report.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
For the period ended 31 March 2024, BC Asset Co (14312887) is entitled to exemption from audit over section 479A of the Companies Act 2006 relating to subsidiary companies.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the Parent Company, The Bike Club Limited, together with all entities controlled by the Parent Company (its subsidiaries) and the Group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the Group’s financial statements from the date that control commences until the date that control ceases.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern
At the time of approving these financial statements, the directors have a reasonable expectation that the Group and Company will have adequate resources to continue in operational existence for the foreseeable future.
The Group continues to be in a growth phase, concentrating on expanding its fleet, customer base and marketing reach. These expansion activities have been supported through a combination of the Group’s existing debt facilities and the issuance of additional loan notes after the year end raising further capital.
The Group incurred a net loss during the financial year ended 31 March 2024 of £8,470,093 (2023: £8,495,525) and had net liabilities of £1,455,476 (2023: Net assets £7,014,617). Revenue grew to £7,475,964 (2023: £4,933,310). This was in line with the Group's growth plan to continue to increase the scale of the business.
The director’s monitor the ongoing operational and financial needs of the Group through the review of forecasts and projections which model expected subscription revenues, turnover growth, the business overheads, cash inflows and outflows and compliance with debt covenants. In reviewing these forecasts for the next 12 months from the approval of the accounts and considering a range of scenarios, the Group would need to raise additional funds in order to continue with its current business plan and avoid a possible covenant breach. As part of these range of scenarios the directors have a plan to reduce costs should it be necessary to allow time to seek further investment.
The directors, who also represent the existing investors, have an excellent track record of fund raising and working well with lenders and key stakeholders. Alongside this they have a number of available options to pursue with interested parties on raising additional finance. However as additional financing has not been secured at this point and negotiations and discussions with interested parties are ongoing, there remains a risk that if a covenant breach or a funding shortage did occur the Group may not have sufficient liquidity to repay outstanding amounts should it be required. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern.
Based however on the expectation of existing negotiations completing successfully, or the ability for the Group to locate additional sources of funding, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods and subscriptions are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years
Website
5 years
Brand
10 years
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Fixtures and fittings
20% straight line / 20% reducing balance
Computers
25% straight line
Motor vehicles
33% straight line
Fleet and other
75% residual value over 6-year straight line
Fleet items which are new and have not yet been subscribed to are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Historically, a 10-year straight-line depreciation method was used on fleet items. After a review of the business strategy a change has been made to update this depreciation policy of the fleet to be a 75% residual value over a 6-year straight-line policy.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the Parent Company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Impairment of fixed assets
At each reporting period end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
For fleet items these are tested for impairment through a period end asset count, which identifies any scrapped or stolen assets. If any are identified the entire value of these assets are considered to be impaired and subsequently disposed of.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Financial instruments
The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Provisions
Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Bad debt provision
Management have recognised a bad debt provision in relation to historical unrecovered revenue. Due to the lack of long standing historical data, management have had to rely on their expertise to estimate the proportion of bad debts.
Impairment of fleet
Management assesses impairment of the fleet through a period end asset count to identify any scrapped or stolen assets. If such impairment triggers exists, the value of these assets are considered to be impaired and subsequently disposed of.
Depreciation of fleet
The Company determines the estimated useful lives and related depreciation charges for its fleet. During the year, management introduced a new depreciation policy as they believed this to be a more appropriate basis based on a better understanding of the business model and nature of the assets held. The depreciation charge will change where the useful economic lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
A key aspect of this is the 75% residual value of the fleet, which an exercise was undertaken to arrive at this value. This will be revisited on an annual basis to ensure the estimate remains suitable.
With the exception of the estimates described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Subscriptions
7,472,802
4,913,469
Accessories
3,162
19,841
7,475,964
4,933,310
2024
2023
£
£
Turnover analysed by geographical market
UK
6,685,177
4,921,727
Europe
790,787
11,583
7,475,964
4,933,310
2024
2023
£
£
Other revenue
Interest income
88,092
14,495
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Exchange losses
53,923
4,268
Depreciation of owned tangible fixed assets
1,093,345
924,990
Impairment of owned tangible fixed assets
1,040,533
-
Loss on disposal of tangible fixed assets
444,041
-
Amortisation of intangible assets
99,489
66,950
Operating lease charges
1,036,163
658,244
5
Auditor's remuneration
2024
2023
Fees payable to the Company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the Group and Company
85,000
55,000
For other services
All other non-audit services
13,000
12,000
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
6
Employees
The average monthly number of persons (including directors) employed by the Group and Company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin
69
46
35
29
Distribution
51
53
51
53
Total
120
99
86
82
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,503,433
2,717,714
2,151,283
2,306,360
Social security costs
422,219
272,913
339,192
232,715
Pension costs
46,770
33,651
46,770
26,844
3,972,422
3,024,278
2,537,245
2,565,919
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
179,350
174,596
Company pension contributions to defined contribution schemes
1,321
1,321
180,671
175,917
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
88,092
14,495
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,257
20,792
Interest on finance leases and hire purchase contracts
2,127
32,739
Other interest
1,582,870
748,407
Total finance costs
1,586,254
801,938
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(192,282)
(340,483)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(8,670,664)
(8,835,996)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(2,167,666)
(1,678,839)
Effect of overseas tax rates
113,895
10,005
Fixed asset differences
184
(342,354)
Expenses not deductible for tax purposes
(1,007,851)
18,028
Additional deduction for R&D expenditure
(90,975)
Surrender of tax losses for R&D tax refund
196,760
Remeasurement of deferred tax not recognised
2,891,371
(612,912)
Movement in deferred tax not recognised
-
2,607,895
Impact of R&D
(128,000)
(342,306)
Taxation credit
(192,282)
(340,483)
The Group had an unrecognised deferred tax asset of £6,190,291 (2023: £3,298,921).
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19% as previously enacted). This new law was substantively enacted on 24th May 2021.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
11
Intangible fixed assets
Group
Software
Website
Brand
Total
£
£
£
£
Cost
At 1 April 2023
61,320
275,990
337,310
Additions - internally developed
338,403
7,145
345,548
Additions - separately acquired
47,702
47,702
At 31 March 2024
399,723
283,135
47,702
730,560
Amortisation and impairment
At 1 April 2023
20,563
130,375
150,938
Amortisation charged for the year
43,457
56,032
99,489
At 31 March 2024
64,020
186,407
250,427
Carrying amount
At 31 March 2024
335,703
96,728
47,702
480,133
At 31 March 2023
40,757
145,615
186,372
Company
Software
Website
Brand
Total
£
£
£
£
Cost
At 1 April 2023
61,320
275,990
337,310
Additions - internally developed
229,334
7,145
236,479
Additions - separately acquired
47,702
47,702
At 31 March 2024
290,654
283,135
47,702
621,491
Amortisation and impairment
At 1 April 2023
20,563
130,375
150,938
Amortisation charged for the year
31,947
56,032
87,979
At 31 March 2024
52,510
186,407
238,917
Carrying amount
At 31 March 2024
238,144
96,728
47,702
382,574
At 31 March 2023
40,757
145,615
186,372
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Fleet
Total
£
£
£
£
£
£
Cost
At 1 April 2023
237,303
24,804
133,231
27,994
14,387,888
14,811,220
Additions
47,760
5,411
26,910
5,840,307
5,920,388
Disposals
(768,226)
(768,226)
At 31 March 2024
285,063
30,215
160,141
27,994
19,459,969
19,963,382
Depreciation and impairment
At 1 April 2023
96,773
9,120
56,852
6,999
954,222
1,123,966
Depreciation charged in the year
62,141
5,687
32,406
9,331
983,780
1,093,345
Impairment losses
1,040,533
1,040,533
Eliminated in respect of disposals
(278,211)
(278,211)
At 31 March 2024
158,914
14,807
89,258
16,330
2,700,324
2,979,633
Carrying amount
At 31 March 2024
126,149
15,408
70,883
11,664
16,759,645
16,983,749
At 31 March 2023
140,530
15,684
76,379
20,995
13,433,666
13,687,254
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 28 -
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Fleet
Total
£
£
£
£
£
£
Cost
At 1 April 2023
232,362
21,028
119,466
27,994
14,130,442
14,531,292
Additions
47,760
20,166
2,852,589
2,920,515
Disposals
(1,119,081)
(1,119,081)
At 31 March 2024
280,122
21,028
139,632
27,994
15,863,950
16,332,726
Depreciation and impairment
At 1 April 2023
95,611
8,544
54,934
6,999
951,734
1,117,822
Depreciation charged in the year
61,153
4,481
28,244
9,331
898,295
1,001,504
Impairment losses
1,040,533
1,040,533
Eliminated in respect of disposals
(278,211)
(278,211)
At 31 March 2024
156,764
13,025
83,178
16,330
2,612,351
2,881,648
Carrying amount
At 31 March 2024
123,358
8,003
56,454
11,664
13,251,599
13,451,078
At 31 March 2023
136,751
12,484
64,532
20,995
13,178,708
13,413,470
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
20,995
-
20,995
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
25,963
22,861
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
22,861
Additions
3,102
At 31 March 2024
25,963
Carrying amount
At 31 March 2024
25,963
At 31 March 2023
22,861
14
Subsidiaries
Details of the Company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Bike Club (Gib) Limited
Suite 23, Portland House, Glacis Road, Gibraltar
Administration
Ordinary shares
100.00
BC Asset Co Limited*
1 Long Lane, London, United Kingdom, SE1 4PG
Administration
Ordinary shares
100.00
The Bike Club DE GmbH
c/o District One, Hauptstrasse, 151 10827, Berlin
Bike Leasing
Ordinary shares
100.00
Iberian Bike Subscriptions SL
Calle de la Diputació, 211, 08011, Barcelona
Bike Leasing
Ordinary shares
100.00
*The subsidiary has claimed exemption from audit under s479A of the Companies Act 2006 (see note 25).
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
26,569
26,569
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
88,605
136,184
62,553
132,480
Corporation tax recoverable
66,716
Amounts owed by group undertakings
-
-
-
423,829
Other debtors
1,427,483
1,386,015
1,268,558
1,342,871
Prepayments and accrued income
427,998
703,861
226,102
647,902
2,010,802
2,226,060
1,557,213
2,547,082
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
10,005
10,648
10,005
10,648
Obligations under finance leases
20
4,371
6,686
4,371
6,686
Other borrowings
19
18,961,303
15,961,303
Trade creditors
1,420,800
800,923
560,333
617,646
Amounts owed to group undertakings
2,657,502
2,397,912
Corporation tax payable
4,468
1,823
Other taxation and social security
114,859
74,850
96,500
74,850
Other creditors
308,424
109,506
303,615
93,247
Accruals and deferred income
1,280,792
810,344
1,115,639
783,176
22,105,022
1,814,780
20,709,268
3,984,165
Included within other creditors is an amount in respect of pensions payable of £10,435 (2023: £7,289).
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
19,739
28,487
19,739
28,487
Obligations under finance leases
20
13,232
17,603
13,232
17,603
Other borrowings
19
12,453,311
9,940,364
32,971
12,499,401
32,971
9,986,454
The finance leases and loans are secured on the assets to which they relate.
There are no creditors falling due after more than five years.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
29,744
39,135
29,744
39,135
Other loans
18,961,303
12,453,311
15,961,303
9,940,364
18,991,047
12,492,446
15,991,047
9,979,499
Payable within one year
18,971,308
10,648
15,971,308
10,648
Payable after one year
19,739
12,481,798
19,739
9,968,851
The Group has variable rate, unsecured shareholder loans accruing interest at 10% per annum. Subsequent to the year end, the terms of the loan were renegotiated and the existing loan facilities have been extended to expire in March 2026.
Within bank loans is the bounce back loan with a fixed interest rate of 2.5%.
The terms of the loans restrict the Group from making significant acquisitions or disposals without the consent of the lender.
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,371
3,935
4,371
3,935
In two to five years
13,232
20,354
13,232
20,354
17,603
24,289
17,603
24,289
Finance lease payments represent rentals payable by the Company or Group for certain items of plant and machinery and fleet. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Warranty and loss provision
12,230
22,779
12,230
22,779
Movements on provisions:
Warranty and loss provision
Group
£
Additional provisions in the year
12,230
Company
£
Additional provisions in the year
12,230
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
46,770
33,651
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.
23
Share capital
Group and Company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
B Ordinary of 0.001p each
7,710,000
7,710,000
77
77
Ordinary of 0.001p each
10,892,623
10,892,623
114
114
18,602,623
18,602,623
191
191
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Share capital
(Continued)
- 33 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
A Preferred of 0.001p each
21,082,045
21,082,045
206
206
B Preferred of 0.001p each
21,990,936
21,990,936
220
220
43,072,981
43,072,981
426
426
Preference shares classified as equity
426
426
Total equity share capital
617
617
Share classes
As described in the Company's Articles, Class B Ordinary Shares and Ordinary Shares rank pari-passu but shall constitute separate classes. All share classes carry voting dividend and distribution rights.
24
Other Reserves
Share Premium Account
This reserve represents the amounts above the nominal value received for issued share capital, less transaction costs.
Profit and Loss Reserve
The profit and loss reserve represents accumulation of profit or losses.
25
Financial commitments, guarantees and contingent liabilities
As disclosed in note 14, the Company’s subsidiaries listed have taken advantage of the exemption from audit available under section 479A of the Companies Act 2006. As a condition of the exemption, all outstanding liabilities as at the year end for these subsidiaries are guaranteed by the Company until they are settled in full.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
26
Operating lease commitments
Lessee
At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
836,985
723,700
729,731
701,700
Between two and five years
927,667
1,344,385
919,730
1,335,043
In over five years
263,220
450,106
263,220
450,106
2,027,872
2,518,191
1,912,681
2,486,849
27
Events after the reporting date
The Group issued loan notes in April 2024 to the value of £5,000,000.
In December 2024, the Group agreed an extension to the maturity date of its existing loan facilities with Triplepoint ("TPG") of £19.04m until March 2026. A further £2.25m of convertible loan notes have been issued between December 2024 and March 2025.
After the period end, following the Group's soft launch in Spain to explore the product market fit in the prior year, management took the decision to cease operations in Spain.
The Group also ceased operations in Gibraltar, which comprised of back office support, with these services being transferred into UK operations instead.
28
Related party transactions
The Group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
29
Controlling party
In the opinion of the Directors, there is no single ultimate controlling party.
THE BIKE CLUB LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
30
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(8,478,382)
(8,495,513)
Adjustments for:
Taxation credited
(192,282)
(340,483)
Finance costs
1,586,254
801,938
Investment income
(88,092)
(14,495)
Loss on disposal of tangible fixed assets
444,041
-
Amortisation and impairment of intangible assets
99,489
66,950
Depreciation and impairment of tangible fixed assets
2,133,878
924,990
(Decrease)/increase in provisions
(10,549)
22,779
Movements in working capital:
Decrease in stocks
26,569
7,578
Decrease/(increase) in debtors
281,974
(1,474,171)
Increase in creditors
1,329,252
219,415
Cash absorbed by operations
(2,867,848)
(8,281,012)
31
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,225,322
(4,005,259)
1,220,063
Borrowings excluding overdrafts
(12,492,446)
(6,498,601)
(18,991,047)
Obligations under finance leases
(24,289)
6,686
(17,603)
(7,291,413)
(10,497,174)
(17,788,587)
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