| Bikepark Holdings Limited |
| Group Strategic Report, Report of the Directors and |
| Audited Consolidated Financial Statements for the Year Ended 30 September 2024 |
| Bikepark Holdings Limited |
| Group Strategic Report, Report of the Directors and |
| Audited Consolidated Financial Statements for the Year Ended 30 September 2024 |
| Bikepark Holdings Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
Andrew Miller, FCA |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Radnor House |
| Greenwood Close |
| Cardiff Gate Business Park |
| Cardiff |
| CF23 8AA |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| REVIEW OF BUSINESS & FUTURE DEVELOPMENTS |
| BikePark Holdings Limited is the holding company of Beic Parcio Cymru Limited. Beic Parcio Cymru trades as BikePark Wales and is one of the leading mountain bike resorts in the United Kingdom. |
| Beic Parcio Cymru has traded well during the year. Revenue was in line with the previous year at £5.64m and with good cost control we improved Gross Profit to £4.8m. |
| Wage inflation has continued to impact the business as the cost of living crisis continues although we continue to invest in our staff and average employee numbers rose again. |
| Net Assets increased by £100k to £3.2m at the year end. |
| During the period, we continued to invest in our site at Gethin Woods, in particular our trail infrastructure and our people to ensure we remain a leader in the sector and a very popular visitor attraction in Wales. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Trading |
| Competition in the leisure and entertainment industry together with the influence of the weather and the impact of socio-economic environment on visitor numbers represent continuing risks for the Company. |
| Financial |
| The Company uses various financial instruments including loans and bank borrowings. The main purpose of these financial instruments is to raise finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks which are described in more detail below. |
| The main risks arising from the Company's financial instruments are: liquidity risk, credit risk, general economic conditions and cashflow interest rate risk: |
| Liquidity risk |
| The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs including the management of working capital and repayment of loans. |
| Credit risk |
| The Group's principal financial assets are cash. The credit risk associated with cash is limited. |
| Interest rate risk |
| The Company finances its operations through a mixture of retained profits, investor loans and bank borrowings. The Company's exposure to interest rate fluctuations on its borrowings is managed with the use of both fixed and floating rate facilities. |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Group Strategic Report |
| for the Year Ended 30 September 2024 |
| Other economic risk |
| The nature of the Group's business is that it is exposed to the general economic conditions prevailing in the United Kingdom. The COVID 19 recovery, impact of the Ukraine War on goods and services, and the economic challenges of the cost of living crisis may have a negative impact on consumer discretionary spending and in turn on the Group's financial performance. To help manage and mitigate this, the Company is broadening and evolving its offer to attract new customers and ensure existing customers have reason to return to the park again and again. |
| Other principal risks |
| Health and Safety |
| A culture of safety first is engrained at all levels of the business and both staff and visitor safety is central to all decision making. We take pride in being a leader in bike park best practice and continual evaluation is key to our strategy. |
| Staff retention |
| The Company invests significantly in training and the welfare of its employees to help with staff retention. We do this through creating a positive working environment, investing in staff development and training, and paying competitive wage rates across all positions within the Company. |
| GOING CONCERN |
| The directors have assessed the current trading conditions and group liquidity and concluded that the company has adequate resources to continue to operate for at least the next twelve months from the date of signing of the accounts. The directors therefore have prepared the financial statements on a going concern basis. |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| The directors consider the following to be key performance indicators:- |
| 2024 | 2023 |
| - | Revenue | £5.64m | £5.67m |
| - | EBITDA | £1.3m | £1.3m |
| - | Staff numbers | 88 | 87 |
| THIS REPORT WAS APPROVED BY THE BOARD: |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 September 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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; |
| - | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Report of the Directors |
| for the Year Ended 30 September 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information. |
| THIS REPORT WAS APPROVED BY THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Bikepark Holdings Limited |
| Opinion |
| We have audited the financial statements of Bikepark Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Profit & Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 affairs as at 30 September 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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. |
| Report of the Independent Auditors to the Members of |
| Bikepark Holdings Limited |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Bikepark Holdings Limited |
| Auditors' 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 a Report of the Auditors 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 gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risks of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
| The laws and regulations that we determined were most significant to the group were the Companies Act, UK Corporate Tax Laws, UK Employment Laws, and Health and Safety Regulations. |
| We obtained an understanding of how the group is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of board minutes and review of legal and professional spend for the year. |
| We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Bikepark Holdings Limited |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants |
| Statutory Auditor |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Consolidated Profit & Loss Account |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 5,635,439 | 5,674,440 |
| Cost of sales | (837,199 | ) | (958,939 | ) |
| GROSS PROFIT | 4,798,240 | 4,715,501 |
| Administrative expenses | (4,069,483 | ) | (3,870,362 | ) |
| 728,757 | 845,139 |
| Other operating income | 59,437 | 56,437 |
| OPERATING PROFIT | 3 | 788,194 | 901,576 |
| Interest receivable & similar income | 34,285 | 24,953 |
| 822,479 | 926,529 |
| Interest payable and similar expenses |
4 |
(283,783 |
) |
(296,585 |
) |
| PROFIT BEFORE TAXATION | 538,696 | 629,944 |
| Tax on profit | 5 | (171,819 | ) | (157,858 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
366,877 |
472,086 |
| Profit attributable to: |
| Owners of the parent | 366,877 | 472,086 |
| Total comprehensive income attributable to: |
| Owners of the parent | 366,877 | 472,086 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Consolidated Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 | - | - |
| Tangible assets | 8 | 3,723,561 | 3,380,696 |
| Investments | 9 | - | - |
| 3,723,561 | 3,380,696 |
| CURRENT ASSETS |
| Stocks | 10 | 244,008 | 224,604 |
| Debtors | 11 | 162,262 | 138,731 |
| Cash at bank and in hand | 1,313,138 | 2,448,589 |
| 1,719,408 | 2,811,924 |
| CREDITORS |
| Amounts falling due within one year | 12 | 1,191,155 | 1,376,442 |
| NET CURRENT ASSETS | 528,253 | 1,435,482 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
4,251,814 |
4,816,178 |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
(4,259,243 |
) |
(5,158,046 |
) |
| PROVISIONS FOR LIABILITIES | 17 | (355,000 | ) | (348,000 | ) |
| CAPITAL GRANTS | 18 | (144,874 | ) | (184,312 | ) |
| NET LIABILITIES | (507,303 | ) | (874,180 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 250,000 | 250,000 |
| Retained earnings | 20 | (757,303 | ) | (1,124,180 | ) |
| SHAREHOLDERS' FUNDS | (507,303 | ) | (874,180 | ) |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Consolidated Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by: |
| T Spencer - Director |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Company Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year |
267,679 |
473,922 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Company Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 | 250,000 | (1,596,266 | ) | (1,346,266 | ) |
| Changes in equity |
| Total comprehensive income | - | 472,086 | 472,086 |
| Balance at 30 September 2023 | 250,000 | (1,124,180 | ) | (874,180 | ) |
| Changes in equity |
| Total comprehensive income | - | 366,877 | 366,877 |
| Balance at 30 September 2024 | 250,000 | (757,303 | ) | (507,303 | ) |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 September 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,160,231 | 1,480,864 |
| Interest paid | (283,783 | ) | (296,585 | ) |
| Tax paid | (265,554 | ) | (129,438 | ) |
| Net cash from operating activities | 610,894 | 1,054,841 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,024,986 | ) | (326,306 | ) |
| Sale of tangible fixed assets | 194,134 | 133,406 |
| Interest received | 34,285 | 24,953 |
| Net cash from investing activities | (796,567 | ) | (167,947 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (949,778 | ) | (492,673 | ) |
| Net cash from financing activities | (949,778 | ) | (492,673 | ) |
| (Decrease)/increase in cash and cash equivalents | (1,135,451 | ) | 394,221 |
| Cash and cash equivalents at beginning of year |
2 |
2,448,589 |
2,054,368 |
| Cash and cash equivalents at end of year |
2 |
1,313,138 |
2,448,589 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 538,696 | 629,944 |
| Depreciation charges | 513,726 | 479,125 |
| Profit on disposal of fixed assets | (29,051 | ) | (41,032 | ) |
| Finance costs | 283,783 | 296,585 |
| Finance income | (34,285 | ) | (24,953 | ) |
| 1,272,869 | 1,339,669 |
| Increase in stocks | (19,404 | ) | (15,316 | ) |
| Increase in trade and other debtors | (23,531 | ) | (16,353 | ) |
| (Decrease)/increase in trade and other creditors | (69,703 | ) | 172,864 |
| Cash generated from operations | 1,160,231 | 1,480,864 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30/9/24 | 1/10/23 |
| £ | £ |
| Cash and cash equivalents | 1,313,138 | 2,448,589 |
| Year ended 30 September 2023 |
| 30/9/23 | 1/10/22 |
| £ | £ |
| Cash and cash equivalents | 2,448,589 | 2,054,368 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 30 September 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/10/23 | Cash flow | At 30/9/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,448,589 | (1,135,451 | ) | 1,313,138 |
| 2,448,589 | (1,135,451 | ) | 1,313,138 |
| Debt |
| Debts falling due within 1 year | (163,409 | ) | 50,975 | (112,434 | ) |
| Debts falling due after 1 year | (5,158,046 | ) | 898,803 | (4,259,243 | ) |
| (5,321,455 | ) | 949,778 | (4,371,677 | ) |
| Total | (2,872,866 | ) | (185,673 | ) | (3,058,539 | ) |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the value of services provided, net of vat and in relation to, the principal activity of the company, mountain bike park activities, under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. |
| Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. |
| Where deposits are received from customers in advance of services provided, or where revenue and sponsorship income is received in advance, the amounts are recorded as deferred income and included as part of creditors due within one year. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition in December 2017, is being amortised over its new estimated useful life of two years (previously sixteen years). |
| Tangible fixed assets |
| Short leasehold | - |
| Assets under construction | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Mountain bikes & vehicles | - |
| Office equipment | - |
| The short leasehold assets are held at their most recent valuation. Given it's unique nature the directors consider valuation to be equal to the total historic cost of the asset gross of grants received, less depreciation in line with the policy noted above. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Pension costs |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 2. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 2,104,183 | 1,975,816 |
| Social security costs | 189,829 | 162,688 |
| Other pension costs | 57,465 | 52,542 |
| 2,351,477 | 2,191,046 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| During the year, a total of key management personnel compensation of £467,337 was paid. |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | EMPLOYEES AND DIRECTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 182,910 | 273,382 |
| Directors' pension contributions to money purchase schemes | 4,727 | 7,434 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 3 |
| 3. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 517,039 | 483,511 |
| Profit on disposal of fixed assets | (29,051 | ) | (41,032 | ) |
| Audit fees | 12,680 | 12,685 |
| Auditors' remuneration for non audit work | 3,240 | 3,550 |
| Operating leases | 91,798 | 98,446 |
| 4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 18,695 | 31,469 |
| Loan note interest | 265,088 | 265,116 |
| 283,783 | 296,585 |
| 5. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 164,819 | 167,858 |
| Deferred tax | 7,000 | (10,000 | ) |
| Tax on profit | 171,819 | 157,858 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 538,696 | 629,944 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.008 %) |
134,674 |
138,638 |
| Effects of: |
| Expenses not deductible for tax purposes | 2,561 | 1,385 |
| Income not taxable for tax purposes | (22,122 | ) | (12,421 | ) |
| Depreciation in excess of capital allowances | 46,641 | 62,833 |
| Adjustments to tax charge in respect of previous periods | 3,065 | (22,577 | ) |
| Deferred tax | 7,000 | (10,000 | ) |
| Total tax charge | 171,819 | 157,858 |
| 6. | INDIVIDUAL PROFIT & LOSS ACCOUNT |
| As permitted by Section 408 of the Companies Act 2006, the Profit & Loss Account of the parent company is not presented as part of these financial statements. |
| 7. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 | 2,873,937 |
| AMORTISATION |
| At 1 October 2023 |
| and 30 September 2024 | 2,873,937 |
| NET BOOK VALUE |
| At 30 September 2024 | - |
| At 30 September 2023 | - |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Group |
| Assets |
| Short | under | Plant and |
| leasehold | construction | machinery |
| £ | £ | £ |
| COST |
| At 1 October 2023 | 3,773,970 | 85,701 | 849,429 |
| Additions | 145,918 | 417,441 | 204,615 |
| Disposals | - | - | (153,484 | ) |
| Reclassification/transfer | 297,225 | (354,860 | ) | 51,397 |
| At 30 September 2024 | 4,217,113 | 148,282 | 951,957 |
| DEPRECIATION |
| At 1 October 2023 | 1,069,102 | - | 495,701 |
| Charge for year | 274,803 | - | 126,038 |
| Eliminated on disposal | - | - | (119,121 | ) |
| At 30 September 2024 | 1,343,905 | - | 502,618 |
| NET BOOK VALUE |
| At 30 September 2024 | 2,873,208 | 148,282 | 449,339 |
| At 30 September 2023 | 2,704,868 | 85,701 | 353,728 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures | Mountain |
| and | bikes & | Office |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 | 159,662 | 256,216 | 22,592 | 5,147,570 |
| Additions | 15,864 | 225,553 | 15,595 | 1,024,986 |
| Disposals | (3,920 | ) | (214,862 | ) | (3,600 | ) | (375,866 | ) |
| Reclassification/transfer | 3,579 | - | 2,660 | 1 |
| At 30 September 2024 | 175,185 | 266,907 | 37,247 | 5,796,691 |
| DEPRECIATION |
| At 1 October 2023 | 96,482 | 87,918 | 17,671 | 1,766,874 |
| Charge for year | 22,642 | 88,350 | 5,206 | 517,039 |
| Eliminated on disposal | (3,347 | ) | (84,715 | ) | (3,600 | ) | (210,783 | ) |
| At 30 September 2024 | 115,777 | 91,553 | 19,277 | 2,073,130 |
| NET BOOK VALUE |
| At 30 September 2024 | 59,408 | 175,354 | 17,970 | 3,723,561 |
| At 30 September 2023 | 63,180 | 168,298 | 4,921 | 3,380,696 |
| 9. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: Gethin Woodland Centre, Abercanaid, Merthyr Tydfil, Rhondda Cynon Taff, CF48 1YZ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 10. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 244,008 | 224,604 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 102,741 | 23,526 |
| Amounts owed by group undertakings | - | - |
| Other debtors | - | 900 |
| Other debtors & prepayments | 59,521 | 114,305 |
| 162,262 | 138,731 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 14) | 112,434 |
163,409 |
| Trade creditors | 182,208 | 215,977 |
| Corporation tax | 89,700 | 190,435 |
| Social security and other taxes | 53,738 | 44,769 |
| VAT | 101,435 | 117,905 | - | - |
| Other creditors & accruals | 651,640 | 643,947 |
| 1,191,155 | 1,376,442 |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 14) | - | 101,345 |
| Other loans (see note 14) | 4,259,243 | 5,056,701 |
| 4,259,243 | 5,158,046 |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year | or on demand: |
| Bank loans | 112,434 | 163,409 |
| Amounts falling due between one | and two years: |
| Bank loans - 1-2 years | - | 101,345 |
| Other loans - 1-2 years | 4,259,243 | 5,056,701 | 4,259,243 |
| 4,259,243 | 5,158,046 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | LOANS - continued |
| The bank loans are repayable by instalments with an applicable interest rate of 4.37%. The aggregate monthly payment is £14,251 and the remaining term on the loan is 6 months from the balance sheet date. |
| The other loans are not repayable by instalments and interest is accruing at a rate of 7%. The loan note holders have agreed that repayment will be at least 12 months from the sign off of these accounts, so the loan is classed as repayable between 1-2 years, however the expectation is that this will be deferred further and the funds left within the business. |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 31,262 | 35,103 |
| Between one and five years | 427,786 | 140,412 |
| In more than five years | 2,600,000 | 158,419 |
| 3,059,048 | 333,934 |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans | 112,434 | 264,754 |
| Loan notes | 4,259,243 | 5,056,701 | 4,259,243 | 5,056,701 |
| 4,371,677 | 5,321,455 |
| The bank loans and loan notes contain fixed and equitable charges over the company's assets. |
| 17. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 355,000 | 348,000 |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 17. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 | 348,000 |
| Charge to Profit & Loss Account during year | 7,000 |
| Balance at 30 September 2024 | 355,000 |
| The deferred tax liability in relation tothe group was made up of the following :- |
| 2024 | 2023 |
| £ | £ |
| Accelerated capital allowances | 174,526 | 148,014 |
| Non-distributable reserve | 179,474 | 199,986 |
| 355,000 | 348,000 |
| 18. | CAPITAL GRANTS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Capital grants | 144,874 | 184,312 |
| The grants balance is being released in part over 60 months from October 2021 and 131 months from October 2023. |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 0.01 | 250,000 | 250,000 |
| Share Options |
| At the balance sheet date there were share options in place in relation to 1,315,790 A ordinary shares of £0.001 each and 189,393 ordinary shares of £0.01 each. |
| The option price for each share is £0.01 for the A ordinary shares and £0.0153 for the ordinary shares. |
| Bikepark Holdings Limited (Registered number: 10998024) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 20. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 October 2023 | (1,124,180 | ) |
| Profit for the year | 366,877 |
| At 30 September 2024 | (757,303 | ) |
| Company |
| Retained |
| earnings |
| £ |
| At 1 October 2023 |
| Profit for the year |
| At 30 September 2024 |