2023-11-012024-10-312024-10-31false13212861GLORIOUS CYCLING 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GLORIOUS CYCLING LTD

Registered Number
13212861
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

GLORIOUS CYCLING LTD
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

Philip Sears

Registered Address

2 Upperton Gardens
Eastbourne
BN21 2AH

Registered Number

13212861 (England and Wales)
GLORIOUS CYCLING LTD
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets386,86832,275
86,86832,275
Current assets
Stocks41,7002,817
Debtors519,01526,977
Cash at bank and on hand78,634228,785
99,349258,579
Creditors amounts falling due within one year6(184,488)(142,339)
Net current assets (liabilities)(85,139)116,240
Total assets less current liabilities1,729148,515
Net assets1,729148,515
Capital and reserves
Called up share capital22
Share premium202,997202,997
Profit and loss account(201,270)(54,484)
Shareholders' funds1,729148,515
The financial statements were approved and authorised for issue by the Director on 20 May 2025, and are signed on its behalf by:
Philip Sears
Director
Registered Company No. 13212861
GLORIOUS CYCLING LTD
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year74
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 November 234,20732,9172,04739,171
Additions15,82054,7771,55872,155
At 31 October 2420,02787,6943,605111,326
Depreciation and impairment
At 01 November 238485,5385106,896
Charge for year3,10413,67778117,562
At 31 October 243,95219,2151,29124,458
Net book value
At 31 October 2416,07568,4792,31486,868
At 31 October 233,35927,3791,53732,275
4.Stocks

2024

2023

££
Finished goods1,7002,817
Total1,7002,817
5.Debtors: amounts due within one year

2024

2023

££
Other debtors-15,235
Prepayments and accrued income19,01511,742
Total19,01526,977
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables9,5194,854
Taxation and social security12,15713,623
Other creditors112,953105,099
Accrued liabilities and deferred income49,85918,763
Total184,488142,339
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.