| REGISTERED NUMBER: |
| Summertown Cycles Ltd |
| Unaudited Financial Statements |
| for the Period 1 July 2024 to 31 December 2024 |
| REGISTERED NUMBER: |
| Summertown Cycles Ltd |
| Unaudited Financial Statements |
| for the Period 1 July 2024 to 31 December 2024 |
| Summertown Cycles Ltd (Registered number: 13781689) |
| Contents of the Financial Statements |
| for the Period 1 July 2024 to 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 6 |
| Summertown Cycles Ltd |
| Company Information |
| for the Period 1 July 2024 to 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 8a Wingbury Courtyard |
| Business Village |
| Wingrave |
| Buckinghamshire |
| HP22 4LW |
| Summertown Cycles Ltd (Registered number: 13781689) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Summertown Cycles Ltd (Registered number: 13781689) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Summertown Cycles Ltd (Registered number: 13781689) |
| Notes to the Financial Statements |
| for the Period 1 July 2024 to 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Summertown Cycles Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement. |
| 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 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 and that are expected to apply to the reversal of the timing difference. |
| Current or deferred taxation liabilities are not discounted. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Summertown Cycles Ltd (Registered number: 13781689) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2024 to 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The directors are happy that it is appropriate to prepare the accounts on a going concern basis. The business is funded by loans from the directors and they have no intention of withdrawing their support. At the time these accounts are being signed the directors are confident the business is in a position to start making profits going forward. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 July 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 July 2024 |
| Charge for period |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 30 June 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and | Computer |
| property | machinery | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 July 2024 |
| Charge for period |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 30 June 2024 |
| Summertown Cycles Ltd (Registered number: 13781689) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2024 to 31 December 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2024 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2024 |
| £ | £ |
| Other creditors |
| Included in creditors due outside of one year are loans from the directors of £361,300 and an additional loan of £100,000 from a company in which one of the directors has a controlling interest. The directors do not intend to draw down on these loans unless they can do so without detriment to the finances of the company. Interest is currently not being charged on the loans. |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |