1.
General Information
Bike It International Holdings Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06441804
. The registered office is 24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ.
The presentation currency of the financial statements is the Pound Sterling (£).
Accounts are rounded to the nearest pound.
The accounts represent the company as an individual entity.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3.
Going Concern Disclosure
The financial statements have been prepared on the going concern basis as the directors have prepared detailed budgets for a period of at least 12 months from the date of signing the accounts which show that the company and the Group which Bike It International is part of is expected to be able to meet all its liabilities as they fall due. However, it is acknowledged that the global and UK outbreak of COVID-19 has had a profound impact on the global and UK economy and businesses.
At year end the Group in which the company is part of reported a profit after tax of £92,279 and net cash reserves of £803,682. After a few difficult years previously resulting in losses, the profit in 2024 shows an improvement in trading results.
The directors have produced a detailed going concern assessment for the group. The conclusion of the directors' assessment for the Group is that the business will be able to meet all its liabilities as they fall due. The group has managed to deal with the COVID-19 pandemic well, continuing to trade strongly.
Based on the trading results achieved post year end, the finance facilities in place and available to the Group and the management accounts to 31st March 2025 the directors conclude that the group will be able to trade for a period of at least 12 months from the approval of the financial statements and have therefore concluded that it is appropriate for the financial statements to be prepared on the going concern basis.
2.4.
Turnover
Turnover of continuing operations shown in the profit and loss account represents amounts receivable during the year in respect of bike parts sales and is recognised on a receivable basis, exclusive of Value Added Tax.
Bike It International Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development costs. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
Impairment of fixed assets
An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Company estimates the recoverable amount of the asset or, for goodwill, the recoverable amount of the cash-generating unit to which the goodwill belongs.
Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in profit or loss or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the
depreciation or amortisation is adjusted to allocate the asset's revised carrying amount (less any residual value) over its remaining
useful life.
2.7.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.8.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slowmoving stocks. The cost of stock is determined on a first-in-first-out (FIFO) basis.
2.9.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10.
Taxation
2.10.
Taxation - continued
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Bike It International Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11.
Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.12.
Critical accouting estimates and assumptions
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Slow Moving Stock
The company holds a large amount of stock, some of which are classed as slow moving stock. Slow moving stock is identified as stock of which the company holds more than 78 weeks stock, by comparison to sales in the year under review. Provision is made against slow moving stock as a percentage of the total identified slow moving stock.
Bad Debt Provision
The directors carry out a review of balances at the year end that still remain unpaid post year end, and provide for bad debts where the recovery of overdue balances are considered unlikely.
3.
Average Number of Employees
Group
Average number of employees, including directors, during the year was: 41 (2023: 41)
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
4.
Intangible Assets
Group
Company
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 January 2024 |
|
||
| As at 31 December 2024 |
|
||
| Amortisation | |||
| As at 1 January 2024 |
|
||
| Provided during the period |
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||
| As at 31 December 2024 |
|
||
| Net Book Value | |||
| As at 31 December 2024 |
|
||
| As at 1 January 2024 |
|
||
The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.
Bike It International Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5.
Tangible Assets
Group
Company
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 January 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
|
( |
| As at 31 December 2024 |
|
|
|
|
| Depreciation | ||||
| As at 1 January 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
|
( |
| As at 31 December 2024 |
|
|
|
|
| Net Book Value | ||||
| As at 31 December 2024 |
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.
6.
Investments
Company
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
7.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
Bike It International Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
8.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Amounts owed by group undertakings | - | - | 1,283,260 | - | |||
| Other debtors | 426,538 | 598,482 | - | 260,785 | |||
|
|
|
|
|
||||
9.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts | - | - | - |
|
|||
| Amounts owed to group undertakings | - | - | - |
|
|||
| Other creditors | 145,694 | 252,891 | - | 22,299 | |||
| Taxation and social security |
|
|
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|||
|
|
|
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At the year end date there is a balance of £6,511 (2023 - £4,089) due to HM Revenue & Customs included in trade creditors. The HM Revenue & Customs liability balance for duty at any time is secured on a bond of £20,000.
10.
Deferred Taxation
The provision for deferred tax asset is made up as follows:
|
£
|
|
|
Balance at 1 January 2024
|
144,534
|
|
Accelerated capital allowances
|
(37,222)
|
|
Loss c/fwd increase
|
11,831
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|
|
Balance at 31 December 2024
|
119,143
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|
12.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
Bike It International Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
13.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 January 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2024 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Martin Mansbridge |
|
|
( |
- |
|
The above loan is unsecured, interest free and repayable on demand.
14.
Non-Controlling Interest
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| At start of period |
( |
( |
|
| Prior year adjustment | - |
( |
|
| Profit for the financial year |
|
|
|
| Acquisition of shares in subsidiary from non-controlling interest |
|
|
|
| Dividends paid |
( |
|
|
| At end of period |
( |
( |
|
15.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.