Company Registration No. 06537532 (England and Wales)
Cyclehoop Limited
Unaudited accounts
for the year ended 31 December 2024
Cyclehoop Limited
Unaudited accounts
Contents
Cyclehoop Limited
Company Information
for the year ended 31 December 2024
Directors
Anthony Lau
Barry Jackson
David Allan Staveley
Company Number
06537532 (England and Wales)
Registered Office
Unit 1 Burnham Way
Kangley Bridge Road
Lower Sydenham
London
SE26 5AG
United Kingdom
Accountants
CFPro Limited
BKL LLP
35 Ballards Lane
London
N3 1XW
Cyclehoop Limited
Statement of financial position
as at 31 December 2024
Intangible assets
169,550
217,823
Tangible assets
799,177
829,106
Investment property
640,000
1,055,022
Inventories
1,788,455
1,724,593
Debtors
1,064,267
1,345,758
Cash at bank and in hand
2,482,575
2,429,734
Creditors: amounts falling due within one year
(2,760,444)
(3,085,259)
Net current assets
2,574,853
2,414,826
Total assets less current liabilities
4,183,580
4,516,777
Provisions for liabilities
Net assets
4,183,580
4,487,286
Called up share capital
1,000
1,000
Profit and loss account
4,182,580
4,486,286
Shareholders' funds
4,183,580
4,487,286
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by
Barry Jackson
Director
Company Registration No. 06537532
Cyclehoop Limited
Notes to the Accounts
for the year ended 31 December 2024
Cyclehoop Limited is a private company, limited by shares, registered in England and Wales, registration number 06537532. The registered office is Unit 1 Burnham Way, Kangley Bridge Road, Lower Sydenham, London, SE26 5AG, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
- 20% straight line basis
Motor vehicles
- 25% straight line basis
Fixtures & fittings
- 33.33% straight line basis
Computer equipment
- 33.33% straight line basis
Investment properties are initially included at cost but will thereafter be valued at their fair value at the balance sheet date, with any changes in the fair value, being recognised in the profit and loss account int he period in which they arise. No depreciation is charged on investment property measured at fair value.
Deferred taxation is provided on the fair value gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cyclehoop Limited
Notes to the Accounts
for the year ended 31 December 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.
Intangible fixed assets, including software and website development are included at cost less accumulated amortisation using an estimated economic life of 5 years.
Investments in shares are measured at cost less accumulated impairment.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
In forming this view, the directors have considered the company’s forecasts and projections, taking account of reasonably possible changes in trading performance, and the current economic environment. Based on this review, the directors believe the company will be able to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.
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Intangible fixed assets
Other
At 31 December 2024
383,434
Charge for the year
61,400
At 31 December 2024
213,884
At 31 December 2024
169,550
At 31 December 2023
217,823
Cyclehoop Limited
Notes to the Accounts
for the year ended 31 December 2024
5
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2024
1,050,320
253,340
84,754
115,165
1,503,579
Additions
3,300
12,640
7,769
22,568
46,277
At 31 December 2024
1,053,620
265,980
92,523
137,733
1,549,856
At 1 January 2024
366,427
141,076
72,292
94,678
674,473
Charge for the year
3,357
53,279
7,987
11,583
76,206
At 31 December 2024
369,784
194,355
80,279
106,261
750,679
At 31 December 2024
683,836
71,625
12,244
31,472
799,177
At 31 December 2023
683,893
112,264
12,462
20,487
829,106
Fair value at 1 January 2024
1,055,022
Net loss from fair value adjustments
(415,022)
At 31 December 2024
640,000
During the year, the fair value of the investment property decreased by £415,022 (2023: £nil). The valuation was based on the market estimate for the property.
This reduction in fair value has been recognised as an expense in the profit and loss account, below operating profit in the line 'Income from investments'.
Income from investment property £54,000
Fair value adjustment (£415,022)
Net income from investment on the P&L (£361,022)
Amounts falling due within one year
Trade debtors
360,610
768,515
Amounts due from group undertakings etc.
560,601
382,156
Accrued income and prepayments
98,804
136,242
Other debtors
44,252
58,845
Cyclehoop Limited
Notes to the Accounts
for the year ended 31 December 2024
8
Creditors: amounts falling due within one year
2024
2023
Trade creditors
250,200
357,372
Taxes and social security
113,234
253,670
Proposed dividends
33,000
33,755
Other creditors
1,962,062
2,023,030
Loans from directors
(2,731)
30,480
Deferred income
328,174
326,022
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Deferred taxation
2024
2023
Accelerated capital allowances
29,491
29,491
Revaluation of investment property
(29,491)
-
Provision at start of year
29,491
99,171
Credited to the profit and loss account
(29,491)
(69,680)
Provision at end of year
-
29,491
During the year, the fair value of the investment property decreased by £415,022 (2024: £nil), which has been recognised as an expense in the profit and loss account.
The decrease in fair value reduced the deferred tax liability by £29,491, which has been credited to the profit and loss account.
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
Cyclehoop Limited
Notes to the Accounts
for the year ended 31 December 2024
11
Transactions with related parties
The total director's remuneration for the year was £112,386 (2023: £107,897). The company paid a dividend of £33,000 (2023: £33,755) and contributed £3,522 (2023: £2,238) towards pension for the directors.
Included in creditors is £30,269 payable to a director (2023: £30,480).
During the year the Company had the following transactions with subsidiary company, Cyclehoop US LLC. Sales £63,208 (2023: £282,232), interest from intercompany funding £14,508 (2023: £6,806), cost of sales purchases £nil (2023: £207,614), management fees £63,208 (2023: £nil). As at the year end the Company held the following balances with the subsidiary- intercompany trade receivable £139,537 (2023: £139,537) and intercompany loan receivable £421,064 (2023: £242,620).
During the year the Company also had the following transactions with IBIKELONDON CIC, Funding of £3,750 (2023: £16,352), loan repayment of £12,149 (2023: £nil), loan interest of £639 (2023: £nil) and miscellaneous transactions of £110 (2023: £nil) . As at the year end the Company was due a debtor balance of £8,703 (2023: £16,352). IBIKELONDON CIC is a private company limited by guarantee, which was set up in July 2023 and shares a director in common with the Company.
12
Average number of employees
During the year the average number of employees was 47 (2023: 45).