for the Period Ended 31 December 2024
| Directors report | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes | |
| Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2024
Principal activities of the company
Directors
The directors shown below have held office during the period of
1 January 2024
to
31 December 2024
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
As at
| Notes | 13 months to 31 December 2024 | ||
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| Tangible assets: | 3 |
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The notes form part of these financial statements
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2024
Basis of measurement and preparation
for the Period Ended 31 December 2024
| 13 months to 31 December 2024 | ||
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| Average number of employees during the period |
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for the Period Ended 31 December 2024
| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
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The New Town Community Bike Hub CIC was established following a grant to Colchester City Council from the Department for Environment, Food and Rural Affairs. The grant was to set up an active travel hub where residents could hire ecargo bikes at minimal cost to encourage active travel rather than car use. The bikes were chosen to suit a range of uses from carrying children to transporting recycling waste or collecting shopping. Unfortunately, during our first year one of our most popular bikes was recalled due to a manufacturing fault , this took almost a year to rectify and replace the bike which influenced hire numbers. However, we are pleased to report that in our first nine months we had seventy successful hires, and the bikes were also loaned at no cost to community events. Feedback from users included a parent who used a bike to take their children to school after moving from the catchment area. Another parent with a disability enjoyed taking his child for rides. Another user hired a bike to attend therapy sessions in a town seven miles away. Our aim as a CIC is to get people cycling , we are entirely volunteer run, and our maintenance is carried out by one of our directors who is a qualified cycle maintenance engineer.
The companies internal stakeholders are also the directors. Both have been involved in completing and filing these accounts and have therefore been consulted. Both directors are pleased with the uptake of bike hire to date and are planning to increase the bikes we have to broaden our reach further. We gather feedback from users and have identified a gap in our stable of bikes. Often families wish to hire a cargo bike but need an additional regular ebike for an adult to ride. We have received funding from our local councillor to make this purchase and are currently researching our options. Over the school summer holidays we cut our hire rates by 50% which enabled many more families to use them. This received favourable feedback and we will consider doing this again.
No remuneration was received
No transfer of assets other than for full consideration
This report was approved by the board of directors on
28 September 2025
And signed on behalf of the board by:
Name: Kim Barnetson
Status: Director