REGISTERED NUMBER: SC380615 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2025

for

Spokes Cycles Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Grieve

Mrs C Corcoran

J Grant

L Grieve

SECRETARY:

C Grieve

REGISTERED OFFICE:

28 Rodger Street

Anstruther

Fife

KY10 3DU

REGISTERED NUMBER:

SC380615 (Scotland)

ACCOUNTANTS:

Henderson Black & Co

Chartered Accountants

28 Rodger Street

Anstruther

Fife

KY10 3DU

FIXED ASSETS

Tangible assets

4

51,592

62,186

CURRENT ASSETS

Stocks

464,861

506,290

Debtors

5

14,260

8,121

Cash at bank and in hand

12,643

10,182

491,764

524,593

CREDITORS

Amounts falling due within one year

6

376,396

327,518

NET CURRENT ASSETS

115,368

197,075

TOTAL ASSETS LESS CURRENT LIABILITIES

166,960

259,261

CREDITORS

Amounts falling due after more than one year

7

(28,409

)

(49,378

)

PROVISIONS FOR LIABILITIES

(7,839

)

(9,466

)

NET ASSETS

130,712

200,417

CAPITAL AND RESERVES

Called up share capital

999

999

Retained earnings

129,713

199,418

SHAREHOLDERS' FUNDS

130,712

200,417

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

C Grieve - Director

J Grant - Director

1.	STATUTORY INFORMATION

Spokes Cycles Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are to be relevant. Actual results may differ from these estimates. In preparing these financial statements, the director has made the following judgements:

Accruals

The director estimates the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

3 to 9 years straight line basis

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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 year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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 by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2024

29,340

30,767

73,059

7,402

140,568

Additions

-

2,994

-

708

3,702

At 31 January 2025

29,340

33,761

73,059

8,110

144,270

DEPRECIATION

At 1 February 2024

7,610

24,064

40,116

6,592

78,382

Charge for year

3,621

1,938

8,237

500

14,296

At 31 January 2025

11,231

26,002

48,353

7,092

92,678

NET BOOK VALUE

At 31 January 2025

18,109

7,759

24,706

1,018

51,592

At 31 January 2024

21,730

6,703

32,943

810

62,186

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Other debtors

14,260

8,121

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

49,982

43,709

Other loans

10,077

10,077

Hire purchase contracts

10,892

10,114

Trade creditors

163,941

134,611

Corporation tax

-

17,986

Social security and other taxes

1,274

523

VAT

12,772

13,047

Other creditors

58,701

27,243

Directors' current accounts

63,494

63,554

Accruals

5,263

6,654

376,396

327,518

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.25

31.1.24

£

£

Other loans - 1-2 years

7,288

17,365

Hire purchase contracts

21,121

32,013

28,409

49,378

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.25

31.1.24

£

£

Bank overdrafts

49,982

43,709

The bank overdraft from The Royal Bank of Scotland is secured by a floating charge over the company's undertaking and its present and future assets.