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Registered number: 03883525 PAUL'S CYCLES LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 JANUARY 2025
PAUL'S CYCLES LTD CONTENTS
| Page
Balance sheet | 1 - 2
Notes to the financial statements | 3 - 7
PAUL'S CYCLES LTD REGISTERED NUMBER: 03883525 BALANCE SHEET AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 86,463 |  | 99,307
|  |  | 86,463 |  | 99,307
Current assets |  |  |  |  |
Stocks | 5 | 2,337,383 |  | 2,197,835 |
Debtors: amounts falling due within one year | 6 | 405,068 |  | 6,963,176 |
Cash at bank and in hand |  | 295,744 |  | 107,724 |
|  | 3,038,195 |  | 9,268,735 |
Creditors: amounts falling due within one year | 7 | (1,035,515) |  | (3,635,751) |
Net current assets |  |  | 2,002,680 |  | 5,632,984
Total assets less current liabilities |  |  | 2,089,143 |  | 5,732,291
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (7,356) |  | - |
|  |  | (7,356) |  | -
Net assets |  |  | 2,081,787 |  | 5,732,291
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 1 |  | 1
Profit and loss account |  |  | 2,081,786 |  | 5,732,290
|  |  | 2,081,787 |  | 5,732,291
Page 1
PAUL'S CYCLES LTD REGISTERED NUMBER: 03883525 BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2025 The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mr T Thornley | ................................................ Mr M Colley
Director | Director
Date: 15 October 2025 |
The notes on pages 3 to 7 form part of these financial statements. Page 2
PAUL'S CYCLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. | General information
The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales, registration number 03883525. The address of its registered office is Unit A, 13 Yaxham Road, Dereham, Norfolk, NR19 1HB and the principal place of business is Dereham, Norfolk. The Company's principal activity during the year was that of cycle sales and repairs. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax. For goods sold online, revenue is recognised on despatch of goods to the customer. Sales made over the counter are recognised at point of sale.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 3
PAUL'S CYCLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 15% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 4
PAUL'S CYCLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.9 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measure, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
| 2.10 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 16 (2024 - 16).
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 February 2024 | 193,760 | 28,500 | 222,260
| Additions | 3,562 | - | 3,562
| At 31 January 2025 | 197,322 | 28,500 | 225,822
| Depreciation |  |  |
| At 1 February 2024 | 104,214 | 18,738 | 122,952
| Charge for the year on owned assets | 13,966 | 2,441 | 16,407
| At 31 January 2025 | 118,180 | 21,179 | 139,359
| Net book value |  |  |
| At 31 January 2025 | 79,142 | 7,321 | 86,463
| At 31 January 2024 | 89,545 | 9,762 | 99,307
Page 5
PAUL'S CYCLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Good for resale | 2,337,383 | 2,197,835
|  | 2,337,383 | 2,197,835
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 113,080 | 6,807,397
| Other debtors | 24,449 | 24,231
| Prepayments and accrued income | 267,539 | 131,548
|  | 405,068 | 6,963,176
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 370,227 | 396,777
| Trade creditors | 299,449 | 236,271
| Amounts owed to group undertakings | 1,410 | 2,803,768
| Other taxation and social security | 283,145 | 150,538
| Other creditors | 1,668 | 1,591
| Accruals and deferred income | 79,616 | 46,806
|  | 1,035,515 | 3,635,751
| The Company has in place an inventory facility agreement, being a revolving credit facility of £1,500,000 of which £370,227 (2024: £396,777) was drawn down at the year end. The facility is secured by fixed and floating charges over the assets of the Company.
Page 6
PAUL'S CYCLES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
8. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 Ordinary share of £1.00 | 1 | 1
9. | Pension commitments
Contributions totalling £1,668 (2024: £1,591) were payable to the fund at the balance sheet date and are included in creditors. 10.Operating lease committments The Company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £297,917 (2024: £369,417).
11. | Related party transactions
| At the year end, the Company was owed £113,380 (2024: £6,807,397) by group companies as included in note 6. The loan is interest fee and repayable on demand. At the year end, the Company owed £1,410 (2024: £2,803,768) to a group company as included in note 7. The loan is interest free and repayable on demand.
12. | Auditors' information
The auditors' report on the financial statements for the year ended 31 January 2025 was unqualified. The audit report was signed on 27 October 2025 by Frank Shippam BSc FCA DChA (senior statutory auditor) on behalf of MA Partners Audit LLP.
Page 7