Company No: 13622618 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

F Beck

REGISTERED OFFICE	Unit 1-2 Spindle Court
	Spindle Way
	Crawley
	RH10 1AX
	United Kingdom

COMPANY NUMBER

13622618 (England and Wales)

AUDITOR	Tuerner Audit Limited
	Statutory Auditor
	Bridge House
	Old Grantham Road
	Whatton
	Nottingham
	NG13 9FG

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Tangible assets	3	141,606		166,117
		141,606		166,117
Current assets
Stocks		238,765		238,275
Debtors
- due within one year	4	33,053		88,847
- due after more than one year	4	21,000		21,000
Cash at bank and in hand		177,794		139,435
		470,612		487,557
Creditors: amounts falling due within one year	5	( 1,466,060)		( 1,075,368)
Net current liabilities		(995,448)		(587,811)
Total assets less current liabilities		(853,842)		(421,694)
Net liabilities		( 853,842)		( 421,694)
Capital and reserves
Called-up share capital	6	1		1
Profit and loss account		( 853,843 )		( 421,695 )
Total shareholders' deficit		( 853,842)		( 421,694)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Propain Bicycles UK Ltd (registered number: 13622618) were approved and authorised for issue by the Director on 21 April 2026. They were signed on its behalf by:

F Beck Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Propain Bicycles UK Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Unit 1-2 Spindle Court, Spindle Way, Crawley, RH10 1AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The accounts have been prepared under the going concern concept due to the fact that the company has the continued support of the group. The director has been given assurance that this support will continue for the foreseeable future.

Reporting period length

The current period covers a 12 month period. The comparative results are for a 15 month period and are not comparable.
The company changed its accounting reference date to bring it in line with the group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes.

The company recognises revenue upon delivery of goods to the customer.

Revenue is recognised on commission when the customer makes and pays for the order of goods to which the commission relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery etc.	3 - 4 years straight line

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Related party exemption

Propain Bicycles UK Ltd has been charged GBP 463,270 for goods by a member of the same corporate group. This transaction was not concluded under normal market conditions. As a result, Propain Bicycles UK Ltd has incurred increased cost of sales than would be expected under normal market conditions.

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.

2. Employees

	Year ended 31.12.2024		Period from 01.10.2022 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the company during the year, including the director	4		3

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	115,796		101,077		216,873
Additions	11,885		45,743		57,628
Disposals	0		( 38,000)		( 38,000)
At 31 December 2024	127,681		108,820		236,501
Accumulated depreciation
At 01 January 2024	24,362		26,394		50,756
Charge for the financial year	24,731		27,312		52,043
Disposals	0		( 7,904)		( 7,904)
At 31 December 2024	49,093		45,802		94,895
Net book value
At 31 December 2024	78,588		63,018		141,606
At 31 December 2023	91,434		74,683		166,117

4. Debtors

	31.12.2024		31.12.2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	4,500		12,973
Other debtors	28,553		75,874
	33,053		88,847
Debtors: amounts falling due after more than one year
Other debtors	21,000		21,000

5. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Trade creditors	21,550		16,628
Amounts owed to group undertakings	1,385,395		1,003,137
Other taxation and social security	10,135		3,361
Other creditors	48,980		52,242
	1,466,060		1,075,368

6. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.12.2024		31.12.2023
	£		£
within one year	57,000		43,750
between one and five years	118,750		134,896
Total future minimum lease payments under non-cancellable operating leases	175,750		178,646

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was qualified.

The qualification in the audit report was as follows:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

We were unable to obtain sufficient appropriate audit evidence in respect of certain assets included at 31 December 2024.

We were unable to satisfy ourselves by alternative means concerning the valuation and existence of cash balance held at 31 December 2024 which is included in the balance sheet at £3,008. Consequently, we were unable to determine whether any adjustments to this amount is necessary.

The audit report was signed by Caroline Peverett BA FCA on behalf of Tuerner Audit Limited.