Company No:
Contents
| DIRECTOR | J-M Bourrelier |
| REGISTERED OFFICE | 2 Leman Street |
| London | |
| E1W 9US | |
| United Kingdom |
| COMPANY NUMBER | 11899915 (England and Wales) |
| AUDITOR | Gravita Audit Oxford LLP |
| Statutory Auditor | |
| First Floor | |
| Park Central | |
| 40 - 41 Park End Street | |
| Oxford | |
| OX1 1JD |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 3 | ||||
| Fixed assets | ||||
| Tangible assets | 5 |
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| 5,347 | 7,406 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 247,706 | 175,159 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 169,650 | 149,025 | ||
| Total assets less current liabilities | 174,997 | 156,431 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds |
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The financial statements of Mavic Cycling Limited (registered number:
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J-M Bourrelier
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mavic Cycling Limited (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 2 Leman Street, London, E1W 9US, 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 £.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.
Turnover from the provision of intragroup services is recognised as the services are performed. Intragroup service income comprises costs incurred by the company in providing support services to group undertakings, together with an appropriate margin applied on a cost‑plus basis in accordance with intercompany agreements.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
| Fixtures and fittings |
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| Computer equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, 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.
Trade creditors are obligations to pay for goods or 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.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Recoverability of intercompany debtors
The recoverability of intercompany debtors is a significant judgement, the directors have prepared an assessment of the recoverability of the balances based on the future profits that supports the recoverability of these balances.
Prior period errors were identified during the year.
An error was identified in relation to the timing of input VAT recognised. Input VAT of £3,183 relating to December 2023 had been incorrectly accounted for in the following financial year.
An error was also identified in relation to the calculation of turnover under a cost-plus agreement. Prior year turnover was not calculated fully in accordance with the terms of the agreement and has been restated accordingly.
In addition, an error was identified in the disclosure of future minimum lease payments under non-cancellable operating leases. The amount previously disclosed as £63,141 was understated and has been corrected to £99,973.
Deferred tax on fixed assets was not recognised in the prior year and has not been included in the comparative figures.
The comparative figures have been restated to reflect the above adjustments. The correction relating to lease commitments affects disclosure only.
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 December 2023 | £ | £ | £ | |||
| Turnover | (478,846) | (7,968) | (486,814) | |||
| Amounts owed by Parent undertakings | 6,285 | 44,786 | 51,071 | |||
| Other debtors | 40,000 | (40,000) | 0 | |||
| VAT recoverable | 68,623 | 3,183 | 71,806 | |||
| Deferred Tax | 0 | (1,407) | (1,407) |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Fixtures and fittings | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||
| At 31 December 2024 | 0 | 5,347 | 5,347 | ||
| At 31 December 2023 | 722 | 6,684 | 7,406 |
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by Parent undertakings |
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| Prepayments |
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| VAT recoverable |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Accruals |
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| Corporation tax |
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| Other taxation and social security |
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| Other creditors |
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Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating leases |
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The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
The audit report was signed by Katherine Wilkes on behalf of Gravita Audit Oxford LLP.
Bourrelier Group SA prepares consolidated financial statements in which the Company is included. Copies of these consolidated financial statements may be obtained from the registered office of Bourrelier Group SA.