Cycle Service Limited - Period Ending 2019-03-31

Cycle Service Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 09527619

Cycle Service Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Cycle Service Limited

Company Information

Director

C J Eccles

Company secretary

C J Eccles

Registered office

The Old Post Office Vicarage Road Sidmouth Devon EX10 8TP

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton TA1 2PX

Page 1

Cycle Service Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	20,909	27,101
Current assets
Stocks		23,998	31,180
Debtors	5	7,369	7,467
Cash at bank and in hand		3,379	2,723
		34,746	41,370
Creditors: Amounts falling due within one year	6	(230,383)	(209,692)
Net current liabilities		(195,637)	(168,322)
Net liabilities		(174,728)	(141,221)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(174,828)	(141,321)
Total equity		(174,728)	(141,221)

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Cycle Service Limited

Balance Sheet

31 March 2019

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 November 2019
 

......................................... C J Eccles Director

Company Registration Number: 09527619

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Cycle Service Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Old Post Office
Vicarage Road
Sidmouth
Devon
EX10 8TP

These financial statements were authorised for issue by the director on 18 November 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's parent company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Page 4

Cycle Service Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Asset class	Depreciation method and rate
Land and buildings	Over the length of the lease
Plant and machinery	20% Reducing Balance
Fixtures and fittings	15% Straight Line
Office equipment	25% Reducing Balance

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. Work in progress and finished goods include labour and attributable overheads.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

Page 5

Cycle Service Limited

Notes to the Financial Statements

Year Ended 31 March 2019

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2018 - 3).

Page 6

Cycle Service Limited

Notes to the Financial Statements

Year Ended 31 March 2019

4	Tangible assets

	Land and buildings £	Fixtures, fittings and office equipment  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2018	13,806	18,061	13,883	45,750
At 31 March 2019	13,806	18,061	13,883	45,750
Depreciation
At 1 April 2018	5,917	6,712	6,020	18,649
Charge for the year	1,972	2,646	1,574	6,192
At 31 March 2019	7,889	9,358	7,594	24,841
Carrying amount
At 31 March 2019	5,917	8,703	6,289	20,909
At 31 March 2018	7,889	11,349	7,863	27,101

Included within the net book value of land and buildings above is £5,917 (2018 - £7,889) in respect of long leasehold land and buildings.
 

Page 7

Cycle Service Limited

Notes to the Financial Statements

Year Ended 31 March 2019

5

Debtors

	2019 £	2018 £
Other debtors	5,250	5,250
Prepayments	2,119	2,217
	7,369	7,467

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Amounts due to group undertakings	225,829	205,829
Social security and other taxes	2,404	1,663
Accrued expenses	2,150	2,200
	230,383	209,692

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 8