ELectric Bikes Irlam Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11896148 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

ELectric Bikes Irlam Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

S P Danforth

REGISTERED OFFICE:

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

REGISTERED NUMBER:

11896148 (England and Wales)

ACCOUNTANTS:

Banks Sheridan

Datum House

Electra Way

Crewe

Cheshire

CW1 6ZF

FIXED ASSETS

Tangible assets

5

318

637

CURRENT ASSETS

Stocks

4,900

9,526

Debtors

6

8,109

5,841

Cash at bank

917

5,134

13,926

20,501

CREDITORS

Amounts falling due within one year

7

(19,652

)

(19,531

)

NET CURRENT (LIABILITIES)/ASSETS

(5,726

)

970

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,408

)

1,607

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(5,508

)

1,507

(5,408

)

1,607

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2022 and were signed on its behalf by:

S P Danforth - Director

1.	STATUTORY INFORMATION

ELectric Bikes Irlam Limited ('The Company') is primarily engaged in retail sale of electric bikes.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the principle place of business is Unit 2, The Oasis Business Centre, Irlam, Manchester, M44 5BL and the registered office is Datum House, Electra Way, Crewe, Cheshire, CW1 6ZF. The registered number can be found on the Company Information page.

The functional and presentational currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in the preparation of the financial statements are set out below.

The policies have been consistently applied to all year presented, unless otherwise stated.

Basis of preparation

The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern

The company has a net asset deficiency and requires the continued support of the director. The director has indicated that loans will continue to be made available within which the company will be able to operate.

On this basis the director considers it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when services have peen provided to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Impairment of assets

Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2021

and 31 March 2022

955

DEPRECIATION

At 1 April 2021

318

Charge for year

319

At 31 March 2022

637

NET BOOK VALUE

At 31 March 2022

318

At 31 March 2021

637

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

7,905

5,334

Tax

204

-

VAT

-

507

8,109

5,841

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

95

49

Tax

-

204

Other creditors

9,641

8,593

Directors' current accounts

9,116

9,935

Accrued expenses

800

750

19,652

19,531