Bournemouth Bikes Ltd
Registered number: 03744250
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 16,905 3,244
Current assets
Stocks 241,325 188,007
Debtors 3 32,858 16,409
Cash at bank and in hand 23,635 22,199
297,818 226,615
Creditors: amounts falling due within one year 4 (54,612) (32,815)
Net current assets 243,206 193,800
Total assets less current liabilities 260,111 197,044
Creditors: amounts falling due after more than one year 5 (197,552) -
Provisions for liabilities (2,595) (649)
Net assets 59,964 196,395
Capital and reserves
Called up share capital 2 2
Profit and loss account 59,962 196,393
Shareholders' funds 59,964 196,395
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Lawrence
Director
Approved by the board on 27 June 2017
Bournemouth Bikes Ltd
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Leasehold property Fixtures and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2016 1,184 2,003 14,517 17,704
Additions 5,236 10,897 5,400 21,533
At 31 March 2017 6,420 12,900 19,917 39,237
Depreciation
At 1 April 2016 1,183 946 12,331 14,460
Charge for the year 1,309 2,580 3,983 7,872
At 31 March 2017 2,492 3,526 16,314 22,332
Net book value
At 31 March 2017 3,928 9,374 3,603 16,905
At 31 March 2016 1 1,057 2,186 3,244
3 Debtors 2017 2016
£ £
Trade debtors 10,276 11,784
Other debtors 22,582 4,625
32,858 16,409
4 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 15,453 -
Trade creditors 31,195 3,456
Corporation tax - 12,188
Other taxes and social security costs 5,464 8,775
Other creditors 2,500 8,396
54,612 32,815
5 Creditors: amounts falling due after one year 2017 2016
£ £
Other creditors 197,552 -
6 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases 113,197 152,697
7 Related party transactions
The company has been provided with a loan for £197,552 from Suzanna Lawrence Associates Ltd of which Michael Lawrence is also a director.
8 Controlling party
The company was under the control of Michael Lawrence thoughout the current and previous year.
9 Other information
Bournemouth Bikes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
17 Elliot Road
West Howe Industrial Estate
Bournemouth
BH11 8JU
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