Take Charge Bikes Ltd 30/07/2018 iXBRL

Take Charge Bikes Ltd 30/07/2018 iXBRL

TAKE CHARGE BIKES LTD - Company Information

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Company registration number: 07713765
Take Charge Bikes Ltd
Unaudited filleted financial statements
30 July 2018
Take Charge Bikes Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Take Charge Bikes Ltd
Directors and other information
Director Mr David P Tod
Secretary Mr David P Tod
Company number 07713765
Registered office 1 Victoria Buildings
Lower Bristol Rd
Bath
Banes
BA2 3EH
Accountants Charlton Baker Limited
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Take Charge Bikes Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Take Charge Bikes Ltd
Year ended 30 July 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Take Charge Bikes Ltd for the year ended 30 July 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
Our work has been undertaken in accordance with the ICAEW Technical Release 07/16 AAF.
Charlton Baker Limited
Chartered Accountants and Business Advisors
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
30 April 2019
Take Charge Bikes Ltd
Statement of financial position
30 July 2018
30/07/18 30/07/17
Note £ £ £ £
Fixed assets
Tangible assets 5 - 725
_______ _______
- 725
Current assets
Stocks 136,170 77,215
Debtors 6 36,576 32,006
Cash at bank and in hand 4,144 32,898
_______ _______
176,890 142,119
Creditors: amounts falling due
within one year 7 ( 81,453) ( 95,711)
_______ _______
Net current assets 95,437 46,408
_______ _______
Total assets less current liabilities 95,437 47,133
Creditors: amounts falling due
after more than one year 8 ( 18,733) -
Provisions for liabilities - ( 131)
_______ _______
Net assets 76,704 47,002
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 76,604 46,902
_______ _______
Shareholder funds 76,704 47,002
_______ _______
For the year ending 30 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 April 2019 , and are signed on behalf of the board by:
Mr David P Tod
Director
Company registration number: 07713765
Take Charge Bikes Ltd
Notes to the financial statements
Year ended 30 July 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Victoria Buildings, Lower Bristol Rd, Bath, Banes, BA2 3EH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 31 July 2017 and 30 July 2018 3,265 3,265
_______ _______
Depreciation
At 31 July 2017 2,540 2,540
Charge for the year 725 725
_______ _______
At 30 July 2018 3,265 3,265
_______ _______
Carrying amount
At 30 July 2018 - -
_______ _______
At 30 July 2017 725 725
_______ _______
6. Debtors
30/07/18 30/07/17
£ £
Trade debtors 13,468 9,648
Other debtors 23,108 22,358
_______ _______
36,576 32,006
_______ _______
7. Creditors: amounts falling due within one year
30/07/18 30/07/17
£ £
Bank loans and overdrafts 7,299 -
Trade creditors 45,002 69,847
Social security and other taxes 26,907 21,888
Other creditors 2,245 3,976
_______ _______
81,453 95,711
_______ _______
8. Creditors: amounts falling due after more than one year
30/07/18 30/07/17
£ £
Bank loans and overdrafts 18,733 -
_______ _______
9. Related party transactions
The company trades with BikeCo Ltd, a related party by virtue of ownership by Mr D Tod.During the year, BikeCo Ltd provided goods for Take Charge Bikes Ltd at a cost of £4,750 (2017: £9,025). The balance owed from BikeCo Ltd at the year end was £14,698 (2017: £14,698).