RED_KITE_CYCLES_LIMITED - Accounts

RED KITE CYCLES LIMITED - Company Information

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Company Registration No. 04936958 (England and Wales)

RED KITE CYCLES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2014

RED KITE CYCLES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

RED KITE CYCLES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2014

- 1 -

2014

2013

Notes

Fixed assets

Intangible assets

2,125

Tangible assets

36,005

38,130

Current assets

Stocks

232,351

189,877

Debtors

33,170

56,628

Cash at bank and in hand

5,625

3,805

271,146

250,310

Creditors: amounts falling due within one year

(176,278)

(225,230)

Net current assets

94,868

25,080

Total assets less current liabilities

132,998

63,210

Creditors: amounts falling due after more than one year

(68,928)

Provisions for liabilities

(1,906)

(1,836)

62,164

61,374

Capital and reserves

Called up share capital

100

Profit and loss account

62,064

61,274

Shareholders' funds

62,164

61,374

RED KITE CYCLES LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 JULY 2014

- 2 -

For the financial year ended 31 July 2014 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 2 January 2015

Mr A Passmore

Director

Company Registration No. 04936958

RED KITE CYCLES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised at the point of sale.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

Over 10 years

Plant and machinery

33% Straight line

Fixtures, fittings & equipment

15% Reducing balance

No depreciation has been charged during the year as the director feels that depreciation has been overcharged in previous years.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 August 2013 & at 31 July 2014

15,000

75,515

90,515

Depreciation

At 1 August 2013 & at 31 July 2014

12,875

39,510

52,385

Net book value

At 31 July 2014

2,125

36,005

38,130

At 31 July 2013

2,125

36,005

38,130

RED KITE CYCLES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2014

- 4 -

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100