OSET_BIKES_LIMITED - Accounts

OSET BIKES LIMITED - Company Information

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Company Registration No. 06302289 (England and Wales)

OSET BIKES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

OSET BIKES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

OSET BIKES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

27,870

13,959

Current assets

Stocks

171,215

91,994

Debtors

177,133

153,775

Cash at bank and in hand

118,895

166,904

467,243

412,673

Creditors: amounts falling due within one year

(250,739)

(308,403)

Net current assets

216,504

104,270

Total assets less current liabilities

244,374

118,229

Capital and reserves

Called up share capital

100

Profit and loss account

244,274

118,129

Shareholders' funds

244,374

118,229

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their 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 13 March 2015

I C L Smith

Director

Company Registration No. 06302289

OSET BIKES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

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.

1.4

Research and development

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

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:

Plant and machinery

25% reducing balance

Computer equipment

25% reducing balance

Fixtures, fittings & equipment

25% reducing balance

Motor vehicles

25% reducing balance

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

OSET BIKES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2013

33,934

Additions

23,212

At 31 March 2014

57,146

Depreciation

At 1 April 2013

19,975

Charge for the year

9,301

At 31 March 2014

29,276

Net book value

At 31 March 2014

27,870

At 31 March 2013

13,959

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100