Velocity Cafe and Bicycle Workshop Ltd 31/03/2020 iXBRL

Velocity Cafe and Bicycle Workshop Ltd 31/03/2020 iXBRL

VELOCITY CAFE AND BICYCLE WORKSHOP LTD - Company Information

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31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 20.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP SC414824 2019-04-01 2020-03-31 SC414824 2020-03-31 SC414824 2019-03-31 SC414824 2018-04-01 2019-03-31 SC414824 2019-03-31 SC414824 core:LandBuildings core:LongLeaseholdAssets 2019-04-01 2020-03-31 SC414824 core:PlantMachinery 2019-04-01 2020-03-31 SC414824 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 SC414824 core:MotorVehicles 2019-04-01 2020-03-31 SC414824 bus:RegisteredOffice 2019-04-01 2020-03-31 SC414824 bus:LeadAgentIfApplicable 2019-04-01 2020-03-31 SC414824 bus:Director1 2019-04-01 2020-03-31 SC414824 bus:Director2 2019-04-01 2020-03-31 SC414824 bus:Director3 2019-04-01 2020-03-31 SC414824 bus:Director4 2019-04-01 2020-03-31 SC414824 bus:Director5 2019-04-01 2020-03-31 SC414824 bus:Director6 2019-04-01 2020-03-31 SC414824 bus:Director7 2019-04-01 2020-03-31 SC414824 bus:Director8 2019-04-01 2020-03-31 SC414824 bus:Director9 2019-04-01 2020-03-31 SC414824 bus:Director10 2019-04-01 2020-03-31 SC414824 core:LandBuildings core:LongLeaseholdAssets 2019-03-31 SC414824 core:PlantMachinery 2019-03-31 SC414824 core:FurnitureFittingsToolsEquipment 2019-03-31 SC414824 core:MotorVehicles 2019-03-31 SC414824 core:LandBuildings core:LongLeaseholdAssets 2020-03-31 SC414824 core:PlantMachinery 2020-03-31 SC414824 core:FurnitureFittingsToolsEquipment 2020-03-31 SC414824 core:MotorVehicles 2020-03-31 SC414824 core:WithinOneYear 2020-03-31 SC414824 core:WithinOneYear 2019-03-31 SC414824 core:RetainedEarningsAccumulatedLosses 2020-03-31 SC414824 core:RetainedEarningsAccumulatedLosses 2019-03-31 SC414824 core:PlantMachinery 2019-03-31 SC414824 bus:SmallEntities 2019-04-01 2020-03-31 SC414824 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 SC414824 bus:FullAccounts 2019-04-01 2020-03-31 SC414824 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 SC414824 bus:CompanyLimitedByGuarantee 2019-04-01 2020-03-31
Company registration number: SC414824
Velocity Cafe and Bicycle Workshop Ltd
Company limited by guarantee
Unaudited filleted financial statements
31 March 2020
Velocity Cafe and Bicycle Workshop Ltd
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Velocity Cafe and Bicycle Workshop Ltd
Company limited by guarantee
Directors and other information
Directors L Lawton (Resigned 30 June 2019)
L Goode
R Limbrick (Resigned 20 November 2019)
K Pollard
J Thompson (Resigned 20 January 2020)
N Scroggie
C Slater (Appointed 15 January 2020)
E Leighton (Appointed 15 January 2020)
K Slater (Appointed 15 January 2020)
A Nixseaman (Appointed 15 January 2020)
Company number SC414824
Registered office 1 Crown Avenue
Inverness
IV2 3NF
Business address Velocity Cafe and Bicycle Workshop Ltd
1 Crown Avenue
Inverness
IV2 3NF
Accountants Frame Kennedy
Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Bankers The Co-operative Bank plc
PO Box 101
1 Balloon Street
Manchester
M60 4EP
Velocity Cafe and Bicycle Workshop Ltd
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Velocity Cafe and Bicycle Workshop Ltd
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Velocity Cafe and Bicycle Workshop Ltd for the year ended 31 March 2020 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Velocity Cafe and Bicycle Workshop Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Velocity Cafe and Bicycle Workshop Ltd and state those matters that we have agreed to state to the board of directors of Velocity Cafe and Bicycle Workshop Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Velocity Cafe and Bicycle Workshop Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Velocity Cafe and Bicycle Workshop Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Velocity Cafe and Bicycle Workshop Ltd. You consider that Velocity Cafe and Bicycle Workshop Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Velocity Cafe and Bicycle Workshop Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Frame Kennedy
Chartered Accountants
Metropolitan House
31-33 High Street
Inverness
IV1 1HT
20 January 2021
Velocity Cafe and Bicycle Workshop Ltd
Company limited by guarantee
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 7,317 1,194
_______ _______
7,317 1,194
Current assets
Stocks 4,180 7,500
Debtors 6 41,638 33,881
Cash at bank and in hand 44,588 18,399
_______ _______
90,406 59,780
Creditors: amounts falling due
within one year 7 ( 19,767) ( 18,990)
_______ _______
Net current assets 70,639 40,790
_______ _______
Total assets less current liabilities 77,956 41,984
Accruals and deferred income ( 3,356) ( 13,426)
_______ _______
Net assets 74,600 28,558
_______ _______
Capital and reserves
Profit and loss account 74,600 28,558
_______ _______
Members funds 74,600 28,558
_______ _______
For the year ending 31 March 2020 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 January 2021 , and are signed on behalf of the board by:
A Nixseaman
Director
Company registration number: SC414824
Velocity Cafe and Bicycle Workshop Ltd
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 1 Crown Avenue, Inverness, IV2 3NF.
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'.
There were no material departures from this standard.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 33.33 % straight line
Plant and machinery - 33.33 % straight line
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 33.33 % 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2019: 21 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2019 10,392 27,511 7,547 3,664 49,114
Additions - - 1,380 8,700 10,080
Disposals - - - ( 3,664) ( 3,664)
_______ _______ _______ _______ _______
At 31 March 2020 10,392 27,511 8,927 8,700 55,530
_______ _______ _______ _______ _______
Depreciation
At 1 April 2019 10,392 26,317 7,547 3,664 47,920
Charge for the year - 1,057 - 2,900 3,957
Disposals - - - ( 3,664) ( 3,664)
_______ _______ _______ _______ _______
At 31 March 2020 10,392 27,374 7,547 2,900 48,213
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2020 - 137 1,380 5,800 7,317
_______ _______ _______ _______ _______
At 31 March 2019 - 1,194 - - 1,194
_______ _______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 3,891 28,120
Other debtors 37,747 5,761
_______ _______
41,638 33,881
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 9,866 4,257
Social security and other taxes 8,460 13,752
Other creditors 1,441 981
_______ _______
19,767 18,990
_______ _______