Take Charge Bikes Ltd 30/07/2020 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 2020

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 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 Take Charge Bikes Ltd for the year ended 30 July 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 the Institute of Chartered Accountants in England and Wales (ICAEW), 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 ICAEW Technical Release 07/16 AAF.

Charlton Baker Limited

Chartered Accountants and Business Advisors

7-7c Snuff Street

Devizes

Wiltshire

SN10 1DU

Take Charge Bikes Ltd

Statement of financial position

30 July 2020


	Note	£	£	£	£

Current assets
Stocks		158,488		134,935
Debtors	6	33,098		31,526
Cash at bank and in hand		118,547		36,064
		_______		_______
		310,133		202,525
Creditors: amounts falling due
within one year	7	( 122,791)		( 93,187)
		_______		_______
Net current assets			187,342		109,338
			_______		_______
Total assets less current liabilities			187,342		109,338

Creditors: amounts falling due
after more than one year	8		( 74,449)		( 12,306)
			_______		_______
Net assets			112,893		97,032
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			112,793		96,932
			_______		_______
Shareholder funds			112,893		97,032
			_______		_______

For the year ending 30 July 2020 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 Section 1A of 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 2021 , 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 2020

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'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

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 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 (2019: 4 ).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 31 July 2019 and 30 July 2020	3,265	3,265
	_______	_______
Depreciation
At 31 July 2019 and 30 July 2020	3,265	3,265
	_______	_______
Carrying amount
At 30 July 2020	-	-
	_______	_______
At 30 July 2019	-	-
	_______	_______

6. Debtors


	£	£
Trade debtors	7,060	6,497
Other debtors	26,038	25,029
	_______	_______
	33,098	31,526
	_______	_______

7. Creditors: amounts falling due within one year


	£	£
Bank loans and overdrafts	10,153	7,927
Trade creditors	37,046	48,512
Social security and other taxes	71,889	32,216
Other creditors	3,703	4,532
	_______	_______
	122,791	93,187
	_______	_______

8. Creditors: amounts falling due after more than one year


	£	£
Bank loans and overdrafts	74,449	12,306
	_______	_______

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 £3,916 (2019: £34,486). The balance owed from BikeCo Ltd at the year end was £14,263 (2019: £14,698).