Company No: 05479323 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	153,737		148,990
Tangible assets	4	64,091		98,296
		217,828		247,286
Current assets
Stocks		359,331		372,054
Debtors	5	52,756		89,668
Cash at bank and in hand		188,845		239,195
		600,932		700,917
Creditors
Amounts falling due within one year	6	( 818,515)		( 834,364)
Net current liabilities		(217,583)		(133,447)
Total assets less current liabilities		245		113,839
Net assets		245		113,839
Capital and reserves
Called-up share capital	7	234		169
Share premium account		2,075,303		1,854,932
Profit and loss account		( 2,075,292 )		( 1,741,262 )
Total shareholders' funds		245		113,839

For the financial year ending 31 December 2021 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 financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cadence (europe) Limited, Trading as Bespoke Cycling (registered number: 05479323) were approved and authorised for issue by the Director on 23 September 2022. They were signed on its behalf by:

Mr L Lynch Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cadence (europe) Limited, Trading as Bespoke Cycling (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Birchin Court, 20 Birchin Lane, London, EC3V 9DU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company has incurred a loss for the year in accordance with its business plan. At the balance sheet date there are net assets of £245. However, included within creditors due within one year is deferred income of £382,622 that relates to future sales income that will be recognised in the following year. Considering this element the director concludes that the company has sufficient funding for the period of 12 months from the date of approval of the financial statements and on this basis the director feels it is appropriate to prepare the accounts on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software	5 years straight line
Other intangible assets	10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	5 years straight line
Leasehold improvements	5 years straight line
Vehicles	10 % reducing balance
Tools and equipment	5 years straight line
Office equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	11		12

3. Intangible assets

	Computer software		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2021	11,050		176,933		187,983
Additions	0		107,991		107,991
Disposals	0		( 80,782)		( 80,782)
At 31 December 2021	11,050		204,142		215,192
Accumulated amortisation
At 01 January 2021	2,557		36,436		38,993
Charge for the financial year	2,210		20,252		22,462
At 31 December 2021	4,767		56,688		61,455
Net book value
At 31 December 2021	6,283		147,454		153,737
At 31 December 2020	8,493		140,497		148,990

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Vehicles		Tools and equipment		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2021	153,529		272,360		15,000		201,469		33,227		675,585
Disposals	0		0		( 15,000)		0		0		( 15,000)
At 31 December 2021	153,529		272,360		0		201,469		33,227		660,585
Accumulated depreciation
At 01 January 2021	152,236		191,522		2,951		200,438		30,142		577,289
Charge for the financial year	398		20,030		703		733		995		22,859
Disposals	0		0		( 3,654)		0		0		( 3,654)
At 31 December 2021	152,634		211,552		0		201,171		31,137		596,494
Net book value
At 31 December 2021	895		60,808		0		298		2,090		64,091
At 31 December 2020	1,293		80,838		12,049		1,031		3,085		98,296

5. Debtors

	2021		2020
	£		£
Trade debtors	30		0
Amounts owed by related parties	2,560		0
Other debtors	50,166		89,668
	52,756		89,668

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	44,483		51,251
Trade creditors	349,923		332,227
Other creditors	6,938		4,440
Other loans	0		209,707
Deferred income	382,622		147,923
Other taxation and social security	34,549		88,816
	818,515		834,364

A fixed and floating charge on the company covers all of the property and undertakings of the company.

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
23,406 Ordinary shares of £ 0.01 each (2020: 16,926 shares of £ 0.01 each)	234		169

8. Related party transactions

Other related party transactions

	2021		2020
	£		£
Amounts due from related parties	2,560		0