The Mountain Trike Company Limited Filleted accounts for Companies House (small and micro)

THE MOUNTAIN TRIKE COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06583499

The Mountain Trike Company Limited

Filleted Unaudited Financial Statements

31 December 2020

The Mountain Trike Company Limited

Financial Statements

Year ended 31 December 2020

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

The Mountain Trike Company Limited

Balance Sheet

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	227	903

Current assets

Stocks		42,615	40,892
Debtors	6	34,570	47,351
Cash at bank and in hand		125,692	14,164
		---------	---------
		202,877	102,407

Creditors: amounts falling due within one year	7	18,086	33,781
		---------	---------
Net current assets		184,791	68,626
		---------	--------
Total assets less current liabilities		185,018	69,529

Provisions

Taxation including deferred tax	–	( 16,000)
	---------	--------
Net assets	185,018	85,529
	---------	--------

Capital and reserves

Called up share capital	1,000	1,000
Share premium account	49,780	49,780
Profit and loss account	134,238	34,749
	---------	--------
Shareholders funds	185,018	85,529
	---------	--------

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 profit & loss account has not been delivered.

For the year ending 31 December 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 .

The Mountain Trike Company Limited

Balance Sheet (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 10 August 2021 , and are signed on behalf of the board by:

Mr T J Morgan

Director

Company registration number: 06583499

The Mountain Trike Company Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private limited company by shares, registered in England & Wales. The address of the registered office is 29 King Street, Newcastle-under-Lyme, Staffordshire, ST5 1ER. The company's registration number is 06583499 .

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Government grants

Government grants that relate to revenue expenditure are credited to the profit and loss account in the year the grant accrued.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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 subsequently stated at cost less any accumulated depreciation and 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:

Computer equipment	-	33% straight line
Equipment	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and net realisable value. Cost represents the actual purchase invoice price. Net realisable value is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.

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 as a finance cost 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 5 (2019: 5 ).

5. Tangible assets

	Computer equipment	Equipment	Total
	£	£	£
Cost
At 1 January 2020 and 31 December 2020	2,557	6,083	8,640
	-------	-------	-------
Depreciation
At 1 January 2020	1,756	5,981	7,737
Charge for the year	625	51	676
	-------	-------	-------
At 31 December 2020	2,381	6,032	8,413
	-------	-------	-------
Carrying amount
At 31 December 2020	176	51	227
	-------	-------	-------
At 31 December 2019	801	102	903
	-------	-------	-------

6. Debtors

	2020	2019
	£	£
Trade debtors	9,091	10,820
Other debtors	25,479	36,531
	--------	--------
	34,570	47,351
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	10,519	29,626
Corporation tax	3,400	–
Social security and other taxes	4,167	3,921
Other creditors	–	234
	--------	--------
	18,086	33,781
	--------	--------

8. Directors' advances, credits and guarantees

Included within other debtors is a balance relating to Mr T J Morgan 's director's loan account. The balance at the start of the year was £892 (2019 - £767) and the total balance at the end of the year was £642 (2019 - £892). There were no individual material repayments or advances during the current year. Total repayments during the year were £250 (2019 - £Nil) and the total advances during the year were £Nil (2019 - £125). All advances are made on an interest free basis.