PRACTICAL_BIKES_LIMITED - Accounts

PRACTICAL BIKES LTD - Company Information

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Company Registration No. 07560852 (England and Wales)

PRACTICAL BIKES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

PRACTICAL BIKES LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

PRACTICAL BIKES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRACTICAL BIKES LIMITED FOR THE YEAR ENDED 31 MARCH 2015

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Practical Bikes Limited for the year ended 31 March 2015 set out on pages 2 to 4 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Practical Bikes Limited, as a body, in accordance with the terms of our engagement letter dated 8 December 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Practical Bikes Limited and state those matters that we have agreed to state to the Board of Directors of Practical Bikes Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Practical Bikes Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Practical Bikes Limited 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 Practical Bikes Limited. You consider that Practical Bikes Limited 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 Practical Bikes Limited. 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.

Moore and Smalley LLP

Chartered Accountants

Priory Close

St Marys Gate

Lancaster

LA1 1XB

22 December 2015

PRACTICAL BIKES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 2 -

2015

2014

Notes

Fixed assets

Tangible assets

6,584

7,508

Current assets

Debtors

691

426

Cash at bank and in hand

3,400

1,419

4,091

1,845

Creditors: amounts falling due within one year

(26,991)

(33,384)

Net current liabilities

(22,900)

(31,539)

Total assets less current liabilities

(16,316)

(24,031)

Capital and reserves

Called up share capital

Profit and loss account

(16,319)

(24,034)

Shareholders' funds

(16,316)

(24,031)

For the financial year ended 31 March 2015 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 22 December 2015

Ms S B Lambert

Director

Company Registration No. 07560852

PRACTICAL BIKES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

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).

The directors, who are also the company shareholders, have confirmed that they are prepared to continue to support the company financially via their loan accounts. It is therefore considered appropriate for the accounts to be prepared on a going concern basis.

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 trade discounts.

1.4

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:

Fixtures, fittings & equipment

20% reducing balance

Motorbikes

20% reducing balance

1.5

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.

PRACTICAL BIKES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 4 -

Fixed assets

Tangible assets

Cost

At 1 April 2014

12,038

Additions

619

At 31 March 2015

12,657

Depreciation

At 1 April 2014

4,530

Charge for the year

1,543

At 31 March 2015

6,073

Net book value

At 31 March 2015

6,584

At 31 March 2014

7,508

Share capital

2015

2014

Allotted, called up and fully paid

3 Ordinary of £1 each