Abbreviated Company Accounts - VELOCITY CAFE AND BICYCLE WORKSHOP LTD

VELOCITY CAFE AND BICYCLE WORKSHOP LTD - Company Information

Registered Number SC414824

VELOCITY CAFE AND BICYCLE WORKSHOP LTD

Abbreviated Accounts

31 March 2015

VELOCITY CAFE AND BICYCLE WORKSHOP LTD Registered Number SC414824

Abbreviated Balance Sheet as at 31 March 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	3	12,178	20,333
		12,178	20,333
Current assets
Stocks		3,187	1,894
Debtors	4	7,430	16,855
Cash at bank and in hand		30,261	18,856
		40,878	37,605
Creditors: amounts falling due within one year		(13,244)	(33,663)
Net current assets (liabilities)		27,634	3,942
Total assets less current liabilities		39,812	24,275
Accruals and deferred income		(16,096)	(11,289)
Total net assets (liabilities)		23,716	12,986
Reserves
Income and expenditure account		23,716	12,986
Members' funds		23,716	12,986

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 9 December 2015

And signed on their behalf by:
Evan Beswick, Director

VELOCITY CAFE AND BICYCLE WORKSHOP LTD Registered Number SC414824

Notes to the Abbreviated Accounts for the period ended 31 March 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents cash and invoiced sales of goods. The company is registered for Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated on a straight-line basis over three years, in order to write off each asset over its estimated useful life.

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value.

Grants received
Grants related to capital expenditure on tangible assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grants relate.
During the period to 31 March 2015, the following grant income was recognised in the accounts:
Awards for All - £1,154
Adopt An Intern - £1,974
Cycling Scotland - £1,174
Climate Challenge Fund - £114,359
Foundation Scotland ('Enterprise Ready') - £5,780
Common Good Fund (Highland Council) - £13,586
HITRANS - £2,000
Moray Firth Radio 'Cash For Kids' - £681

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

3Tangible fixed assets

	£
Cost
At 1 April 2014	37,156
Additions	7,845
Disposals	(3,000)
Revaluations	-
Transfers	-
At 31 March 2015	42,001
Depreciation
At 1 April 2014	16,823
Charge for the year	14,000
On disposals	(1,000)
At 31 March 2015	29,823
Net book values
At 31 March 2015	12,178
At 31 March 2014	20,333

4Debtors

	2015 £	2014 £
Debtors include the following amounts due after more than one year	7,430	16,855