Cycle Guides Limited - Period Ending 2017-11-30
Cycle Guides Limited - Period Ending 2017-11-30
Registration number:
Cycle Guides Limited
for the Year Ended 30 November 2017
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD
Cycle Guides Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Cycle Guides Limited
Company Information
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Director |
MG Porter |
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Registered office |
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Accountants |
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Page 1 |
DEANS
Chartered Accountants
Chartered
Accountants' Report to the
Director
on the Preparation of the Unaudited Statutory Accounts of
Cycle Guides Limited
for the
Year
Ended
30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cycle Guides Limited for the year ended 30 November 2017 as set out on pages 3 to 7 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 of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.
This report is made solely to the Board of Directors of Cycle Guides Limited, as a body, in accordance with the terms of our engagement letter dated 16 April 2008. Our work has been undertaken solely to prepare for your approval the accounts of Cycle Guides Limited and state those matters that we have agreed to state to the Board of Directors of Cycle Guides Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cycle Guides Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Cycle Guides Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cycle Guides Limited. You consider that Cycle Guides 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 accounts of Cycle Guides 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 accounts.
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Chartered Accountants and Business Advisors
Hawick
Borders
TD9 9BD
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Page 2 |
Cycle Guides Limited
(Registration number: SC337232)
Balance Sheet as at 30 November 2017
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Note |
2017 |
2016 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
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Page 3 |
Cycle Guides Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Going concern
The company has net liabilities of £2,173 as at 30 November 2017. The company relies on the continued support of the directors to finance the day to day working requirements.
The directors consider it appropriate to prepare the Financial Statements on a going concern basis after consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.
If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Page 4 |
Cycle Guides Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Page 5 |
Cycle Guides Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
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Creditors |
Creditors: amounts falling due within one year
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Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2017 |
2016 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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Loans and borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
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Related party transactions |
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Other transactions with directors |
M Porter (A director and shareholder of the company)
During the year M Porter advanced monies to the company. At the balance sheet date the amount due to M Porter was £35,053 (2016 - 37,706.)
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Page 6 |
Cycle Guides Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Summary of transactions with other related parties
(Baytree Publishing is a company registered in England in which M Porter is a shareholder and a director.)
Loans were advanced during the year to Baytree Publishing Limited. At the balance sheet date the amount due from Baytree Publishing Limited was £21,708 (2016 - £ 22,447.)
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Transition to FRS 102 |
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Page 7 |