CLASSIC BIKE IMPORTS LTD

CLASSIC BIKE IMPORTS LTD

CLASSIC BIKE IMPORTS LTD - Company Information

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CLASSIC BIKE IMPORTS LTD

Company Registration Number:
06832223 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2018

Period of accounts

Start date: 01 March 2017

End date: 28 February 2018

CLASSIC BIKE IMPORTS LTD

Contents of the Financial Statements

for the Period Ended 28 February 2018

Balance sheet
Notes

CLASSIC BIKE IMPORTS LTD

Balance sheet

As at 28 February 2018


Notes
2018
2017


£
£
Fixed assets
Tangible assets: 2 19,715 26,285
Total fixed assets: 19,715 26,285
Current assets
Stocks: 237,000 239,000
Debtors:   1,867 1,899
Cash at bank and in hand: 61,385 52,311
Total current assets: 300,252 293,210
Creditors: amounts falling due within one year:   (196,945) (197,289)
Net current assets (liabilities): 103,307 95,921
Total assets less current liabilities: 123,022 122,206
Creditors: amounts falling due after more than one year:   (18,897) (24,854)
Provision for liabilities: (3,745) (5,255)
Total net assets (liabilities): 100,380 92,097
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 100,280 91,997
Shareholders funds: 100,380 92,097

The notes form part of these financial statements

CLASSIC BIKE IMPORTS LTD

Balance sheet statements

For the year ending 28 February 2018 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 November 2018
and signed on behalf of the board by:

Name: W.P.Dawkins
Status: Director

The notes form part of these financial statements

CLASSIC BIKE IMPORTS LTD

Notes to the Financial Statements

for the Period Ended 28 February 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year.

Tangible fixed assets and depreciation policy

Depreciation is provided by the company to write off the cost or valuation less the residual value of its tangible fixed assets over their useful economic lives as follows:Plant and machinery- 25% of reducing balanceMotor vehicles- 25% of reducing balance

Other accounting policies

Foreign currenciesTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss.LeasesWhere the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible asset and is depreciated over its estimated useful life or the term of the leases, whichever is shorter. Future instalments under such leases, net of the finance charges are included in creditors. Rental payments are apportioned between the finance element which is charged to the profit and loss account and the capital element which reduces the outstanding obligation for future instalments.All other leases are accounted for as operating leases and the rental charges are charged to the profit and loss account on a straight line over the life of the lease.StocksStock is valued at the lower of cost and net realisable value.Deferred taxationFull provision is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the accounts and their recognition of gains and losses in the accounts in the accounts and their recognition for tax purposes.

CLASSIC BIKE IMPORTS LTD

Notes to the Financial Statements

for the Period Ended 28 February 2018

2. Tangible Assets

Total
Cost £
At 01 March 2017 39,056
At 28 February 2018 39,056
Depreciation
At 01 March 2017 12,771
Charge for year 6,570
At 28 February 2018 19,341
Net book value
At 28 February 2018 19,715
At 28 February 2017 26,285

CLASSIC BIKE IMPORTS LTD

Notes to the Financial Statements

for the Period Ended 28 February 2018

3. Financial commitments

Secured borrowingsLeased assets (secured on the assets concerned2018-£248532017-£30810