REGISTERED NUMBER:
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SPORTSBIKESHOP LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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REGISTERED NUMBER:
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SPORTSBIKESHOP LIMITED |
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 5 |
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Report of the Independent Auditors | 7 |
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Income Statement | 10 |
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Other Comprehensive Income | 11 |
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Balance Sheet | 12 |
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Statement of Changes in Equity | 13 |
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Cash Flow Statement | 14 |
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Notes to the Cash Flow Statement | 15 |
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Notes to the Financial Statements | 17 |
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SPORTSBIKESHOP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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The directors present their strategic report for the year ended 30 September 2021. |
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REVIEW OF BUSINESS |
The results for the year and the financial position of the company at 30 September 2021 are as shown in the annexed financial statements. |
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This review is considered to be balanced and comprehensive, having regard to the size of the company. The review also considers any risks or uncertainties faced by the company. |
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The directors are very happy with the year end results and are sure that continued focus on the needs of the customer and the range of products offered will ensure that revenues continue to grow. |
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As ever, the key financial indicators are turnover and gross profit, both of which have seen significant growth this year. |
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Turnover has increased by 23% this year due mainly to online sales but also through the continued opening of new stores. Despite the store network being closed during the year's Covid lockdown period, a new store in Bristol opened in April and the rest of the store network continued to grow during the summer months during which they were open. |
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Driven mainly by better buying and focus on higher margin products, Gross Profit Margins have increased year on year by 10.7%. |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company is affected by a number of factors, the principal ones of which are: |
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- Exposure to the risk of negative developments in the financial markets and the sectors in which it operates, either directly or through the impact on the company's bankers, suppliers or customers. These developments can result in recession, inflation, deflation, restrictions in the availability of credit, impact on demand from customers, problems in the supplier base, increase in financing costs or in the cost of utilities and finished products. Such developments might increase operating costs, reduce revenues, lower asset values or result in the business being unable to meet in full its strategic objectives. |
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- Competition arising from an ever-increasing demand for online retailing and increased internet activities. The company already utilises internet trading through its own website and through well-known auction sites. The nature of the company's products does mean that many customers will still visit the retail outlet to try before they buy, and management are continually monitoring the position of all areas of the company to ensure they remain profitable as failure to compete effectively in terms of price, product satisfaction or levels of customer service can have an adverse effect on demand and/or margins |
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- Exposure to exchange rates will also play a part as the company expands and furthers its own brand strategy due to the manufacturing of most of its range taking place outside of the UK. Conversion, however, will generally take place at the point of purchase, or just before, and will ultimately affect the retail price, bringing it in line with the market rather than affecting gross margin. |
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- Whilst the Brexit trade deal introduced in January 2021 caused a certain level of turmoil, particularly with overseas trade, the management believes it has also contributed to stronger domestic sales, as it introduced a level of uncertainty for UK customers thinking of buying from overseas. A partnership has also now been forged with a new logistics partner in an effort to help encourage overseas sales. |
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The company mitigates risk in several ways: |
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- The group has in place an organisational structure with clearly defined lines of responsibility and delegation of authority. There are established policies and procedure for the setting of corporate strategies; for financial planning and budgeting; for risk management; for information and reporting systems; for systems of operation and financial internal control; and for monitoring operations and performance. |
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- Management and staff at all levels work closely with customers and suppliers to operate as effectively and efficiently as possible,whilst maintaining long working relations, innovations and good lines of communications. |
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- The company operates a recruitment, training and selection process to ensure employees are experienced and competent in their work. The workforce is trained to be alert, responsive to customer needs and requirements and to operate in line with the company's corporate objectives. |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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FUTURE DEVELOPMENTS |
Online growth will be achieved through further work on improving customer experience and increasing focus on both the product range and the stock plan. there will also be the addition of new stores - Harlow having opened in October and the opening of a Birmingham store in December - as well as growth from the existing network as it matures. |
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Most important of all, the company will continue to take a truly omnichannel approach, with stores essentially operating as an extension of the online experience. The management team are as optimistic as ever as they look forward to the continuation of their plan. |
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BY ORDER OF THE BOARD: |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale of motorcycle parts and accessories. |
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DIVIDENDS |
Interim dividends totalling £ |
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The total distribution of dividends for the year ended 30 September 2021 will be £
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DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 October 2020 to the date of this report. |
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The directors shown below were in office at 30 September 2021 but did not hold any interest in the Ordinary shares of £1 each at 1 October 2020 or 30 September 2021. |
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DISCLOSURE IN THE STRATEGIC REPORT |
Information regarding company performance, key performance indicators, risks facing the company and future developments is disclosed in the strategic report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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BY ORDER OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPORTSBIKESHOP LIMITED |
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Opinion |
We have audited the financial statements of Sportsbikeshop Limited (the 'company') for the year ended 30 September 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPORTSBIKESHOP LIMITED |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SPORTSBIKESHOP LIMITED |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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We have enquired of those charged with governance around actual and potential litigation and claims. |
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We have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
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Enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations. |
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Audited the risk of management override of controls including review of journal entries and large or unusual transaction, evaluating the business rationale of any significant transactions outside the course of business. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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for and on behalf of
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(Statutory Auditor) |
Rollestone House |
Bridge Street |
Horncastle |
Lincolnshire |
LN9 5HZ |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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4,013,684 | 2,751,264 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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4,174,806 | 2,767,410 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL
YEAR |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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BALANCE SHEET |
30 SEPTEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
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Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
13 |
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( |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 October 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 September 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2021 |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest element of hire purchase
payments paid |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
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Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Capital repayments in year | ( |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at
beginning of year |
2 |
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2,545,576 |
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Cash and cash equivalents at end of
year |
2 |
2,794,533 |
7,612,828 |
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2021 | 2020 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 15,143 | 17,549 |
Finance income | (155 | ) | (1,869 | ) |
4,600,672 | 3,085,283 |
(Increase)/decrease in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 30 September 2021 |
30.9.21 | 1.10.20 |
£ | £ |
Cash and cash equivalents | 2,794,533 | 7,612,828 |
Year ended 30 September 2020 |
30.9.20 | 1.10.19 |
£ | £ |
Cash and cash equivalents | 7,612,828 | 2,545,576 |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.10.20 | Cash flow | At 30.9.21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 7,612,828 | (4,818,295 | ) | 2,794,533 |
7,612,828 | ( |
) | 2,794,533 |
Debt |
Finance leases | (169,014 | ) | 48,713 | (120,301 | ) |
(169,014 | ) | 48,713 | (120,301 | ) |
Total | 7,443,814 | (4,769,582 | ) | 2,674,232 |
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Sportsbikeshop Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Development costs are being amortised over their estimated useful life of five years. |
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Tangible fixed assets |
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Freehold property | - |
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Expenditure on leasehold property | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2021 | 2020 |
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Employees |
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2021 | 2020 |
£ | £ |
Directors' remuneration |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Information regarding the highest paid director is as follows: |
2021 | 2020 |
£ | £ |
Emoluments etc |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2021 | 2020 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss on disposal of fixed assets |
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Development costs amortisation |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2021 | 2020 |
£ | £ |
Hire purchase |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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2021 | 2020 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK
of |
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Effects of: |
Depreciation in excess of capital allowances |
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Group relief | (201,264 | ) | (503,054 | ) |
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Deferred taxation | (95,747 | ) | - |
Total tax charge | 589,072 | 41,629 |
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7. | DIVIDENDS |
2021 | 2020 |
£ | £ |
Interim |
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|
|
8. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 1 October 2020 |
|
Additions |
|
At 30 September 2021 |
|
AMORTISATION |
At 1 October 2020 |
|
Amortisation for year |
|
At 30 September 2021 |
|
NET BOOK VALUE |
At 30 September 2021 |
|
At 30 September 2020 |
|
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
|
|
9. | TANGIBLE FIXED ASSETS |
Expenditure |
on | Fixtures |
Freehold | leasehold | and | Motor |
property | property | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 30 September 2021 |
|
|
|
|
|
DEPRECIATION |
At 1 October 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 30 September 2021 |
|
|
|
|
|
NET BOOK VALUE |
At 30 September 2021 |
|
|
|
|
|
At 30 September 2020 |
|
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2020 |
|
|
|
Additions |
|
|
|
At 30 September 2021 |
|
|
|
DEPRECIATION |
At 1 October 2020 |
|
|
|
Charge for year |
|
|
|
At 30 September 2021 |
|
|
|
NET BOOK VALUE |
At 30 September 2021 |
|
|
|
At 30 September 2020 |
|
|
|
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
|
|
10. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
|
|
Prepayments |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Corporation Tax |
|
|
Social security and other taxes |
|
|
VAT | 309,922 | 534,571 |
Other creditors |
|
|
Accrued expenses |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase | contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable | operating leases |
2021 | 2020 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Hire purchase contracts | 120,301 | 169,014 |
|
The debt is secured over the assets being purchased. |
|
16. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 246,611 | 150,864 |
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
|
|
16. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 October 2020 |
|
Accelerated capital allowances | 95,747 |
Balance at 30 September 2021 |
|
|
17. | CALLED UP SHARE CAPITAL |
|
Allotted and issued: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Share capital | £1 | 100 | 100 |
|
18. | RESERVES |
Retained |
earnings |
£ |
|
At 1 October 2020 |
|
Profit for the year |
|
Dividends | ( |
) |
At 30 September 2021 |
|
|
19. | CAPITAL COMMITMENTS |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
20. | RELATED PARTY DISCLOSURES |
|
J S Mitchell, a director, is also a director of Pushchair Expert Limited. A summary of the sales to Pushchair Expert Limited are given below. At the balance sheet date the amount outstanding was £18,044 (2020 - £nil). |
|
2021 | 2020 |
£ | £ |
Carriage recharges to Pushchair Expert Limited | 174,440 | 66,422 |
|
SPORTSBIKESHOP LIMITED (REGISTERED NUMBER: 05401500) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
|
|
21. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|