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2022-02-28-accounts

On Your Bike (Recycle) Ltd (A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

For the Year Ended 28 February 2022

Company Number: 07743521 Charity Registered in England and Wales Number: 1143731

On Your Bike (Recycle) Ltd Contents For the Year Ended 28 February 2022

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Annual Report 3 - 7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 20

Prepared By Albert Goodman LLP

1

On Your Bike (Recycle) Ltd Reference and Administrative Details For the Year Ended 28 February 2022

Trustees and Directors R K Habgood (Chair)
S Buller
S Foulerton
H Gregory
M Howell
General Manager M Church (until February 2022)
T Mock (from February 2022)
Company Number 07743521
Charity Number 1143731
Principal Office and Registered Office The Coach House
Station Approach
Taunton
Somerset
TA1 1QW
Independent Examiner Michelle Ferris BSc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Prepared By Albert Goodman LLP

2

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2022

The trustees, who are also directors for the purposes of the Companies Act, present their report and the unaudited financial statements of the charity for the year ended 28 February 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s memorandum and articles of association, the Statement of Recommended Practice (SORP FRS 102 2019), and are in accordance with the special provision relating to small companies within Part 15 of the Companies Act 2006.

Public benefit

The trustees report that the charitable activities, described in the “Mission statement”, “Activities” and “Achievements and performance” paragraphs, are for the public benefit. The trustees also confirm that they have complied with section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

Structure, governance and management

On Your Bike (Recycle) Ltd is an independent charity, registered number 1143731 and a company limited by guarantee, registered number 07743521.

The governing document is the memorandum and articles of association dated 4 July 2011.

The following trustees who are also directors for the purposes of company law, served during the year and since the year end:

S Buller S Foulerton H Gregory (appointed 16 July 2021) R K Habgood (Chair) M Howell L Leader (resigned 25 March 2021)

New trustees, appointed by a resolution of the other trustees, must retire at the next annual general meeting when they can seek re-election.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of liquidation of the company.

The trustees attend board meetings quarterly. Responsibility for the management and operation of the company during the period was entrusted to M Church superseded by T Mock 1st Feb 2022.

Prepared By Albert Goodman LLP

3

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2022

On Your Bike – Vision and Mission statement

Vision

Giving Purpose

Core Mission

  1. Training the unemployed in our bike workshops to help them gain the necessary skills and selfconfidence needed to find paid work. and help with physical and mental health recovery.

  2. Improve overall well-being with purposeful activities that raise self-esteem and encourage social interaction

  3. Caring for our environment and enabling our community to access a healthy and sustainable mode of transport with refurbished bicycles

Aims:

Activities

On Your Bike (Recycle) Ltd is a charity that provides services to the public, whilst, at the same time, helps to improve the environment in which we live. We also provide bicycle maintenance, customer service and retail training to disadvantaged people including the homeless, ex-service personnel and the long-term unemployed. Our work is supported through our trading income, grant funding and donations from the public and businesses. Our major funding grants for the financial year came from Foxglove Trust, Petroc and Cycling UK. The Trustees are exceedingly grateful for these donations, all of which are put to good use.

We continue to build our business; however, the pandemic and the associated lock downs have hindered its growth, in general, during the financial year. Sales were impacted, not only in relation to bike donations and sales, but also in relation to manpower as we experienced a reduced number of volunteers which severely restricted business capacity.

The development of a new induction course Earn A Bike, launched to support our beneficiaries, in 2021, was also hampered, as far as its implementation was concerned, as it was impossible to socially distance. Thankfully, the latter part of our 2023 financial year is looking brighter.

Our funding has allowed us to formally launch our “Earn a Bike” course in both store this year which has been greatly received by the local community, charities and organisations. We have seen a wide demographic of beneficiaries progress through the course and have watched them blossom and develop through the short time with us. The outcomes from the course are much more than the physical bike they are given at the end.

We have also been able to get back to the community work now that Covid restrictions has been relaxed. These included our Dr Bike repair sessions at local events in Taunton and Bridgwater Town Centre working alongside local cycling groups, Police and Somerset Road Safety.

Prepared By Albert Goodman LLP

4

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2022

Achievements and performance

Outcomes for volunteers who left OYB in the year:

Donations and Sales Data

Financial review

The charity generated income of £176,788 of which £14,914 was restricted (2021 – income of £297,512 of which £62,769 was restricted). With expenditure of £257,090 (2021 - £204,075), this lead to a deficit for the year of £80,302 (2021 - surplus £93,437). Net assets as at the end of the financial year were £73,432 (2021 - £153,734).

Reserves policy

The trustees’ policy on reserves is to maintain sufficient reserves for the charity to continue to meet its ongoing commitments for a minimum of 3 months (estimated £37,000) and to provide sufficient funds to develop and extend the services provided by the charity. The free reserves of the company amounted to £59,890 on 28 February 2022. The charity activities are very seasonal, with winter being the quiet period and sales picking back up around March time, therefore the February reserves are always a reflection of quiet period, and were again impacted by effects of the pandemic.

Covid-19

As stated above the pandemic and associated lockdowns severely hampered our ability to carry out business during the financial year to February 2022. With the severe impact of the pandemic now, hopefully, behind us we are seeing a more positive business outlook for the current year. Our challenge for the remainder of the current financial year is to strive to minimise the effect of rising cost of parts and deal with the challenges which inflationary times will bring. We have been fortunate to secure further donations during 2022 for which we are exceedingly grateful.

Prepared By Albert Goodman LLP

5

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2022

Future plans

During 20/21 and 21/22, the trustees planned to:

The following plans were set by the trustees for 21/22, 22/23 and future years

  1. Seek to secure funding to cover core costs for the three-year period 21/22 to 23/24.

  2. To support and develop our New GM through her probationary period

  3. To complete the training and development of 4 members of staff through their apprenticeships and the Cytec 3 vocational training

  4. To seek to establish OYB as a centre of excellence with major supplier(s) 5.

  5. To seek new Trustees adding further skill sets to the current Trustee and board.

Risk management

The trustees have considered the major risks to which the charity is exposed. The Trustees actively review, and update systems and procedures to manage perceived risks appropriately.

Prepared By Albert Goodman LLP

6

On Your Bike (Recycle) Ltd Trustees’ Report For the Year Ended 28 February 2022

Statement of Trustees’ Responsibilities

The trustees (who are directors of On Your Bike (Recycle) Ltd for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (incorporating the Directors’ Report) and the financial statements in accordance with 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).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and are responsible for the maintenance and integrity of the corporate and financial information on the charity’s website.

Signed by order of the trustees on 9[th] September 2022

R K Habgood

Chair of Trustees

Prepared By Albert Goodman LLP

7

On Your Bike (Recycle) Ltd Independent Examiners’ Report to the Trustees For the Year Ended 28 February 2022

Independent examiner’s report to the trustees of On Your Bike (Recycle) Ltd

I report to the charity trustees on my examination of the accounts of On Your Bike (Recycle) Ltd (“the Company”) for the year ended 28 February 2022.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not comply with these records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michelle Ferris BSc (Hons) FCA DChA

Albert Goodman LLP Chartered Accountants Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Dated: 29[th] September 2022

Prepared By Albert Goodman LLP

8

On Your Bike (Recycle) Ltd Statement of Financial Activities (including Income & Expenditure account) For the Year Ended 28 February 2022

Notes
Income
Donations (including grants)
2
Donated bike sales
Sales of bikes and accessories
Total income
Expenditure
Charitable activities
3
Total expenditure
Net income / (expenditure)
for the year before transfers
Transfers
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Charitable activities income:		 £
9,955
103,305
113,260
48,614
161,874
237,291
237,291
(75,417)
-
(75,417)
148,849
73,432
Unres-
tricted		 £
14,914
-
14,914
-
14,914
19,799
19,799
(4,885)
-
(4,885)
4,885
-
Re-stricted		 2022
£
24,869
103,305
128,174
48,614
176,788
257,090
257,090
(80,302)
-
(80,302)
153,734
73,432
Total		 £
69,865
112,117
181,982
52,761
234,743
151,017
151,017
83,726
4,826
88,552
60,297
148,849
Unres-
tricted		 £
62,769
-
62,769
-
62,769
53,058
53,058
9,711
(4,826)
4,885
-
4,885
Re-
stricted		 2021
£
132,634
112,117
244,751
52,761
297,512
204,075
204,075
93,437
-
93,437
60,297
153,734
Total

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The statement of financial activities incorporates the income and expenditure account.

Prepared By Albert Goodman LLP

9

On Your Bike (Recycle) Ltd – Company Registration Number: 07743521 Balance sheet As at 28 February 2022

----- Start of picture text -----
Notes 2022 2021
£ £
Fixed assets
Tangible fixed assets 7 15,540 9,986
Investments 8 2 2
15,542 9,988
Current assets
Stock 32,009 20,487
Debtors 9 838 12,511
Cash at bank and in hand 36,850 119,772
69,697 152,770
Creditors
Amounts falling due within one year 10 (11,807) (9,024)
Net current assets 57,890 143,746
Net assets 73,432 153,734
Funds
Unrestricted funds 11 73,432 148,849
Restricted funds 11 - 4,885
Total charity funds 73,432 153,734
----- End of picture text -----

These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

For the year ending 28 February 2022 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.

Approved by the Board for issue on 9[th] September 2022 and signed on its behalf by:

R K Habgood Trustee

Prepared By Albert Goodman LLP

10

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

1 Accounting policies

1.1 General information and basis of accounting

On Your Bike (Recycle) Ltd is a company limited by guarantee incorporated in the United Kingdom under the Companies Act. Each member of the charity undertakes to contribute a maximum of £10 to the charity’s assets if it should be wound up while they are a member or within one year after they cease to be a member. The address of the registered office is given on page 2. The nature of the charity’s operations and its principal activities are set out in the Trustees Report on pages 3-6.

The financial statements have been prepared on the historical cost basis and in accordance with the accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- (Charites SORP (FRS 102)) and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

On 1 March 2020, On Your Bike Bridgwater Limited ceased to trade and its trade and assets passed to On Your Bike (Recycle) Ltd. The only items remaining in On Your Bike Bridgwater is share capital.

The Trustees of On Your Bike (Recycle) Ltd have reviewed the position of the trading company, On Your Bike Bridgwater Limited, and have determined that it meets the conditions necessary to be considered a subsidiary of the Charity, however, the charity is part of a small group and the charity has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and the Charities Act 2011 and has not prepared group accounts.

1.2 Going concern

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Income

Income from donations is recognised in the accounts when receivable and the amount can be reliably measured.

In line with the SORP, income in relation to donated bikes is recognised at point of sale rather than the point of donation.

Income from grants and government grants is accounted for when unconditionally due and reasonable assurance can be gained that it will be received.

Income from investments is recognised in the accounts when receivable.

Prepared By Albert Goodman LLP

11

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

1.4 Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

1.5 Fixed assets

Fixed assets are valued at cost less depreciation. No assets are capitalised under £100. Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate:-

Plant and machinery – 15% straight line Motor vehicles – 25% straight line

1.6 Investment in subsidiaries

The investment in the share capital of the charity’s subsidiaries is stated at cost. Any loans to or from the subsidiary are stated at the value outstanding at the year end.

1.7 Debtors

Other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

1.8 Cash at bank and in hand

Cash at bank and in hand compromise cash on hand and call deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

1.9 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

1.10 Taxation

The company is a registered charity and is therefore not liable to corporation tax to the extent that income and gains are applied for charitable purposes.

1.11 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the company without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

1.12 Stocks

Stocks are valued at the cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Prepared By Albert Goodman LLP

12

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

1.13 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

2 Donations (including grants)

Grant income
Avon and Somerset Police
Cycling UK - Big Bike Revival
The National Lottery
Community Impact Mitigation Fund
Foxglove Trust
Somerset Community Foundation
Petroc - Bike Grant Fund
Fore Trust
Other
Exceptional government funding
Donations
On Your Bike Bridgwater Limited
Gift Aid
Other
Other Government Grants
Coronavirus Job Retention Scheme
Grant		 £
-
-
-
-
4,000
-
-
-
28
3,326
-
-
2,137
464
9,955
Unres-
tricted		 £
-
4,934
-
-
-
-
9,980
-
-
-
-
-
-
-
14,914
Res-
tricted		 £
-
4,934
-
-
4,000
-
9,980
-
28
3,326
-
-
2,137
464
24,869
Total
2022		 £
-
-
-
-
-
-
-
10,000
500
13,703
20,000
25,662
-
-
69,865
Unres-
tricted		 £
7,360
9,000
38,720
4,939
-
2,750
-
-
-
-
-
-
-
-
62,769
Res-
tricted		 £
7,360
9,000
38,720
4,939
-
2,750
-
10,000
500
13,703
20,000
25,662
-
-
Total
2021
132,634

* Denotes government funding

Prepared By Albert Goodman LLP

13

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

The charity has been eligible to claim additional funding in year from government support schemes in response to the coronavirus outbreak. The funding received is shown above under “exceptional government funding”. The charity furloughed some of its staff under the governments CJRS. The funding received of £3,326 relates to staff costs which are included within note 8 as appropriate. Staff entered into the furlough scheme were those directly involved with non-government funded income streams.

Amounts received from government grants are as listed above. There are no unfulfilled conditions or other contingencies attached to grants that have been recognised in income and the charity has not benefitted directly from other forms of government assistance.

3 Direct charitable expenditure

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2022 tricted tricted 2021
£ £ £ £ £ £
Employment costs 153,661 16,699 170,360 94,873 38,058 132,931
Other costs 83,630 3,100 86,730 56,144 15,000 71,144
237,291 19,799 257,090 151,017 53,058 204,075
Included in other costs:
Tools, parts and accessories 34,129 2,600 36,729 15,176 15,000 30,176
Training and accommodation 953 - 953 1,050 - 1,050
Rent and rates 10,843 - 10,843 10,705 - 10,705
- -
Light, heat and power 5,016 5,016 2,670 2,670
Insurance 2,226 - 2,226 929 - 929
Repairs and renewals 1,283 - 1,283 772 - 772
- -
Telephone and fax 1,839 1,839 2,876 2,876
- -
Bank charges & interest 3,332 3,332 4,449 4,449
- -
Postage and stationary 1,189 1,189 1,525 1,525
Direct expenses 3,055 500 3,555 1,525 - 1,525
- -
Sundry expenses 2,612 2,612 5,384 5,384
Chaitable donations 40 - 40 - - -
Subscription 68 - 68 - - -
Cleaning 522 - 522 - - -
- -
Motor expenses 3,792 3,792 3,157 3,157
Advertising 312 - 312 24 - 24
Professional fees 1,381 - 1,381 450 - 450
VAT non business adjustment 908 - 908 - - -
- -
Depreciation 5,078 5,078 3,274 3,274
Governance 5,052 - 5,052 3,703 - 3,703
83,630 3,100 86,730 57,669 15,000 72,669
----- End of picture text -----

Prepared By Albert Goodman LLP

14

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

4 Included within governance costs

Independent examination fee
Accountancy		 £
850
4,202
5,052
Unres-
tricted		 £
-
-
-
Res-
tricted		 £
850
4,202
5,052
Total
2022		 £
750
2,953
3,703
Unres-
tricted		 £
-
-
-
Res-
tricted		 £
750
2,953
Total
2021
3,703

5 Wages and salaries

Wages and salaries
Social security costs
Pension		 2022
£
157,638
9,365
3,357
170,360		 2021
£
125,246
5,329
2,356
132,931

No individual employee was paid over £60,000 (2021: none)

The key management personnel of the charity is considered to be the general manager. The total costs to the charity of employee benefits for the key management personnel were £38,667 (2021: £29,355).

The average number of employees for the year was as follows:

The average number of employees for the year was as follows: 2022 2021
Number of staff 8
8
‗‗‗‗‗‗‗ ‗‗‗‗‗‗‗

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £3,357 (2021: £2,356). There were contributions of £15 payable to the scheme at the end of the year included in creditors (2021: £523).

6 Net incoming resources before transfers

Net incoming resources before transfers
2022 2021
£ £
This is stated after charging:
Depreciation 5,078 3,274
Accountants remuneration - independent examinaton 850 750
- other 4,202 4,053

Prepared By Albert Goodman LLP

15

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

7 Tangible assets

----- Start of picture text -----
Plant & Motor
machinery vehicles Total
£ £ £
Cost
As at 01.03.2021 12,547 8,007 20,554
Additions 10,632 - 10,632
As at 28.02.2022 23,179 8,007 31,186
Depreciation
As at 01.03.2021 4,931 5,637 10,568
Charge for year 3,477 1,601 5,078
As at 28.02.2022 8,408 7,238 15,646
Net book value
As at 28.02.2022 14,771 769 15,540
As at 28.02.2021 7,616 2,370 9,986
8 Investments 2022 2021
£ £
Shares in subsidary undertakings 2 2
2 2
----- End of picture text -----

On Your Bike Taunton Limited (company number 11516698) was incorporated on 14 August 2018 as a wholly owned subsidiary of On Your Bike (Recycle). The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company. The company is dormant as at 28 February 2022. Therefore, has £nil profits (2021- £nil), and share capital is £1 (2021-£1).

On Your Bike Bridgwater Limited (company number 11516646) was incorporated on 14 August 2018 as a wholly owned subsidiary of On Your Bike (Recycle). The parent charity holds 100% of the issued share capital and 100% of the voting rights of the subsidiary trading company. The company commenced trading in September 2018 and has a year end of 28 February. On 1 March 2020, On Your Bike Bridgwater Limited ceased to trade and its trade and assets passed to On Your Bike (Recycle) Ltd. The only items remaining in On Your Bike Bridgwater is share capital and the results for the year ended 28 February 2022 are as below:

Prepared By Albert Goodman LLP

16

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

On Your Bike Bridgwater Limited
Turnover
Cost of raw materials and consumables
Staff costs
Other charges
Profit for the year
Retained earnings brought forward
Gift aid to parent charity
The aggregate of the assets, liabilities and capital and reserves was:
Assets
Liabilities
Capital and reserves		 2022
£
-
-
-
-
-
-
-
1
-
1		 2021
£
-
-
-
(25,662)
(25,662)
-
-
(25,662)
1
-
1
9
Debtors
Trade debtors
Prepayments and accrued income
VAT
Other debtors		 2022
£
800
-
-
38
838		 2021
£
-
2,255
6,870
3,386
12,511

Prepared By Albert Goodman LLP

17

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

10 Creditors- amounts due in less that one year

10 Creditors- amounts due in less that one year
Trade creditors
Accruals
VAT		 2022
£
4,362
2,897
685		 2021
£
-
6,401
-
PAYE & NI liability 3,861 2,621
Other creditors 2
11,807		 2
9,024
11 Statement of Funds
Balance
01.03.2021
£
Restricted funds
Cycling UK - Big Bike Revival
-
The National Lottery
4,885
Petroc - Bike Grant Fund
-
Total restricted funds
4,885
Unrestricted funds		 11 Statement of Funds
Balance
01.03.2021
£
Restricted funds
Cycling UK - Big Bike Revival
-
The National Lottery
4,885
Petroc - Bike Grant Fund
-
Total restricted funds
4,885
Unrestricted funds		 Income
£
4,934
-
9,980
14,914		 Expend-
iture
Transfers
£
£
(4,934)
-
(4,885)
-
(9,980)
-
(19,799)
-		 Expend-
iture
Transfers
£
£
(4,934)
-
(4,885)
-
(9,980)
-
(19,799)
-		 Balance
28.02.2022
£
-
-
-
-
General 148,849 161,874 (237,291) - 73,432
Total Funds 153,734 176,788 (257,090) -
73,432

Prepared By Albert Goodman LLP

18

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

Statement of Funds - prior year

Statement of Funds - prior year Statement of Funds - prior year
Balance
01.03.2020
£
Restricted funds
Avon and Somerset Police
-
Big Bike Revival
-
The National Lottery
-		 Income
£
7,360
9,000
38,720		 Expend-
iture
Transfers
£
£
(7,360)
-
(9,000)
-
(31,759)
(2,076)		 Balance
28.02.2021
£
-
-
4,885
Community Impact Mitigation Fund - 4,939 (4,939) - -
Somerset Community Foundation
Total restricted funds
Unrestricted funds
General
Total Funds		 -
-
60,297
60,297		 2,750
62,769
234,743
297,512		 -
(53,058)
(151,017)
(204,075)		 (2,750)
(4,826)
4,826
-		 -
4,885
148,849
153,734

Prepared By Albert Goodman LLP

19

On Your Bike (Recycle) Ltd Notes to the Financial Statements For the Year Ended 28 February 2022

12 Analysis of net assets between funds

Tangible assets
Investments
Net current assets		 £
15,540
2
57,890
73,432
Unres-
tricted		 £
-
-
-
-
Res-
tricted		 £
15,540
2
57,890
73,432
Total
2022		 £
9,986
2
138,861
148,849
Unres-
tricted		 £
-
-
4,885
4,885
Res-
tricted		 £
9,986
2
143,746
Total
2021
153,734

13 Related party transactions

There are no related parties requiring disclosure (2021: none).

14 Company limited by guarantee

The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £10 per member on the winding up of the company. At 28 February 2022 the company had five members and the total amount guaranteed was therefore £50.

Prepared By Albert Goodman LLP

20