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@Greenbank
The limit used to be based on whether the employer had a Consumer Credit License (CCL).
Years ago, without a separate CCL, the limit defaulted to £1000. At the time my employer had a CCL for much higher as they used sell expensive IT equipment and offered finance on it, and so our cycle2work limit was >£4k. I bought a crabon Wilier in the sales for £££.
Seems it's roughly similar now: https://www.cyclescheme.co.uk/cycle-to-work-scheme-any-price
If they're using that scheme, for instance, there's no limit as you're hiring the bike from Cyclescheme (rather than your employer) and Cyclescheme don't have a limit (I suspect there is a limit but it's just beyond what anyone would end up spending on a bike+stuff).
Without anything special companies may still be limited to £1k.