Exsportise Limited
Exsportise Limited
Registered number: 02330930
Unaudited Financial Statements
For The Year Ended 30 September 2018
Exsportise Limited
Unaudited Financial Statements
For The Year Ended 30 September 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Exsportise Limited
Balance Sheet
As at
30 September 2018
Balance Sheet
Registered number:
02330930
For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,895,860 | 1,523,189 | |||
Page 1
Exsportise Limited
Balance Sheet (continued)
As at
30 September 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Exsportise Limited
Notes to the Financial Statements
For The Year Ended 30 September 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Exsportise Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2018
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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| Office and administration |
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| Sales, marketing and distribution |
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Exsportise Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2018
3.
Tangible Assets
| Land & Property | ||||
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| Freehold | Motor Vehicles | Fixtures & Fittings | Total | |
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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4.
Debtors
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| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Director's loan account | 493,721 | - | |
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5.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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Exsportise Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2018
6.
Creditors: Amounts Falling Due After More Than One Year
| 2018 | 2017 | ||
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| Bank loans |
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The mortgages are secured by way of a fixed charge on the property. Included within creditors are:
The Cottage £321,957 (2017 : £371,308)
Aberdeen House £499,730 (2017 : £518,998)
Of the creditors falling due within and after more than one year the following amounts are due after more than five years:
| 2018 | 2017 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 453,813 | 513,461 |
8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| Mr Jan Van Asselt |
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The above loan is interest bearing and repayable on demand.
Dividends paid to directors
| 2018 | 2017 | |
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| £ | £ | |
| Mr Jan Van Asselt | 32,000 | 32,000 |
9.
Post Balance Sheet Events
Exsportise Ltd purchased back it's Ordinary Class B shares from Sussex Research Limited on 21 December 2018, after which date, J A van Asselt became the sole shareholder of the Company.
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Exsportise Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2018
10.
Related Party Transactions
Glideball Ltd
J A van Asselt is a shareholder and director of Glideball Ltd.
At 30 September 2018 there was a loan balance due from Glideball Ltd to Exsportise Ltd of £3,022 (2017 : £2,000)
Sportplan Ltd
J A van Asselt is a shareholder and director of Sportplan Ltd.
During the year, sales to Sportplan Ltd amounted to £40,968 (2017 : £40,968). As at 30 September 2018, the sales ledger balance in respect of Sportplan Ltd stood at £3,414 (2017 : £3,414).
11.
General Information
Exsportise Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02330930 . The registered office is 4 Grange Close, Bletchingley, Redhill, RH1 4LW.
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