Notts Sport Limited Filleted accounts for Companies House (small and micro)

NOTTS SPORT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02012744

Notts Sport Limited

Filleted Unaudited Financial Statements

31 October 2020

Notts Sport Limited

Statement of Financial Position

31 October 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	60,076	57,405

Current assets

Stocks	6	680,832	623,592
Debtors	7	856,982	936,678
Cash at bank and in hand		516,680	158
		------------	------------
		2,054,494	1,560,428

Creditors: amounts falling due within one year	8	1,138,094	1,211,900
		------------	------------
Net current assets		916,400	348,528
		---------	---------
Total assets less current liabilities		976,476	405,933

Creditors: amounts falling due after more than one year	9	593,072	116,990

Provisions	10	11,414	10,750
		---------	---------
Net assets excluding defined benefit pension plan liability		371,990	278,193

Defined benefit pension plan liability	( 6,952)	( 6,796)
	---------	---------
Net assets including defined benefit pension plan liability	365,038	271,397
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	364,938	271,297
	---------	---------
Shareholders funds	365,038	271,397
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

Notts Sport Limited

Statement of Financial Position (continued)

31 October 2020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020. The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for: (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and; (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of Companies Act 2006 relating to financial statements, so far as applicable to the company.

These financial statements were approved by the board of directors and authorised for issue on 21 April 2021 , and are signed on behalf of the board by:

Mr. S. Patrick

Director

Company registration number: 02012744

Notts Sport Limited

Notes to the Financial Statements

Year ended 31 October 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridge Farm, Holt Lane, Ashby Manga, Leicestershire, LE17 5NJ, United Kingdom. The presentation currency of the financial statements is in Pounds Sterling (£).

2. Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. Other than Stock and Work in Progress, which have been disclosed in separate policies, there are no material items in the financial statements where these judgements and estimates have been made.

Going concern

These financial statements are prepared on the going concern basis. The directors have considered the impact of the COVID-19 outbreak and the measures taken to contain it when forming their assessment of going concern. Although the ongoing impact of the outbreak cannot be assessed with certainty. The directors consider that the company can continue in business and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements.

Revenue recognition and contracts

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Revenue is measured at the fair value of the consideration received or receivable for goods and services provided, net of trade discounts, value added and similar sales-based taxes. Revenue from contracts represents the value of the work carried out during the year, including amounts not invoiced.

When the outcome of individual contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the reporting date. Pre-contract costs are expensed as incurred until it is virtually certain that a contract will be awarded, from which time further pre-contract costs are recognised as an asset and charged as an expense over the period of the contract.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate, less any impairment.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Research and development

Research and development costs are amortised through the profit and loss account by equal instalments over their estimated useful economic life.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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.

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.

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. Current or deferred taxation assets and liabilities are not discounted. 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.

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 of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery	-	at varying rates on cost
Fixtures and fittings	-	50% straight line
Website Development	-	33% straight line

Stocks

Stocks and work in progress are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. Work in progress is estimated on work completed in the year that relates to contracts secured, but not recognised, until after the year end. This estimation is calculated on the stage of completion of the project as at the year end date, in line with the production of goods and the completion of the contract.

Leasing commitments

Assets held under leasing commitments are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Rentals paid under operating lease are charged to P&L on a straight line basis over the period of the lease.

Government grants

Government grants are recognised on a systematic basis over the periods in which the company recognises the related costs.

Defined benefit plans

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2019: 21 ).

4. Tax on profit

Analysis of the tax charge

The tax charge on the profit in the year was as follows:

	2020	2019
	£	£
Current Tax:
UK Corporation Tax	36,741	56,328
UK R&D Tax Credit - Current Year	(34,560)	–
UK R&D Tax Credit - Earlier Periods	(36,562)	(79,354)
Deferred Tax Movement	664	(10,750)
	--------	--------
Tax on Profit	( 33,717)	( 33,776)
	--------	--------

The total tax for the year is lower than the standard rate of corporation tax in the UK. The difference is due to an R&D tax credit for the prior year which was only submitted and recorded in the current year.

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2019	126,018	42,839	13,648	182,505
Additions	25,434	8,572	–	34,006
Disposals	–	( 961)	–	( 961)
	---------	--------	--------	---------
At 31 October 2020	151,452	50,450	13,648	215,550
	---------	--------	--------	---------
Depreciation
At 1 November 2019	76,459	34,993	13,648	125,100
Charge for the year	23,818	7,517	–	31,335
Disposals	–	( 961)	–	( 961)
	---------	--------	--------	---------
At 31 October 2020	100,277	41,549	13,648	155,474
	---------	--------	--------	---------
Carrying amount
At 31 October 2020	51,175	8,901	–	60,076
	---------	--------	--------	---------
At 31 October 2019	49,559	7,846	–	57,405
	---------	--------	--------	---------

There were no impairments to any tangible fixed assets during the year.

6. Stocks

Stocks for the year are comprised of:

	2020	2019
	£	£
Total:	680,832	623,592

7. Debtors

	2020	2019
	£	£
Trade debtors	656,722	695,054
Amounts recoverable under contract	72,416	105,321
Other debtors	127,844	136,303
	---------	---------
	856,982	936,678
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	77,482	231,414
Trade creditors	383,209	344,999
Amounts owed to group undertakings	402,618	303,375
Corporation tax	2,181	56,328
Social security and other taxes	25,020	20,746
Obligations under finance leases and hire purchase contracts	9,973	9,973
Other creditors	237,611	245,065
	------------	------------
	1,138,094	1,211,900
	------------	------------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	592,241	108,679
Obligations under finance leases and hire purchase contracts	831	8,311
	---------	---------
	593,072	116,990
	---------	---------

10. Provisions

	Deferred tax (note 11)
	£
At 1 November 2019	10,750
Additions	664
	--------
At 31 October 2020	11,414
	--------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions (note 10)	11,414	10,750
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Deferred tax - other timing differences	11,414	10,750
	--------	--------

12. Secured debts

The following secured debts are included within Creditors:

	2020	2019
	£	£
Bank overdraft	–	2,675
Bank loans	669,723	340,093
Hire purchase contracts	10,804	18,284
	---------	---------
	680,527	361,052
	---------	---------

Balances owed under hire purchase contracts are secured on the assets concerned.

Bank loans are secured with a fixed and floating charge over the company assets.

13. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

14. Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. Ultimate controlling party

The ultimate parent company is Notts Sport Group Limited, a company registered in England and Wales.