Primera Sports Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04714946 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

Primera Sports Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W D Temple

Mrs T A Temple

SECRETARY:

Mrs T A Temple

REGISTERED OFFICE:

898 - 902 Wimborne Road

Moordown

Bournemouth

Dorset

BH9 2DW

REGISTERED NUMBER:

04714946 (England and Wales)

ACCOUNTANTS:

Stephen Penny and Partners Limited

Chartered Certified Accountants

and Business Advisors

898-902 Wimborne Road

Bournemouth

Dorset

BH9 2DW

FIXED ASSETS

Intangible assets

4

76,375

95,875

Tangible assets

5

15,347

12,132

91,722

108,007

CURRENT ASSETS

Stocks

469,641

603,147

Debtors

6

490,637

201,273

Cash at bank and in hand

486,659

101,439

1,446,937

905,859

CREDITORS

Amounts falling due within one year

7

1,396,457

968,261

NET CURRENT ASSETS/(LIABILITIES)

50,480

(62,402

)

TOTAL ASSETS LESS CURRENT LIABILITIES

142,202

45,605

PROVISIONS FOR LIABILITIES

2,254

1,573

NET ASSETS

139,948

44,032

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

139,946

44,030

139,948

44,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2021 and were signed on its behalf by:

W D Temple - Director

1.	STATUTORY INFORMATION

Primera Sports Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 20% on reducing balance

Stocks

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

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.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2019 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

390,000

AMORTISATION

At 1 October 2019

294,125

Charge for year

19,500

At 30 September 2020

313,625

NET BOOK VALUE

At 30 September 2020

76,375

At 30 September 2019

95,875

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

111,875

Additions

6,964

At 30 September 2020

118,839

DEPRECIATION

At 1 October 2019

99,743

Charge for year

3,749

At 30 September 2020

103,492

NET BOOK VALUE

At 30 September 2020

15,347

At 30 September 2019

12,132

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

-

15,090

Amounts owed by group undertakings

480,589

-

Other debtors

10,048

186,183

490,637

201,273

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

58,157

53,830

Trade creditors

737,171

670,311

Taxation and social security

587,462

221,995

Other creditors

13,667

22,125

1,396,457

968,261

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Bank overdrafts

58,157

53,830

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

Mrs T A Temple and W D Temple

Balance outstanding at start of year

172,766

154,365

Amounts advanced

160,926

200,824

Amounts repaid

(328,080

)

(182,423

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,612

172,766

10.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £480,589 by Moonaxe Limited, a company at that date owned and controlled by the directors.Since the balance sheet date Primera Sports Limited has become a wholly owned subsidiary of Moonaxe Limited.