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 2021

Notts Sport Limited

Statement of Financial Position

31 October 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	54,770	60,076

Current assets

Stocks	6	671,974	680,832
Debtors	7	1,348,102	856,982
Cash at bank and in hand		198,312	516,680
		------------	------------
		2,218,388	2,054,494

Creditors: amounts falling due within one year	8	1,252,512	1,138,094
		------------	------------
Net current assets		965,876	916,400
		------------	---------
Total assets less current liabilities		1,020,646	976,476

Creditors: amounts falling due after more than one year	9	470,275	593,072

Provisions	10	10,406	11,414
		------------	---------
Net assets excluding defined benefit pension plan liability		539,965	371,990

Defined benefit pension plan liability	( 6,083)	( 6,952)
	---------	---------
Net assets including defined benefit pension plan liability	533,882	365,038
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	533,782	364,938
	---------	---------
Shareholders funds	533,882	365,038
	---------	---------

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.

For the year ended 31 October 2021,the company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year ended 31 October 2021 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. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Notts Sport Limited

Statement of Financial Position (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 8 March 2022 , 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 2021

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

The company recognises government grants received relating to the Coronavirus Job Retention Scheme on an accruals basis. The grants are recognised in the Income Statement over the period in which the company recognises the related costs for which the grant is intended to compensate. Government assistance has also been extended by way of provision of guarantees.

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 21 (2020: 20 ).

4. Tax on profit

Analysis of the tax charge

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

	2021	2020
	£	£
Current Tax:
UK Corporation Tax	57,931	36,741
UK R&D Tax Credit - Current Year	(40,001)	(34,560)
UK R&D Tax Credit - Earlier Periods	–	(36,562)
Deferred Tax Movement	(1,008)	664
	--------	--------
Tax on Profit	16,922	(33,717)
	--------	--------

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 2020	151,452	50,450	13,648	215,550
Additions	21,028	2,823	–	23,851
	---------	--------	--------	---------
At 31 October 2021	172,480	53,273	13,648	239,401
	---------	--------	--------	---------
Depreciation
At 1 November 2020	100,277	41,549	13,648	155,474
Charge for the year	23,132	6,025	–	29,157
	---------	--------	--------	---------
At 31 October 2021	123,409	47,574	13,648	184,631
	---------	--------	--------	---------
Carrying amount
At 31 October 2021	49,071	5,699	–	54,770
	---------	--------	--------	---------
At 31 October 2020	51,175	8,901	–	60,076
	---------	--------	--------	---------

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

6. Stocks

Stocks for the year are comprised of:

	2021	2020
	£	£
Childsplay & Cricket	140,421	153,594
Stock Held in Germany	–	12,417
Stock Held in Canada	17,360	27,548
Work in Progress	514,194	487,273
	---------	---------
Total:	671,975	680,832
	---------	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	1,081,226	656,722
Amounts recoverable under contract	83,558	72,416
Other debtors	183,318	127,844
	------------	---------
	1,348,102	856,982
	------------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	121,882	77,482
Trade creditors	454,196	383,209
Amounts owed to group undertakings	339,453	402,618
Corporation tax	17,930	2,181
Social security and other taxes	24,425	25,020
Obligations under finance leases and hire purchase contracts	831	9,973
Other creditors	293,795	237,611
	------------	------------
	1,252,512	1,138,094
	------------	------------

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

	2021	2020
	£	£
Bank loans and overdrafts	470,275	592,241
Obligations under finance leases and hire purchase contracts	–	831
	---------	---------
	470,275	593,072
	---------	---------

Bank loans and overdrafts breakdown:

	2021	2020
	£	£
Bank loans - one to two years	121,882	121,882
Bank loans - three to five years	340,645	365,645
Bank loans - more than five years by instalment	7,748	104,714
	---------	---------
	470,275	592,241
	---------	---------

10. Provisions

	Deferred tax (note 11)
	£
At 1 November 2020	11,414
Charge against provision	( 1,008)
	--------
At 31 October 2021	10,406
	--------

11. Deferred tax

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

	2021	2020
	£	£
Included in provisions (note 10)	10,406	11,414
	--------	--------

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

	2021	2020
	£	£
Deferred tax - other timing differences	10,406	11,414
	--------	--------

12. Secured debts

The following secured debts are included within Creditors:

	2021	2020
	£	£
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.