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

REGISTERED NUMBER: 06676041 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

RECOMAC SPORTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Conway

H A Conway

REGISTERED OFFICE:

Europa Park

Stoneclough Road

Radcliffe

Manchester

M26 1GG

REGISTERED NUMBER:

06676041 (England and Wales)

ACCOUNTANTS:

Connaughton & Co

2nd Floor, Boulton House

17-21 Chorlton Street

Manchester

M1 3HY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

641,715

497,724

641,715

497,724

CURRENT ASSETS

Stocks

107,692

45,563

Debtors

6

1,334,269

1,493,371

Cash at bank

154,170

197,165

1,596,131

1,736,099

CREDITORS

Amounts falling due within one year

7

1,049,085

1,217,335

NET CURRENT ASSETS

547,046

518,764

TOTAL ASSETS LESS CURRENT LIABILITIES

1,188,761

1,016,488

CREDITORS

Amounts falling due after more than one year

8

(210,987

)

(74,021

)

PROVISIONS FOR LIABILITIES

11

(121,926

)

(94,568

)

NET ASSETS

855,848

847,899

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

13

855,846

847,897

SHAREHOLDERS' FUNDS

855,848

847,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 30 September 2022 and were signed on its behalf by:

H A Conway - Director

1.	STATUTORY INFORMATION

Recomac 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.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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 etc

-

33% on cost, 25% on reducing balance, 15% on reducing balance and 10% 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 39 (2020 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

97,720

AMORTISATION

At 1 January 2021

and 31 December 2021

97,720

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

531,940

3,015

112,824

14,421

662,200

Additions

235,235

-

29,800

1,867

266,902

Disposals

(22,250

)

-

(69,996

)

-

(92,246

)

At 31 December 2021

744,925

3,015

72,628

16,288

836,856

DEPRECIATION

At 1 January 2021

84,292

452

66,479

13,253

164,476

Charge for year

71,762

385

13,745

1,256

87,148

Eliminated on disposal

(7,652

)

-

(48,831

)

-

(56,483

)

At 31 December 2021

148,402

837

31,393

14,509

195,141

NET BOOK VALUE

At 31 December 2021

596,523

2,178

41,235

1,779

641,715

At 31 December 2020

447,648

2,563

46,345

1,168

497,724

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2021

-

31,250

31,250

Additions

209,330

27,100

236,430

Reclassification/transfer

433,715

-

433,715

At 31 December 2021

643,045

58,350

701,395

DEPRECIATION

At 1 January 2021

-

7,813

7,813

Charge for year

59,968

12,634

72,602

Reclassification/transfer

43,371

-

43,371

At 31 December 2021

103,339

20,447

123,786

NET BOOK VALUE

At 31 December 2021

539,706

37,903

577,609

At 31 December 2020

-

23,437

23,437

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

627,311

694,325

Other debtors

35,900

41,472

Directors' current accounts

460,374

506,732

Tax

170,117

203,689

Prepayments and accrued income

40,567

47,153

1,334,269

1,493,371

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

10,461

6,312

Other loans

14,000

14,000

Hire purchase contracts (see note 9)

107,126

-

Trade creditors

226,531

234,953

Tax

-

39,777

Social security and other taxes

26,184

18,935

VAT

2,849

206,191

Other creditors

489,312

522,391

Related company

54,849

57,871

Wages control account

15,311

18,660

Accruals and deferred income

102,462

98,245

1,049,085

1,217,335

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 1-2 years

9,911

9,666

Bank loans - 2-5 years

23,795

30,491

Bank loans more 5 yr by instal

-

3,531

Other loans - 1-2 years

14,000

14,000

Other loans - 2-5 years

2,333

16,333

Hire purchase contracts (see note 9)

160,948

-

210,987

74,021

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

3,531

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.21

31.12.20

£

£

Net obligations repayable:

Within one year

107,126

-

Between one and five years

160,948

-

268,074

-

Non-cancellable operating

leases

31.12.21

31.12.20

£

£

Between one and five years

3,540

2,784

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Factored debts

411,660

425,033

Included within other creditors are factored debts of £411,660 (31.12.20 - £425,033). The debts are secured over the trade debtors of the company.

11.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

121,926

94,568

Deferred

tax

£

Balance at 1 January 2021

94,568

Accelerated capital allowances

27,358

Balance at 31 December 2021

121,926

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Retained

earnings

£

At 1 January 2021

847,897

Profit for the year

163,949

Dividends

(156,000

)

At 31 December 2021

855,846

14.	RELATED PARTY DISCLOSURES

At the year end £54,849 (31.12.20 - £57,871) was owed to Road Spraying Limited, a company under common control.

Included within the profit and loss account are management charges of £15,300 (31.12.20 - £80,700) payable to Road Spraying Limited.

At the year-end £56,302 (31.12.20 - £56,329) was owed by the director, Mr A J Conway. The maximum amount outstanding during the year was £56,329 (31.12.20 - £136,704).

At the year-end £404,072 (31.12.20 - £450,403) was owed by the director, Mr H A Conway. The maximum amount outstanding during the year was £450,403 (31.12.20 - £450,403).