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

REGISTERED NUMBER: 09213526 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Whirlwind Sports Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

G Billing

C Billing

Mrs L A Billing

Mrs T Williams

JI Wood FCCA

Registered office:

Maen Rock Farm

Jobswater

Penryn

Cornwall

TR10 9BT

Registered number:

09213526 (England and Wales)

Accountants:

Wills Bingley Limited

Chartered Accountants

St Denys House

22 East Hill

St. Austell

Cornwall

PL25 4TR

Fixed assets

Intangible assets

5

70,671

80,767

Property, plant and equipment

6

32,358

40,021

103,029

120,788

Current assets

Stocks

824,627

851,788

Debtors

7

106,596

64,265

Cash at bank and in hand

113,690

5,269

1,044,913

921,322

Creditors

Amounts falling due within one year

8

720,274

968,474

Net current assets/(liabilities)

324,639

(47,152

)

Total assets less current liabilities

427,668

73,636

Creditors

Amounts falling due after more than one year

9

295,000

-

Net assets

132,668

73,636

Capital and reserves

Called up share capital

1,000

1,000

Retained earnings

131,668

72,636

132,668

73,636

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

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

C Billing - Director

1.	Statutory information

Whirlwind 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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 2019, is being amortised evenly over its estimated useful life of ten 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

-

15% on cost

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.

4.	Employees and directors

The average number of employees during the year was 20 (2020 - 26 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 February 2020

and 31 January 2021

100,959

Amortisation

At 1 February 2020

20,192

Charge for year

10,096

At 31 January 2021

30,288

Net book value

At 31 January 2021

70,671

At 31 January 2020

80,767

6.	Property, plant and equipment

Plant and

machinery

etc

£

Cost

At 1 February 2020

and 31 January 2021

51,089

Depreciation

At 1 February 2020

11,068

Charge for year

7,663

At 31 January 2021

18,731

Net book value

At 31 January 2021

32,358

At 31 January 2020

40,021

7.

Debtors: amounts falling due within one year

31/1/21

31/1/20

£

£

Other debtors

106,596

64,265

8.

Creditors: amounts falling due within one year

31/1/21

31/1/20

£

£

Bank loans and overdrafts

-

363,466

Trade creditors

218,397

176,413

Taxation and social security

60,166

36,193

Other creditors

441,711

392,402

720,274

968,474

9.

Creditors: amounts falling due after more than one year

31/1/21

31/1/20

£

£

Other creditors

295,000

-

10.	Directors' advances, credits and guarantees

At the year end, balances due to the directors totalled £78,722 (2020: £76,612).

11.	Related party disclosures

The company is owed the following (in the form of unsecured loans) from related parties:

£33,606 from Penloe Limited, of which Mr C Billing is also a Director. (2020: £32,843)

£8,842 from Whirlwind Sports Community CIC of which Mr C Billing is also a Director. (2020: £21,095)

The company owes the following (in the form of unsecured loans) to related parties:

£173,327 to the Whirlwind Sports partnership whos partners are Mr P Billing and Mrs J Billing. (2020: £111,179)

£35,983 to Frixon Limited, of which Mr C Billing is also a Director. (2020: £33,901)