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 2022

Notts Sport Limited

Statement of Financial Position

31 October 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	45,245	54,770

Current assets

Stocks	6	619,298	671,974
Debtors	7	1,590,489	1,348,102
Cash at bank and in hand		266,538	198,312
		------------	------------
		2,476,325	2,218,388

Creditors: amounts falling due within one year	8	1,417,494	1,252,512
		------------	------------
Net current assets		1,058,831	965,876
		------------	------------
Total assets less current liabilities		1,104,076	1,020,646

Creditors: amounts falling due after more than one year	9	348,287	470,275

Provisions	10	8,596	10,406
		------------	------------
Net assets excluding defined benefit pension plan liability		747,193	539,965

Defined benefit pension plan liability	(7,352)	(6,083)
	---------	---------
Net assets including defined benefit pension plan liability	739,841	533,882
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	739,741	533,782
	---------	---------
Shareholders funds	739,841	533,882
	---------	---------

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 ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Notts Sport Limited

Statement of Financial Position (continued)

31 October 2022

These financial statements were approved by the board of directors and authorised for issue on 31 March 2023 , 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 2022

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.

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.

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.

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 calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

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.

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.

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 (2021: 21 ).

4. Tax on profit

Analysis of the tax charge

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

	2022	2021
	£	£
UK Corporation Tax - Current Year	72,543	57,931
UK R&D Tax Credit - Current Year	(40,994)	(40,001)
Deferred Tax Movement	(1,810)	(1,008)
	--------	--------
	29,739	16,922
	--------	--------

Analysis of the tax charge

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2021	172,480	53,273	13,648	239,401
Additions	–	11,981	–	11,981
	---------	--------	--------	---------
At 31 October 2022	172,480	65,254	13,648	251,382
	---------	--------	--------	---------
Depreciation
At 1 November 2021	123,409	47,574	13,648	184,631
Charge for the year	16,284	5,222	–	21,506
	---------	--------	--------	---------
At 31 October 2022	139,693	52,796	13,648	206,137
	---------	--------	--------	---------
Carrying amount
At 31 October 2022	32,787	12,458	–	45,245
	---------	--------	--------	---------
At 31 October 2021	49,071	5,699	–	54,770
	---------	--------	--------	---------

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

6. Stocks

Stocks for the year are comprised of:

	2022	2021
	£	£
Childsplay & Cricket	162,065	140,421
Stock Held in Canada	13,278	17,360
Work in Progress	443,955	514,194
	---------	---------
	619,298	671,975
	---------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	1,087,496	1,081,226
Amounts recoverable under contract	250,612	83,558
Other debtors	252,381	183,318
	------------	------------
	1,590,489	1,348,102
	------------	------------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	121,882	121,882
Trade creditors	498,443	454,196
Amounts owed to group undertakings	140,803	165,596
Corporation tax	31,549	17,930
Social security and other taxes	199,397	198,282
Obligations under finance leases and hire purchase contracts	–	831
Other creditors	425,420	293,795
	------------	------------
	1,417,494	1,252,512
	------------	------------

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

	2022	2021
	£	£
Bank loans and overdrafts	348,287	470,275
	---------	---------

Bank loans and overdrafts breakdown:

	2022	2021
	£	£
Bank loans - one to two years	121,882	121,882
Bank loans - three to five years	226,405	340,645
Bank loans - more than five years by installment	-	7,748
	---------	---------
	348,287	470,275
	---------	---------

10. Provisions

	Deferred tax (note 11)
	£
At 1 November 2021	10,406
Charge against provision	( 1,810)
	--------
At 31 October 2022	8,596
	--------

11. Deferred tax

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

	2022	2021
	£	£
Included in provisions (note 10)	8,596	10,406
	-------	--------

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

	2022	2021
	£	£
Deferred tax - other timing differences	8,596	10,406
	-------	--------

12. Secured debts

The following secured debts are included within creditors:

	2022	2021
	£	£
Bank loans	470,169	669,723
Hire purchase contracts	–	10,804
	---------	---------
	470,169	680,527
	---------	---------

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. 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.

14. Ultimate controlling party

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