Whirlwind Sports Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09213526 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2023

for

Whirlwind Sports Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Billing

Mr C Billing

Mrs L A Billing

Mrs T Williams

Mr JI Wood FCCA

REGISTERED OFFICE:

Heather House

Pensilva

Liskeard

Cornwall

PL14 5PJ

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

50,479

60,575

Property, plant and equipment

6

30,274

41,691

80,753

102,266

CURRENT ASSETS

Stocks

938,852

794,659

Debtors

7

435,391

451,115

Cash at bank and in hand

37,710

58,952

1,411,953

1,304,726

CREDITORS

Amounts falling due within one year

8

1,010,903

919,194

NET CURRENT ASSETS

401,050

385,532

TOTAL ASSETS LESS CURRENT LIABILITIES

481,803

487,798

CREDITORS

Amounts falling due after more than one year

9

237,417

283,355

NET ASSETS

244,386

204,443

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

243,386

203,443

244,386

204,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 24 October 2023 and were signed on its behalf by:

Mr 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

-

20% on reducing balance and 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 (2022 - 20 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2022

and 31 January 2023

100,959

AMORTISATION

At 1 February 2022

40,384

Charge for year

10,096

At 31 January 2023

50,480

NET BOOK VALUE

At 31 January 2023

50,479

At 31 January 2022

60,575

6.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 February 2022

72,335

Additions

620

At 31 January 2023

72,955

DEPRECIATION

At 1 February 2022

30,644

Charge for year

12,037

At 31 January 2023

42,681

NET BOOK VALUE

At 31 January 2023

30,274

At 31 January 2022

41,691

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/23

31/1/22

£

£

Other debtors

435,391

451,115

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/23

31/1/22

£

£

Bank loans and overdrafts

354,416

227,078

Trade creditors

167,286

113,289

Taxation and social security

41,186

66,252

Other creditors

448,015

512,575

1,010,903

919,194

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/1/23

31/1/22

£

£

Other creditors

237,417

283,355

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a balance due to the company from Craig Billing of £82,572.

Included in other debtors is a balance due to the company from Gary Billing of £42,858.

At the year end, the total balance due to the company from the directors was £125,430 (2022: Balances due to the directors £71,867).

These loan balances will be repaid within 9 months of the year end.

11.	RELATED PARTY DISCLOSURES

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

£8,640 from Whirlwind Sports Community CIC of which Mr C Billing is also a Director. (2022: £8,711)

£292,689 from Celtic lettings Limited, of which Mr C Billing is also a Director. (2022: £304,822)

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

£106,065 to the Whirlwind Sports partnership whos partners are Mr P Billing and Mrs J Billing. (2022: £211,429)

£0 to Frixon Limited, of which Mr C Billing is also a Director. (2022: £35,983)