ACCOUNTS - Final Accounts preparation

WRT SPORTS LIMITED - Company Information

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Registered number: 13287669

WRT SPORTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

WRT SPORTS LIMITED

COMPANY INFORMATION

Director	Hugh Downie


Registered number	13287669


Registered office	12 Church Street
	Cromer
	Norfolk
	NR27 9ER


Accountants	MA Partners LLP
	Chartered Accoutants
	12 Church Street
	Cromer
	Norfolk
	NR27 9ER

WRT SPORTS LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 7

WRT SPORTS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WRT SPORTS LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WRT Sports Limited for the year ended 31 March 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the director of WRT Sports Limited in accordance with the terms of our engagement letter dated 25 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of WRT Sports Limited and state those matters that we have agreed to state to the director of WRT Sports Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WRT Sports Limited and its director for our work or for this report.

It is your duty to ensure that WRT Sports Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of WRT Sports Limited. You consider that WRT Sports Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of WRT Sports Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

Chartered Accoutants

12 Church Street

Cromer

Norfolk

NR27 9ER

15 December 2023

Page 1

WRT SPORTS LIMITED

REGISTERED NUMBER: 13287669

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Intangible assets			708		-
			708		-
Current assets
Debtors: amounts falling due within one year	5	26,470		17,134
Cash at bank and in hand	6	24,585		11,104
		51,055		28,238
Creditors: amounts falling due within one year	7	(44,832)		(12,742)
Net current assets			6,223		15,496
Total assets less current liabilities			6,931		15,496

Net assets			6,931		15,496

Capital and reserves
Called up share capital	2	2
Profit and loss account	6,929	15,494
	6,931	15,496

Page 2

WRT SPORTS LIMITED

REGISTERED NUMBER: 13287669

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 December 2023.

Hugh Downie

Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

WRT SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The Company's principle activity is that of Travel Agency Activities.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

WRT SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

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 method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the 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.

2.9

Financial instruments

The Company only enters into basic financial instrument 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 and investments in ordinary shares.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and sebsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

WRT SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

4.	Intangible assets

		Website
		£
	Cost
	Additions	1,416
	At 31 March 2023	1,416
	Amortisation
	Charge for the year on owned assets	708
	At 31 March 2023	708
	Net book value
	At 31 March 2023	708
	At 31 March 2022	-

Debtors

					2023	2022
					£	£


Trade debtors	22,725	7,134
Other Debtors	3,745	10,000
	26,470	17,134

6.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	24,585	11,104
	24,585	11,104

Page 6

WRT SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Corporation tax	2,846	3,634
Accruals and deferred income	41,986	9,108
	44,832	12,742

8.	Transactions with directors

The balance of the director's loan account at 1 April 2022 was £10,000 owing to the company by the director.
During the year, the company advanced £16,266 and the directors introduced funds into the company of £22,521.
The balance on the director's loan account as at 31 March 2023 was £3,745 owing to the company from the directors in note 5 above. The loan is repayable on demand and interest has been charged.

Page 7