Pro Athlete Supplementation Limited 31/01/2024 iXBRL

Pro Athlete Supplementation Limited 31/01/2024 iXBRL

PRO ATHLETE SUPPLEMENTATION LIMITED - Company Information

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Company registration number: 05677303
Pro Athlete Supplementation Limited
Unaudited filleted financial statements
31 January 2024
Pro Athlete Supplementation Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Pro Athlete Supplementation Limited
Directors and other information
Directors Mr J D Williams
Mr D A Campbell (Resigned 27 September 2023)
Mr D J Edwards (Resigned 27 September 2023)
Mr D H Jones (Resigned 27 September 2023)
Company number 05677303
Registered office Unit 25
Heads of the Valley Industrial Estate
Rhymney
Blaenau Gwent
NP22 5RL
Accountants Beverley & Williams Accountants Ltd
Unit A, St Davids House
Feeder Row
Cwmcarn
Newport, Gwent
NP11 7ED
Pro Athlete Supplementation Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 50,769 82,442
_______ _______
50,769 82,442
Current assets
Stocks 179,679 404,751
Debtors 6 176,482 115,173
Cash at bank and in hand 103,336 77,962
_______ _______
459,497 597,886
Creditors: amounts falling due
within one year 7 ( 124,447) ( 318,553)
_______ _______
Net current assets 335,050 279,333
_______ _______
Total assets less current liabilities 385,819 361,775
Creditors: amounts falling due
after more than one year 8 ( 41,711) ( 50,482)
Provisions for liabilities ( 11,702) ( 12,900)
_______ _______
Net assets 332,406 298,393
_______ _______
Capital and reserves
Called up share capital 1,200 1,200
Profit and loss account 331,206 297,193
_______ _______
Shareholders funds 332,406 298,393
_______ _______
For the year ending 31 January 2024 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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr J D Williams
Director
Company registration number: 05677303
Pro Athlete Supplementation Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 25, Heads of the Valley Industrial Estate, Rhymney, Blaenau Gwent, NP22 5RL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 20 % straight line
Computer equipment and website - 20 % straight line
Motor vehicles - 20 % straight line
Fixtures and fittings - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant and machinery Computer equipment and website Motor vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 1 February 2023 25,550 49,456 47,470 4,863 127,339
Additions - 1,486 - - 1,486
Disposals - - ( 16,470) - ( 16,470)
_______ _______ _______ _______ _______
At 31 January 2024 25,550 50,942 31,000 4,863 112,355
_______ _______ _______ _______ _______
Depreciation
At 1 February 2023 1,278 29,611 10,285 3,723 44,897
Charge for the year 5,110 8,249 6,200 699 20,258
Disposals - - ( 3,569) - ( 3,569)
_______ _______ _______ _______ _______
At 31 January 2024 6,388 37,860 12,916 4,422 61,586
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 19,162 13,082 18,084 441 50,769
_______ _______ _______ _______ _______
At 31 January 2023 24,272 19,845 37,185 1,140 82,442
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 175,175 74,735
Other debtors 1,307 40,438
_______ _______
176,482 115,173
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loan 5,556 5,556
Trade creditors 43,157 228,631
Accruals and deferred income 50,184 82,070
Social security and other taxes 25,270 2,016
Other creditors 280 280
_______ _______
124,447 318,553
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loan 32,870 38,426
Other creditors 8,841 12,056
_______ _______
41,711 50,482
_______ _______
9. Government grants
2024 2023
£ £
At start of year 15,271 (-)
Grants received or receivable (-) 16,075
Released to the profit or loss (3,215) (804)
_______ _______
At end of year 12,056 15,271
_______ _______
The amounts recognised in the for government grants are as follows:
2024 2023
£ £
Recognised in creditors:
Deferred government grants due within one year 3,215 3,215
Deferred government grants due after more than one year 8,841 12,056
_______ _______
12,056 15,271
_______ _______
Recognised in other operating income:
Government grants recognised directly in income 3,215 804
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J D Williams ( 179) ( 101) ( 280)
Mr D A Campbell ( 101) 101 -
_______ _______ _______
( 280) - ( 280)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr J D Williams ( 10,088) 9,909 ( 179)
Mr D A Campbell ( 4,601) 4,500 ( 101)
_______ _______ _______
( 14,689) 14,409 ( 280)
_______ _______ _______
11. Controlling party
The ultimate controlling party is PAS Nutrition Limited, the shareholder of the company .