Multisport Distribution Limited - Period Ending 2014-02-28

Registration number: 06904248

Multisport Distribution Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2014
 

Minney & Co
Chartered Accountants
59 Union Street
Dunstable
Beds
LU6 1EX

Multisport Distribution Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Multisport Distribution Limited
for the Year Ended 28 February 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Multisport Distribution Limited for the year ended 28 February 2014 set out on pages 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Multisport Distribution Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Multisport Distribution Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Multisport Distribution Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Multisport Distribution 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 accounts.

......................................

Minney & Co
Chartered Accountants
59 Union Street
Dunstable
Beds
LU6 1EX

26 November 2014

Page 1

Multisport Distribution Limited
(Registration number: 06904248)
Abbreviated Balance Sheet at 28 February 2014

		Note			28 February 2014 £			28 February 2013 £
Fixed assets
Tangible fixed assets		2			17,558			22,860
Current assets
Stocks					68,038			64,575
Debtors					63,870			59,280
Cash at bank and in hand					-			63
					131,908			123,918
Creditors: Amounts falling due within one year					(218,339)			(301,732)
Net current liabilities					(86,431)			(177,814)
Total assets less current liabilities					(68,873)			(154,954)
Provisions for liabilities					(3,759)			(3,759)
Net liabilities					(72,632)			(158,713)
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					(73,632)			(159,713)
Shareholders' deficit					(72,632)			(158,713)

For the year ending 28 February 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 26 November 2014 and signed on its behalf by:

.........................................
Mr Jamie Hawthorn
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Multisport Distribution Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% straight line method
Fixtures and fittings	10% straight line method
Office equipment	25% straight line method
Leasehold improvements	10% straight line method

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Multisport Distribution Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2013		41,121			41,121
Disposals		(8,800)			(8,800)
At 28 February 2014		32,321			32,321
Depreciation
At 1 March 2013		18,261			18,261
Charge for the year		3,836			3,836
Eliminated on disposals		(7,334)			(7,334)
At 28 February 2014		14,763			14,763
Net book value
At 28 February 2014		17,558			17,558
At 28 February 2013		22,860			22,860

3	Share capital

Allotted, called up and fully paid shares

	28 February 2014						28 February 2013
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 4