Notts Sport Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02012744 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

NOTTS SPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S Patrick

Mr DG Bennett

Mr MJ Coeshaw

Mrs RL Wood

Mr A Earnshaw

REGISTERED OFFICE:

Bridge Farm

Holt Lane

Ashby Magna

Leicestershire

LE17 5NJ

REGISTERED NUMBER:

02012744 (England and Wales)

FIXED ASSETS

Tangible assets

4

87,700

82,983

CURRENT ASSETS

Stocks

374,291

437,434

Debtors

5

1,658,366

1,128,088

Cash at bank and in hand

3,457

309,657

2,036,114

1,875,179

CREDITORS

Amounts falling due within one year

6

1,671,779

1,415,842

NET CURRENT ASSETS

364,335

459,337

TOTAL ASSETS LESS CURRENT LIABILITIES

452,035

542,320

CREDITORS

Amounts falling due after more than one year

7

(330,688

)

(525,583

)

PROVISIONS FOR LIABILITIES

(16,516

)

(15,587

)

NET ASSETS

104,831

1,150

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

104,731

1,050

SHAREHOLDERS' FUNDS

104,831

1,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 17 December 2018 and were signed on its behalf by:

Mr S Patrick - Director

1.	STATUTORY INFORMATION

Notts Sport 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.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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.

TURNOVER

Turnover represents net invoiced sales of goods and services, excluding value added tax.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

50% on cost

Website Development

-

33% on cost

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value, 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.

FOREIGN CURRENCIES

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 transaction. Exchange differences are taken into account in arriving at the operating result.

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.

REVENUE RECOGNITION

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 work carried out during the year, including amounts not invoiced.

CONTRACTS

When the outcome of individual contracts can be estimated reliably, contract revenue and contracts 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.

LEASING COMMITMENTS

Leases are regarded as operating leases and the payments made under them are charged to the profit and loss

account on a straight line basis over the lease term.

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.

CREDITORS

Short term trade 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2017 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Website

machinery

fittings

Development

Totals

£

£

£

£

COST

At 1 November 2017

93,096

34,852

13,648

141,596

Additions

29,065

7,624

-

36,689

Disposals

-

(1,580

)

-

(1,580

)

At 31 October 2018

122,161

40,896

13,648

176,705

DEPRECIATION

At 1 November 2017

31,131

13,834

13,648

58,613

Charge for year

19,958

11,495

-

31,453

Eliminated on disposal

-

(1,061

)

-

(1,061

)

At 31 October 2018

51,089

24,268

13,648

89,005

NET BOOK VALUE

At 31 October 2018

71,072

16,628

-

87,700

At 31 October 2017

61,965

21,018

-

82,983

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 November 2017

and 31 October 2018

86,160

DEPRECIATION

At 1 November 2017

27,249

Charge for year

17,232

At 31 October 2018

44,481

NET BOOK VALUE

At 31 October 2018

41,679

At 31 October 2017

58,911

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,163,709

771,289

Amounts recoverable on contract

296,952

150,495

Other debtors

197,705

206,304

1,658,366

1,128,088

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

231,414

177,383

Hire purchase contracts

9,973

9,973

Trade creditors

796,624

900,994

Amounts owed to group undertakings

113,969

85,703

Taxation and social security

100,300

37,928

Other creditors

419,499

203,861

1,671,779

1,415,842

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

312,404

497,325

Hire purchase contracts

18,284

28,258

330,688

525,583

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalment

68,191

88,554

68,191

88,554

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

31,770

-

Bank loans

512,048

674,708

Hire purchase contracts

28,257

38,231

572,075

712,939

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.

9.	RELATED PARTY DISCLOSURES

During the period, Notts Sport Group Limited recharged expenses and charged management fees totalling

£180,000 (2017: £172,000).

During the period the company paid dividends of £190,000 (2017: £Nil) to Notts Sport Group Limited.

At the period end, Notts Sport Group Limited was owed £113,969 by the company (2015: £85,703).

Mr S Patrick, director, provided personal guarantees to Barclays Bank Plc of £100,000 (2017: £50,000).

Mr S Patrick, director, provided a personal guarantee to Funding Circle of £300,000 (2017: £300,000).