Company registration number SC346316 (Scotland)
2D SPORTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
2D SPORTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
2D SPORTS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,962
3,803
Current assets
Debtors
4
13,880
11,667
Cash at bank and in hand
186,424
65,600
200,304
77,267
Creditors: amounts falling due within one year
5
(13,985)
(10,270)
Net current assets
186,319
66,997
Total assets less current liabilities
201,281
70,800
Creditors: amounts falling due after more than one year
6
(162,601)
(162,601)
Provisions for liabilities
(2,693)
Net assets/(liabilities)
35,987
(91,801)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
35,985
(91,803)
Total equity
35,987
(91,801)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
2D SPORTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021
30 November 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 August 2022 and are signed on its behalf by:
J DAVIDSON
F DAVIDSON
J Davidson
F Davidson
Director
Director
Company Registration No. SC346316
2D SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information
2D Sports Limited is a private company limited by shares incorporated in Scotland. The registered office is Birchmoss Plant & Storage Depot, Echt, Westhill, Aberdeen, AB32 6XL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
3 years straight line
Sporting equipment
1-6 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
2D SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.8
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.9
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.
1.10
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.
2D SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Tangible fixed assets
Office equipment
Sporting equipment
Total
£
£
£
Cost
At 1 December 2020
1,853
22,543
24,396
Additions
178
15,700
15,878
Disposals
(7,852)
(7,852)
At 30 November 2021
2,031
30,391
32,422
Depreciation and impairment
At 1 December 2020
1,853
18,740
20,593
Depreciation charged in the year
30
4,564
4,594
Eliminated in respect of disposals
(7,727)
(7,727)
At 30 November 2021
1,883
15,577
17,460
Carrying amount
At 30 November 2021
148
14,814
14,962
At 30 November 2020
3,803
3,803
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,785
1,166
Other debtors
10,095
10,501
13,880
11,667
2D SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,535
1,303
Corporation tax
4,887
Other taxation and social security
5,137
4,489
Other creditors
2,426
4,478
13,985
10,270
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
162,601
162,601
7
Related party transactions
Transactions
At the end of the year there was a balance of £162,601 (2020 - £162,601) owed to the directors.