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Company registration number: 10553084
Young Guns Sports Limited
Unaudited filleted financial statements
31 December 2021
Young Guns Sports Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Young Guns Sports Limited
Directors and other information
Director Mr J. G. Bramah
Company number 10553084
Registered office Ireland Industrial Estate
Adelphi Way
Chesterfield
Derbyshire
S43 3LS
Business address Ireland Industrial Estate
Adelphi Way
Chesterfield
Derbyshire
S43 3LS
Accountants Henry Bramall & Co Limited
Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Bankers NatWest Bank
5 Market Place
Chesterfield
S40 1TJ
Young Guns Sports Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Current assets
Debtors 5 3,470 950
Cash at bank and in hand 18,526 15,955
_______ _______
21,996 16,905
Creditors: amounts falling due
within one year 6 ( 1,533) ( 1,485)
_______ _______
Net current assets 20,463 15,420
_______ _______
Total assets less current liabilities 20,463 15,420
_______ _______
Net assets 20,463 15,420
_______ _______
Capital and reserves
Called up share capital 1,300 1,300
Profit and loss account 19,163 14,120
_______ _______
Shareholders funds 20,463 15,420
_______ _______
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 August 2022 , and are signed on behalf of the board by:
Mr J. G. Bramah
Director
Company registration number: 10553084
Young Guns Sports Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ireland Industrial Estate, Adelphi Way, Chesterfield, Derbyshire, S43 3LS.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Debtors
2021 2020
£ £
Trade debtors 1,921 880
Amounts owed by group undertakings and undertakings in which the company has a participating interest 494 70
Other debtors 1,055 -
_______ _______
3,470 950
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Corporation tax 1,183 1,135
Other creditors 350 350
_______ _______
1,533 1,485
_______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2021 2020
£ £
Specialised Canvas Services Limited 11,036 6,439
_______ _______
The related party transaction relate to commission received on sales by Specialised Canvas Services Limited.
8. Controlling party
This company is a 76% owned subsidairy of Adelphi Bramah Limited, a company registered in England and Wales which is the ultimate parent.