Caseware UK (AP4) 2021.0.152 2021.0.152 2021-11-302021-11-30false82020-12-01No description of principal activity8falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01650605 2020-12-01 2021-11-30 01650605 2019-12-01 2020-11-30 01650605 2021-11-30 01650605 2020-11-30 01650605 c:Director1 2020-12-01 2021-11-30 01650605 d:Buildings d:ShortLeaseholdAssets 2020-12-01 2021-11-30 01650605 d:Buildings d:ShortLeaseholdAssets 2021-11-30 01650605 d:Buildings d:ShortLeaseholdAssets 2020-11-30 01650605 d:PlantMachinery 2020-12-01 2021-11-30 01650605 d:FurnitureFittings 2020-12-01 2021-11-30 01650605 d:FurnitureFittings 2021-11-30 01650605 d:FurnitureFittings 2020-11-30 01650605 d:FurnitureFittings d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 01650605 d:OfficeEquipment 2020-12-01 2021-11-30 01650605 d:OtherPropertyPlantEquipment 2020-12-01 2021-11-30 01650605 d:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 01650605 d:PatentsTrademarksLicencesConcessionsSimilar 2021-11-30 01650605 d:PatentsTrademarksLicencesConcessionsSimilar 2020-11-30 01650605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-11-30 01650605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-11-30 01650605 d:CurrentFinancialInstruments 2021-11-30 01650605 d:CurrentFinancialInstruments 2020-11-30 01650605 d:Non-currentFinancialInstruments 2021-11-30 01650605 d:Non-currentFinancialInstruments 2020-11-30 01650605 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 01650605 d:CurrentFinancialInstruments d:WithinOneYear 2020-11-30 01650605 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 01650605 d:Non-currentFinancialInstruments d:AfterOneYear 2020-11-30 01650605 d:ShareCapital 2021-11-30 01650605 d:ShareCapital 2020-11-30 01650605 d:RetainedEarningsAccumulatedLosses 2021-11-30 01650605 d:RetainedEarningsAccumulatedLosses 2020-11-30 01650605 c:FRS102 2020-12-01 2021-11-30 01650605 c:AuditExempt-NoAccountantsReport 2020-12-01 2021-11-30 01650605 c:FullAccounts 2020-12-01 2021-11-30 01650605 c:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 01650605 d:AcceleratedTaxDepreciationDeferredTax 2021-11-30 01650605 d:AcceleratedTaxDepreciationDeferredTax 2020-11-30 01650605 2 2020-12-01 2021-11-30 01650605 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2020-12-01 2021-11-30 01650605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2020-12-01 2021-11-30 iso4217:GBP xbrli:pure

Registered number: 01650605









WIGMORE SPORTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2021

 
WIGMORE SPORTS LIMITED
REGISTERED NUMBER: 01650605

BALANCE SHEET
AS AT 30 NOVEMBER 2021

2021
2021
2020
2020
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
21,732
38,031

Tangible assets
 5 
96,448
106,504

  
118,180
144,535

Current assets
  

Stocks
  
357,814
402,010

Debtors
 6 
198,918
300,382

Cash at bank and in hand
  
135,552
30,755

  
692,284
733,147

Creditors: amounts falling due within one year
 7 
(609,380)
(641,225)

Net current assets
  
 
 
82,904
 
 
91,922

Total assets less current liabilities
  
201,084
236,457

Creditors: amounts falling due after more than one year
 8 
(125,169)
(194,880)

Provisions for liabilities
  

Deferred tax
 9 
(17,485)
(17,152)

  
 
 
(17,485)
 
 
(17,152)

Net assets
  
58,430
24,425

Page 1

 
WIGMORE SPORTS LIMITED
REGISTERED NUMBER: 01650605
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2021

2021
2021
2020
2020
Note
£
£
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
57,430
23,425

  
58,430
24,425


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2022.


M C Davda
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

1.


General information

Wigmore Sports Ltd is a private company, limited by shares, incorporated in England and Wales,registration number 01650605. The registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its 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 profit or loss 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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
Straight line over 11 year life of lease
Improvements to leasehold property
-
Straight line over term of lease
Fixtures & Fittings
-
15% reducing balance
Office Equipment
-
15% reducing balance
Website development
-
33.33% straight balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

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.

Page 5

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

2.Accounting policies (continued)

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Creditors

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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2020 - 8).

Page 6

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

4.


Intangible assets




Patents & Trademarks
Website
Total

£
£
£



Cost


At 1 December 2020
2,912
48,897
51,809



At 30 November 2021

2,912
48,897
51,809



Amortisation


At 1 December 2020
2,912
10,866
13,778


Charge for the year on owned assets
-
16,299
16,299



At 30 November 2021

2,912
27,165
30,077



Net book value



At 30 November 2021
-
21,732
21,732



At 30 November 2020
-
38,031
38,031



Page 7

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

5.


Tangible fixed assets





S/Term Leasehold Property
Fixtures & Fittings
Total

£
£
£



Cost or valuation


At 1 December 2020
126,219
468,746
594,965


Additions
-
4,918
4,918



At 30 November 2021

126,219
473,664
599,883



Depreciation


At 1 December 2020
100,009
388,452
488,461


Charge for the year on owned assets
2,735
12,239
14,974



At 30 November 2021

102,744
400,691
503,435



Net book value



At 30 November 2021
23,475
72,973
96,448



At 30 November 2020
26,210
80,294
106,504

Page 8

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

6.


Debtors


2021
2020
£
£

Due after more than one year

Other debtors
78,757
152,400

78,757
152,400

Due within one year

Trade debtors
2,134
5,333

Other debtors
50,952
75,574

Prepayments and accrued income
67,075
67,075

198,918
300,382



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
42,471
29,323

Other loans
21,601
20,488

Trade creditors
469,020
523,120

Corporation tax
4,986
-

Other taxation and social security
41,753
29,050

Pension fund loan payable
1,238
359

Other creditors
5,636
16,211

Accruals and deferred income
22,675
22,674

609,380
641,225


Page 9

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
119,588
167,699

Other loans
5,581
27,181

125,169
194,880


The following liabilities were secured:

2021
2020
£
£



Bank loans
162,059
197,022

162,059
197,022

Details of security provided:

The bank loans are secured by a fixed and floating charge over the assets of the company.


9.


Deferred taxation




2021


£






At beginning of year
(17,152)


Charged to profit or loss
(333)



At end of year
(17,485)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Deferred tax
(17,485)
(17,152)

(17,485)
(17,152)

Page 10

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021

10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £3,773 (2020: £5,693)


11.


Related party transactions

Other debtors includes £43,213 (2020 - £52,436) due from the directors. Dividends paid during the year amounted to £70,000 (2020 - £69,000). Remuneration paid to the directors amounted to £14,425 (2020 - £14,875).


12.


Controlling party

The ultimate controlling party is M C Davda and his wife P Davda by virtue of their total shareholding. 

 
Page 11