REGISTERED NUMBER: SC386320 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2023

for

WRIGHTSPORT LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C S McGee

B McGee

L McGee

REGISTERED OFFICE:

13 Glasgow Road

Paisley

PA1 3QS

REGISTERED NUMBER:

SC386320 (Scotland)

ACCOUNTANTS:

Profit Counts Limited

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

FIXED ASSETS

Intangible assets

4

35,542

42,749

Tangible assets

5

4,914

6,350

40,456

49,099

CURRENT ASSETS

Stocks

27,844

22,500

Debtors

676

2,354

Cash at bank

4,770

14,712

33,290

39,566

CREDITORS

Amounts falling due within one year

(21,171

)

(16,657

)

NET CURRENT ASSETS

12,119

22,909

TOTAL ASSETS LESS CURRENT LIABILITIES

52,575

72,008

CREDITORS

Amounts falling due after more than one year

(248,486

)

(260,671

)

NET LIABILITIES

(195,911

)

(188,663

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

(196,011

)

(188,763

)

SHAREHOLDERS' FUNDS

(195,911

)

(188,663

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 8 September 2023 and were signed on its behalf by:

B McGee - Director

1.	STATUTORY INFORMATION

Wrightsport Limited is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are prepared on a going concern basis despite the adverse balance sheet position as the directors believe that with their continued support the company will continue to trade into the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on cost

Plant and machinery

-

25% on cost and 10% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2022

and 31 January 2023

112,071

AMORTISATION

At 1 February 2022

69,322

Amortisation for year

7,207

At 31 January 2023

76,529

NET BOOK VALUE

At 31 January 2023

35,542

At 31 January 2022

42,749

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2022

and 31 January 2023

54,438

DEPRECIATION

At 1 February 2022

48,088

Charge for year

1,436

At 31 January 2023

49,524

NET BOOK VALUE

At 31 January 2023

4,914

At 31 January 2022

6,350

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

50

Ordinary A Shares

£1

50

50

50

Ordinary B Shares

£1

50

50

100

100

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed Mr and Mrs B McGee £156,900 (2022; £164,127) and C McGee: £79,209 (2022: £79,461). There are no fixed term for repayment of these loans and no interest is being charged. These loans are shown within Amounts falling due after more than one year in the accounts.