5 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 4,675 1,714 468 2,182 2,493 2,961 33,694 4,200 37,894 16,763 5,283 22,046 15,848 16,931 xbrli:pure xbrli:shares iso4217:GBP 11264550 2022-04-01 2023-03-31 11264550 2023-03-31 11264550 2022-03-31 11264550 2021-04-01 2022-03-31 11264550 2022-03-31 11264550 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 11264550 core:MotorVehicles 2022-04-01 2023-03-31 11264550 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11264550 bus:Director2 2022-04-01 2023-03-31 11264550 bus:Director3 2022-04-01 2023-03-31 11264550 core:WithinOneYear 2023-03-31 11264550 core:WithinOneYear 2022-03-31 11264550 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 11264550 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 11264550 core:MotorVehicles 2022-03-31 11264550 core:MotorVehicles 2023-03-31 11264550 core:AfterOneYear 2023-03-31 11264550 core:AfterOneYear 2022-03-31 11264550 core:ShareCapital 2023-03-31 11264550 core:ShareCapital 2022-03-31 11264550 core:RetainedEarningsAccumulatedLosses 2023-03-31 11264550 core:RetainedEarningsAccumulatedLosses 2022-03-31 11264550 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 11264550 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11264550 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 11264550 core:MotorVehicles 2022-03-31 11264550 bus:SmallEntities 2022-04-01 2023-03-31 11264550 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11264550 bus:FullAccounts 2022-04-01 2023-03-31 11264550 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11264550 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11264550 bus:OrdinaryShareClass1 2023-03-31 11264550 bus:OrdinaryShareClass1 2022-03-31
COMPANY REGISTRATION NUMBER: 11264550
PENNINE SPORTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
PENNINE SPORTS LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
PENNINE SPORTS LTD
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
2,493
2,961
Tangible assets
6
15,848
16,931
------------
------------
18,341
19,892
Current assets
Stocks
7
820,067
594,293
Debtors
8
221,047
212,172
Cash at bank and in hand
120,467
65,432
------------
------------
1,161,581
871,897
Creditors: amounts falling due within one year
9
( 447,756)
( 145,539)
------------
------------
Net current assets
713,825
726,358
------------
------------
Total assets less current liabilities
732,166
746,250
Creditors: amounts falling due after more than one year
10
( 616,435)
( 633,476)
Provisions
( 2,975)
( 3,217)
------------
------------
Net assets
112,756
109,557
------------
------------
Capital and reserves
Called up share capital
13
102
102
Profit and loss account
112,654
109,455
------------
------------
Shareholders funds
112,756
109,557
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PENNINE SPORTS LTD
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
J P M Walsh
B Taylor
Director
Director
Company registration number: 11264550
PENNINE SPORTS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trademarks
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initally recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts (secured)
Assets held under finance leases and hire purchase contracts (secured) are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Intangible assets
Trademarks
£
Cost
At 1 April 2022 and 31 March 2023
4,675
------------
Amortisation
At 1 April 2022
1,714
Charge for the year
468
------------
At 31 March 2023
2,182
------------
Carrying amount
At 31 March 2023
2,493
------------
At 31 March 2022
2,961
------------
6. Tangible assets
Motor vehicles
£
Cost
At 1 April 2022
33,694
Additions
4,200
------------
At 31 March 2023
37,894
------------
Depreciation
At 1 April 2022
16,763
Charge for the year
5,283
------------
At 31 March 2023
22,046
------------
Carrying amount
At 31 March 2023
15,848
------------
At 31 March 2022
16,931
------------
7. Stocks
2023
2022
£
£
Finished goods and goods for resale
820,067
594,293
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
155,211
88,609
Prepayments and accrued income
65,836
120,059
Other debtors
3,504
------------
------------
221,047
212,172
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
337,672
9,707
Trade creditors
1,474
1,393
Accruals and deferred income
7,409
3,000
Corporation tax
15,954
19,038
Social security and other taxes
73,444
104,729
Obligations under finance leases and hire purchase contracts
7,089
2,958
Directors' loan accounts
4,714
4,714
------------
------------
447,756
145,539
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,435
32,387
Obligations under finance leases and hire purchase contracts
7,089
Directors' loan accounts
594,000
594,000
------------
------------
616,435
633,476
------------
------------
11. Secured indebtedness
2023
2022
£
£
Aggregate amount of secured liabilities
284,538
10,047
------------
------------
12. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
2,975
3,217
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
2,975
3,217
------------
------------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
102
102
102
102
------------
------------
------------
------------
Shares issued and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
102
102
102
102
------------
------------
------------
------------
Shares issued and partly paid
2023
2022
No.
£
No.
£
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
17,000
17,000
------------
------------
15. Related party transactions
Transactions with directors The directors' loan accounts of £598,714 (2022: £598,714) set out at creditors above are unsecured, repayable on demand and currently interest free . The company is controlled by J P M Walsh .