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Registration number: 07368373

Greyhound Sport Medicine Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Greyhound Sport Medicine Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Greyhound Sport Medicine Ltd

Company Information

Directors

S Malegori

M Marino

Registered office

5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Greyhound Sport Medicine Ltd

(Registration number: 07368373)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

561,711

565,615

Current assets

 

Stocks

5

12,069

10,342

Debtors

6

50,452

38,817

Cash at bank and in hand

 

48,053

78,742

 

110,574

127,901

Creditors: Amounts falling due within one year

7

(61,351)

(50,501)

Net current assets

 

49,223

77,400

Total assets less current liabilities

 

610,934

643,015

Creditors: Amounts falling due after more than one year

7

(101,892)

(271,323)

Net assets

 

509,042

371,692

Capital and reserves

 

Called up share capital

8

60

60

Retained earnings

508,982

371,632

Shareholders' funds

 

509,042

371,692

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

 

Greyhound Sport Medicine Ltd

(Registration number: 07368373)
Balance Sheet as at 31 March 2023

.........................................
S Malegori
Director

.........................................
M Marino
Director

 

Greyhound Sport Medicine Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

60

371,632

371,692

Profit for the year

-

157,350

157,350

Dividends

-

(20,000)

(20,000)

At 31 March 2023

60

508,982

509,042

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

60

277,175

277,235

Profit for the year

-

114,457

114,457

Dividends

-

(20,000)

(20,000)

At 31 March 2022

60

371,632

371,692

 

Greyhound Sport Medicine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR
England

These financial statements were authorised for issue by the Board on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Greyhound Sport Medicine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% - reducing balance

Equipment

25% - reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Greyhound Sport Medicine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Greyhound Sport Medicine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

550,000

40,784

46,954

637,738

At 31 March 2023

550,000

40,784

46,954

637,738

Depreciation

At 1 April 2022

-

30,296

41,827

72,123

Charge for the year

-

2,622

1,282

3,904

At 31 March 2023

-

32,918

43,109

76,027

Carrying amount

At 31 March 2023

550,000

7,866

3,845

561,711

At 31 March 2022

550,000

10,488

5,127

565,615

Included within the net book value of land and buildings above is £550,000 (2022 - £550,000) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

12,069

10,342

6

Debtors

Current

2023
£

2022
£

Trade debtors

50,452

38,817

 

50,452

38,817

 

Greyhound Sport Medicine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

5,459

7,384

Other related parties

1,246

622

Taxation and social security

 

52,291

40,005

Wages and salaries control

 

20

20

Accruals

 

2,335

2,470

 

61,351

50,501

Due after one year

 

Loans and borrowings

9

101,892

271,323

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

101,892

271,323

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Shares of £1 each

60

60

60

60

         
 

Greyhound Sport Medicine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

81,892

251,323

Other borrowings

20,000

20,000

101,892

271,323