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COMPANY REGISTRATION NUMBER: 03286326
Sportapply Limited
Filleted Unaudited Financial Statements
31 January 2023
Sportapply Limited
Financial Statements
Year ended 31st January 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Sportapply Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,461
71,730
Current assets
Stocks
341,002
336,231
Debtors
6
3,990
17,341
Cash at bank and in hand
187
787
---------
---------
345,179
354,359
Creditors: amounts falling due within one year
7
( 230,091)
( 274,963)
---------
---------
Net current assets
115,088
79,396
---------
---------
Total assets less current liabilities
119,549
151,126
Creditors: amounts falling due after more than one year
8
( 173,333)
( 140,807)
Provisions
Taxation including deferred tax
( 1,115)
( 1,006)
---------
---------
Net (liabilities)/assets
( 54,899)
9,313
---------
---------
Sportapply Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 54,999)
9,213
--------
-------
Shareholders (deficit)/funds
( 54,899)
9,313
--------
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 31st January 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 .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr R.N Sloan
Director
Company registration number: 03286326
Sportapply Limited
Notes to the Financial Statements
Year ended 31st January 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 238-242 Oxlow Lane, Dagenham, Essex, RM10 7YX.
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 the value of services provided 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.
Tangible assets
Tangible assets are initially 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:
Leasehold property
-
straight line over 22 years
Fixtures and fittings
-
15% per annum on net book value
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.
Government grants
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.
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 statement of financial position 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
The company makes defined contributions to pension schemes. The assets of these schemes are held seperately by an insurance company. Contributions are charged at the time they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1st February 2022 and 31st January 2023
297,462
20,264
317,726
---------
--------
---------
Depreciation
At 1st February 2022
231,027
14,969
245,996
Charge for the year
5,893
834
6,727
Disposals
60,542
60,542
---------
--------
---------
At 31st January 2023
297,462
15,803
313,265
---------
--------
---------
Carrying amount
At 31st January 2023
4,461
4,461
---------
--------
---------
At 31st January 2022
66,435
5,295
71,730
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
3,990
Other debtors
17,341
-------
--------
3,990
17,341
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,573
60,918
Trade creditors
103,075
111,555
Corporation tax
564
18,630
Social security and other taxes
9,052
9,122
Company credit card
2,231
5,940
Other creditors
82,596
68,798
---------
---------
230,091
274,963
---------
---------
The bank loans and overdrafts disclosed under creditors falling due within one year are secured by the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
140,807
Other creditors
150,000
---------
---------
173,333
140,807
---------
---------
The bank loans and overdrafts disclosed under creditors falling due after one year are secured by the company.