Silverfin false 31/03/2023 01/04/2022 31/03/2023 G L Willingham 26/02/2016 13 November 2023 The principal activity of the Company during the financial year was that of a water sports retailer. 10027609 2023-03-31 10027609 bus:Director1 2023-03-31 10027609 2022-03-31 10027609 core:CurrentFinancialInstruments 2023-03-31 10027609 core:CurrentFinancialInstruments 2022-03-31 10027609 core:Non-currentFinancialInstruments 2023-03-31 10027609 core:Non-currentFinancialInstruments 2022-03-31 10027609 core:ShareCapital 2023-03-31 10027609 core:ShareCapital 2022-03-31 10027609 core:RetainedEarningsAccumulatedLosses 2023-03-31 10027609 core:RetainedEarningsAccumulatedLosses 2022-03-31 10027609 core:Goodwill 2022-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-03-31 10027609 core:Goodwill 2023-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 10027609 core:LeaseholdImprovements 2022-03-31 10027609 core:Vehicles 2022-03-31 10027609 core:OfficeEquipment 2022-03-31 10027609 core:LeaseholdImprovements 2023-03-31 10027609 core:Vehicles 2023-03-31 10027609 core:OfficeEquipment 2023-03-31 10027609 2022-04-01 2023-03-31 10027609 bus:FullAccounts 2022-04-01 2023-03-31 10027609 bus:SmallEntities 2022-04-01 2023-03-31 10027609 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10027609 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10027609 bus:Director1 2022-04-01 2023-03-31 10027609 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-04-01 2023-03-31 10027609 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 10027609 core:Vehicles 2022-04-01 2023-03-31 10027609 core:OfficeEquipment core:TopRangeValue 2022-04-01 2023-03-31 10027609 2021-04-01 2022-03-31 10027609 core:Goodwill 2022-04-01 2023-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 10027609 core:LeaseholdImprovements 2022-04-01 2023-03-31 10027609 core:OfficeEquipment 2022-04-01 2023-03-31 10027609 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 10027609 (England and Wales)

FC UP SPORTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

FC UP SPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

FC UP SPORTS LIMITED

BALANCE SHEET

As at 31 March 2023
FC UP SPORTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 15,840 24,636
Tangible assets 4 44,415 59,313
60,255 83,949
Current assets
Stocks 5 1,061,986 1,140,059
Debtors 6 203,001 240,289
Cash at bank and in hand 55,932 132,258
1,320,919 1,512,606
Creditors: amounts falling due within one year 7 ( 382,150) ( 620,996)
Net current assets 938,769 891,610
Total assets less current liabilities 999,024 975,559
Creditors: amounts falling due after more than one year 8 ( 143,333) ( 283,333)
Net assets 855,691 692,226
Capital and reserves
Called-up share capital 100 100
Profit and loss account 855,591 692,126
Total shareholder's funds 855,691 692,226

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.

Director's responsibilities:

The financial statements of FC UP Sports Limited (registered number: 10027609) were approved and authorised for issue by the Director on 13 November 2023. They were signed on its behalf by:

G L Willingham
Director
FC UP SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
FC UP SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FC UP Sports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Unit 7 Pottery Business Park 65-67 Ringwood Road Poole BH14 0RG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 6

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 April 2022 52,800 17,576 70,376
At 31 March 2023 52,800 17,576 70,376
Accumulated amortisation
At 01 April 2022 31,680 14,060 45,740
Charge for the financial year 5,280 3,516 8,796
At 31 March 2023 36,960 17,576 54,536
Net book value
At 31 March 2023 15,840 0 15,840
At 31 March 2022 21,120 3,516 24,636

4. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2022 29,734 39,950 8,665 78,349
At 31 March 2023 29,734 39,950 8,665 78,349
Accumulated depreciation
At 01 April 2022 2,437 13,108 3,491 19,036
Charge for the financial year 5,947 6,711 2,240 14,898
At 31 March 2023 8,384 19,819 5,731 33,934
Net book value
At 31 March 2023 21,350 20,131 2,934 44,415
At 31 March 2022 27,297 26,842 5,174 59,313

5. Stocks

2023 2022
£ £
Stocks 1,061,986 1,140,059

6. Debtors

2023 2022
£ £
Trade debtors 25,467 37,393
Amounts owed by Group undertakings 177,534 198,621
Other debtors 0 4,275
203,001 240,289

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 70,000 0
Trade creditors 22,925 32,431
Amounts owed to Group undertakings 196,000 198,000
Taxation and social security 58,357 174,186
Other creditors 34,868 216,379
382,150 620,996

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 143,333 283,333

There are no amounts included above in respect of which any security has been given by the small entity.