6 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05422863 2022-05-01 2023-04-30 05422863 2023-04-30 05422863 2022-04-30 05422863 2021-05-01 2022-04-30 05422863 2022-04-30 05422863 2021-04-30 05422863 core:NetGoodwill 2022-05-01 2023-04-30 05422863 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-01 2023-04-30 05422863 core:FurnitureFittings 2022-05-01 2023-04-30 05422863 core:MotorVehicles 2022-05-01 2023-04-30 05422863 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 05422863 bus:Director1 2022-05-01 2023-04-30 05422863 core:NetGoodwill 2023-04-30 05422863 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 05422863 core:FurnitureFittings 2022-04-30 05422863 core:MotorVehicles 2022-04-30 05422863 core:FurnitureFittings 2023-04-30 05422863 core:MotorVehicles 2023-04-30 05422863 core:WithinOneYear 2023-04-30 05422863 core:WithinOneYear 2022-04-30 05422863 core:AfterOneYear 2023-04-30 05422863 core:AfterOneYear 2022-04-30 05422863 core:ShareCapital 2023-04-30 05422863 core:ShareCapital 2022-04-30 05422863 core:RetainedEarningsAccumulatedLosses 2023-04-30 05422863 core:RetainedEarningsAccumulatedLosses 2022-04-30 05422863 core:FurnitureFittings 2022-04-30 05422863 core:MotorVehicles 2022-04-30 05422863 bus:SmallEntities 2022-05-01 2023-04-30 05422863 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 05422863 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 05422863 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 05422863 bus:FullAccounts 2022-05-01 2023-04-30 05422863 core:OfficeEquipment 2022-05-01 2023-04-30 05422863 core:OfficeEquipment 2022-04-30 05422863 core:OfficeEquipment 2023-04-30 05422863 bus:Director1 2023-04-30
COMPANY REGISTRATION NUMBER: 05422863
Sporting Edge (UK) Limited
Filleted Unaudited Financial Statements
30 April 2023
Sporting Edge (UK) Limited
Financial Statements
Year ended 30 April 2023
Contents
Pages
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Sporting Edge (UK) Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Sporting Edge (UK) Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sporting Edge (UK) Limited for the year ended 30 April 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
BROOKS & CO. Chartered accountants
9 Cheam Road Ewell Epsom Surrey KT17 1SP
3 November 2023
Sporting Edge (UK) Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
3,788
2,640
Current assets
Stocks
43,845
Debtors
7
49,361
26,453
Cash at bank and in hand
24,208
78
---------
--------
117,414
26,531
Creditors: amounts falling due within one year
8
175,272
95,666
---------
--------
Net current liabilities
57,858
69,135
--------
--------
Total assets less current liabilities
( 54,070)
( 66,495)
Creditors: amounts falling due after more than one year
9
57,780
41,146
---------
---------
Net liabilities
( 111,850)
( 107,641)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 111,950)
( 107,741)
---------
---------
Shareholders deficit
( 111,850)
( 107,641)
---------
---------
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 30 April 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sporting Edge (UK) Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:
Mr D P Vincent
Director
Company registration number: 05422863
Sporting Edge (UK) Limited
Notes to the Financial Statements
Year ended 30 April 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 Unit J, London Business Centre, Roentgen Road, Basingstoke, Hants, RG24 8NG.
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Goodwill
-
25% straight line
Development Cost
-
25% 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 initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & Fitting
-
20% straight line
Motor Vehicle
-
25% reducing balance
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 6 (2022: 6 ).
5. Intangible assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 May 2022 and 30 April 2023
10,000
40,000
50,000
--------
--------
--------
Amortisation
At 1 May 2022 and 30 April 2023
10,000
40,000
50,000
--------
--------
--------
Carrying amount
At 30 April 2023
--------
--------
--------
At 30 April 2022
--------
--------
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
11,016
13,204
16,748
40,968
Additions
99
1,457
1,556
--------
--------
--------
--------
At 30 April 2023
11,115
13,204
18,205
42,524
--------
--------
--------
--------
Depreciation
At 1 May 2022
7,851
13,728
16,749
38,328
Charge for the year
452
( 524)
480
408
--------
--------
--------
--------
At 30 April 2023
8,303
13,204
17,229
38,736
--------
--------
--------
--------
Carrying amount
At 30 April 2023
2,812
976
3,788
--------
--------
--------
--------
At 30 April 2022
3,165
( 524)
( 1)
2,640
--------
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
42,106
17,095
Other debtors
7,255
9,358
--------
--------
49,361
26,453
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
52,603
Trade creditors
55,695
19,133
Corporation tax
222
222
Social security and other taxes
41,592
19,735
Other creditors
77,763
3,973
---------
--------
175,272
95,666
---------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
57,780
41,146
--------
--------
10. Director's advances, credits and guarantees
During the year, Mr D P Vincent , a director of the company, made further advances to the company. The amount owed to Mr D P Vincent at the yearend totalled £ 70,701 (2022:(£2,611)). The advances are interest free and repayable on demand.