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30/04/2023
2023-04-30
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2022-05-01
Sage Accounts Production 23.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI661007
2022-05-01
2023-04-30
NI661007
2023-04-30
NI661007
2022-04-30
NI661007
2021-05-01
2022-04-30
NI661007
2022-04-30
NI661007
2021-04-30
NI661007
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-05-01
2023-04-30
NI661007
core:PlantMachinery
2022-05-01
2023-04-30
NI661007
core:FurnitureFittingsToolsEquipment
2022-05-01
2023-04-30
NI661007
bus:RegisteredOffice
2022-05-01
2023-04-30
NI661007
bus:LeadAgentIfApplicable
2022-05-01
2023-04-30
NI661007
bus:Director1
2022-05-01
2023-04-30
NI661007
bus:Director2
2022-05-01
2023-04-30
NI661007
core:WithinOneYear
2023-04-30
NI661007
core:WithinOneYear
2022-04-30
NI661007
core:ShareCapital
2023-04-30
NI661007
core:ShareCapital
2022-04-30
NI661007
core:RetainedEarningsAccumulatedLosses
2023-04-30
NI661007
core:RetainedEarningsAccumulatedLosses
2022-04-30
NI661007
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2022-05-01
2023-04-30
NI661007
bus:Audited
2022-05-01
2023-04-30
NI661007
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2022-05-01
2023-04-30
NI661007
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2022-05-01
2023-04-30
NI661007
bus:PrivateLimitedCompanyLtd
2022-05-01
2023-04-30
NI661007
core:OtherRelatedParties
2022-05-01
2023-04-30
Company registration number:
NI661007
Loop Tackle UK Limited
Abridged filleted financial statements
30 April 2023
Loop Tackle UK Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Loop Tackle UK Limited
Directors and other information
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Directors |
Chris Daly |
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Gordon Sim |
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Company number |
NI661007 |
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Registered office |
22 Great Victoria Street |
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Belfast |
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BT2 7BA |
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Auditor |
Hill Vellacott |
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22 Great Victoria Street |
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Belfast |
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BT2 7BA |
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Bankers |
Barclays Bank |
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17 Castle Place |
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Belfast |
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BT1 1EL |
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Loop Tackle UK Limited
Directors responsibilities statement
Year ended 30 April 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Loop Tackle UK Limited
Abridged statement of financial position
30 April 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
37,366 |
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43,654 |
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_______ |
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_______ |
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37,366 |
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43,654 |
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Current assets |
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Stocks |
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1,089,624 |
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1,728,817 |
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Debtors |
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230,910 |
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145,739 |
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Cash at bank and in hand |
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52,115 |
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130,741 |
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_______ |
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_______ |
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1,372,649 |
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2,005,297 |
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Creditors: amounts falling due |
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within one year |
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(
3,065,064) |
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(
2,974,456) |
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_______ |
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_______ |
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Net current liabilities |
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(
1,692,415) |
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(
969,159) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
1,655,049) |
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(
925,505) |
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_______ |
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_______ |
Net liabilities |
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(
1,655,049) |
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(
925,505) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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(
1,655,149) |
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(
925,605) |
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_______ |
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_______ |
Shareholders deficit |
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(
1,655,049) |
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(
925,505) |
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_______ |
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_______ |
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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 comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2023
, and are signed on behalf of the board by:
Gordon Sim
Director
Company registration number:
NI661007
Loop Tackle 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 Northern Ireland. The address of the registered office is 22 Great Victoria Street, Belfast, BT2 7BA.The principal activity of the company is the sale of outdoor fishing and sporting goods.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The financial statements have been prepared under the going concern concept. This assumption is based on the directors' assessments of the environment in which the company trades and the impact that this will have on the future. When considering the future and the continued validity of the use of the going concern concept, the directors have considered a period of twelve months from the date that these financial statements are approved.As at 30 April 2023, the company's liabilities are greater than the value of the assets that they hold, with a net deficiency of assets of £1,852,109. Of this deficit, £3,042,548 relates to amounts owed to the parent company Loop Tackle AB Limited, the parent company has agreed to support the company and not seek repayment within the next 12 months from the reporting date, as a result the company can continue to prepare accounts on a going concern basis. The ultimate parent Coordinates Capital Corporation has agreed to support the company and not seek repayment within the next 12 months from the reporting date.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThere are no judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:There are no estimation uncertianties that management has made in the process of applying the entity's accounting policies.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
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Freehold property |
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10 % |
straight line |
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Plant and machinery |
- |
10 % |
straight line |
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Fittings fixtures and equipment |
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25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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:
3
).
5.
Tangible assets
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£ |
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Cost |
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At 1 May 2022 |
51,773 |
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Additions |
1,869 |
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_______ |
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At 30 April 2023 |
53,642 |
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_______ |
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Depreciation |
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At 1 May 2022 |
8,119 |
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Charge for the year |
8,157 |
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_______ |
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At 30 April 2023 |
16,276 |
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_______ |
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Carrying amount |
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At 30 April 2023 |
37,366 |
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_______ |
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At 30 April 2022 |
43,654 |
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_______ |
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6.
Limitation of auditors liability
The company has entered into a liability limitation agreement with the company's auditor which was approved on 4 July 2023. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
7.
Summary audit opinion
The auditor's report for the year dated
30 September 2023
was qualified on the following basis.
Our opinion on the previous period's financial statements is a limitation of scope becuase of the below matter.We reported on the financial statements for the year ended 30 April 2022 with a limitation of scope as we were unable to confirm or verify the value of stock of £1,728,817 as we were not able to attend the stock take at the year end or in the previous year.As a result of the above matter, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded stock, and the elements making up the statement of income and retained earnings, the statement of financial poisition and notes to the financial statements for the prior year.
The senior statutory auditor was
Eoin McMullan ACA
for and on behalf of
Hill Vellacott
8.
Related party transactions
LOOP Tackle UK Limited is a fully owned subsidiary of Loop Tackle Design AB - A Swedish based company. During the year LOOP Tackle UK Limited was advanced £89,594 (2022: £646,385) from Loop Tackle Design AB. At the balance sheet date the amount owed to Loop Tackle Design AB was £2,882,854 (2022: £2,793,260).
9.
Controlling party
The company's parent undertaking is Loop Tackle Design AB, a company incorporated in Sweden, the ultimate parent undertaking is Coordinates Capital Corporation.Registered office:Coordinates Capital Corporation201-544 Water Street St. John's, A1E 1B7 NL, Canada