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COMPANY REGISTRATION NUMBER: 09720011
FAWCETT'S COUNTRY SPORTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2023
FAWCETT'S COUNTRY SPORTS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
12,968
16,345
CURRENT ASSETS
Stocks
586,577
527,007
Debtors
6
7,825
2,616
Cash at bank and in hand
78,684
64,665
-----------
-----------
673,086
594,288
CREDITORS: amounts falling due within one year
7
473,969
457,433
-----------
-----------
NET CURRENT ASSETS
199,117
136,855
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
212,085
153,200
-----------
-----------
NET ASSETS
212,085
153,200
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
211,985
153,100
-----------
-----------
SHAREHOLDERS FUNDS
212,085
153,200
-----------
-----------
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 28 February 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 .
FAWCETT'S COUNTRY SPORTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Mr S J Fawcett
Director
Company registration number: 09720011
FAWCETT'S COUNTRY SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
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.
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:
Alterations to leasehold property
-
straight line over period of lease
Fixtures, fittings and equipment
-
25% straight line
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.
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. TANGIBLE ASSETS
Alterations to leasehold property
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 March 2022
30,232
65,396
95,628
Additions
607
607
---------
---------
---------
At 28 February 2023
30,232
66,003
96,235
---------
---------
---------
Depreciation
At 1 March 2022
15,501
63,782
79,283
Charge for the year
3,026
958
3,984
---------
---------
---------
At 28 February 2023
18,527
64,740
83,267
---------
---------
---------
Carrying amount
At 28 February 2023
11,705
1,263
12,968
---------
---------
---------
At 28 February 2022
14,731
1,614
16,345
---------
---------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
7,122
2,003
Prepayments and accrued income
703
613
--------
--------
7,825
2,616
--------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
57,255
42,352
Accruals and deferred income
12,134
12,215
Corporation tax
14,529
16,614
Social security and other taxes
19,151
10,861
Director loan accounts
370,900
375,391
-----------
-----------
473,969
457,433
-----------
-----------
8. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
22,000
22,000
Later than 1 year and not later than 5 years
62,333
84,333
---------
-----------
84,333
106,333
---------
-----------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors have a loan account in the company which remained in credit throughout the year. At the year end the balance was £370,900 and is included in creditors.