Company registration number 04517781 (England and Wales)
RESPECT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
RESPECT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RESPECT LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
206
Tangible assets
4
284
379
284
585
Current assets
Stocks
68,363
62,109
Debtors
5
1,841
468
Cash at bank and in hand
5,283
49,161
75,487
111,738
Creditors: amounts falling due within one year
6
(67,554)
(104,666)
Net current assets
7,933
7,072
Net assets
8,217
7,657
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
8,215
7,655
Total equity
8,217
7,657
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr M A Basnett
Director
Company Registration No. 04517781
RESPECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Respect Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Adelphi Street, Radcliffe, Manchester, United Kingdom, M26 4ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, being that of the manufacture and supply of martial arts, boxing, and fitness equipment, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
10 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33.33% per annum straight line
Fixtures, fittings & equipment
25% per annum straight line
Motor vehicles
25% per annum reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
RESPECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Other
£
Cost
At 1 March 2022 and 28 February 2023
2,300
Amortisation and impairment
At 1 March 2022
2,094
Amortisation charged for the year
206
At 28 February 2023
2,300
Carrying amount
At 28 February 2023
At 28 February 2022
206
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
23,128
Depreciation and impairment
At 1 March 2022
22,749
Depreciation charged in the year
95
At 28 February 2023
22,844
Carrying amount
At 28 February 2023
284
At 28 February 2022
379
RESPECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,841
468
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,548
1,473
Taxation and social security
37,187
Other creditors
66,006
66,006
67,554
104,666