Year Ended
Registration number:
The Sportsman Gun Centre Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
The Sportsman Gun Centre Limited
Company Information
Directors |
G M Lamburn J B T Cattran |
Company secretary |
J B T Cattran |
Registered office |
|
Bankers |
|
Auditors |
|
The Sportsman Gun Centre Limited
Strategic Report for the Year Ended 28 February 2023
The directors present their strategic report for the year ended 28 February 2023.
Principal activity
The principal activity of the company is the retail and wholesale of sporting goods.
Fair review of the business
Results for the year are set out on page 8.
The business reports a reduction of turnover in 2023 to £20.81 million (2022 £23.10 million) which reflects a similar level to that reported in 2021. The reduction in 2023 can be mainly attributed to the impact in gun licensing arrangements where delays of up to 2 years have been commonplace. Despite the challenges of the market the company has managed to broadly maintain its gross profit margin at 27.6% (2022 28.9%). The company reports above inflationary growth in its administration costs with an increase of 13.9% to £2.96 million (2022 £2.60 million). This increase reflects the company’s planned investment in the future growth of the business and in particular its people, client service, markets, and facilities. The net profit after tax of £2.41 million (2022 £3.4 million) has reduced primarily because of the reduced turnover with margins having been broadly maintained.
The balance sheet on page 10 indicates net assets carried forward at the year end of £17.98 million (2022 £15.64 million).
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£'000 |
20,810 |
23,096 |
Gross profit |
% |
28 |
29 |
Principal risks and uncertainties
In the course of its ordinary business the company has to assess and manage various risks that could prevent it from achieving its objectives. We set out below what we consider to be the main risks that currently affect the company:
As part of the leisure industry we are exposed to the general state of the UK and international economy and level of consumer spending. The company operates in a niche sector with a loyal customer base which the directors believe to be insulated from the worst effects of any economic downturn. The company seeks to maintain its position by offering a pre-eminent selection of products across a range of prices.
We operate within an industry that is heavily regulated and non compliance could cause us to lose the ability to trade in a number of product areas. The company is committed to governance of the highest order, both through the implementation of robust internal procedures and through the training of employees, to ensure that all requirements are met.
Approved and authorised by the
..................................... |
The Sportsman Gun Centre Limited
Directors' Report for the Year Ended 28 February 2023
The directors present their report and the financial statements for the year ended 28 February 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company aims to have sufficient financial resources to allow for the day to day operation of the business for the foreseeable future. The principal financial instruments comprise bank loans, credit advanced by suppliers and loans from the directors.
Future trading cash flow is projected to allow for the repayment of bank loans within the agreed terms whilst suppliers are paid within agreed credit terms wherever possible.
Price risk, credit risk, liquidity risk and cash flow risk
The company requires cash resources to be available to allow it to take advantage of stock buying opportunities as they arise and relies on sales volumes being maintained at current levels to ensure that cash flow risk is mitigated.
In the event of a downturn in trade the directors are confident that the company would be well placed to react by reducing stock holding and by releasing working capital as necessary.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
.............................. |
The Sportsman Gun Centre Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
The Sportsman Gun Centre Limited
Independent Auditor's Report to the Members of The Sportsman Gun Centre Limited
Opinion
We have audited the financial statements of The Sportsman Gun Centre Limited (the 'company') for the year ended 28 February 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
The Sportsman Gun Centre Limited
Independent Auditor's Report to the Members of The Sportsman Gun Centre Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The Sportsman Gun Centre Limited
Independent Auditor's Report to the Members of The Sportsman Gun Centre Limited
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our commercial and sector experience and through discussions with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance throughout the audit and any relevant correspondence with regulatory bodies. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies significantly.
The company is subject to laws that directly affect the financial statements including financial reporting and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures.
The company is subject to other laws and regulations where the consequences of non-compliance could have an effect on the amounts or disclosures in the financial statements, for instance the result of a litigation claim. We identified the following areas as those most likely to have an effect: firearms, and explosives licensing, employment law, health and safety, data protection and company legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry with the directors and other management and review of legal correspondence if any. Through such procedures, we did not identify any actual or suspected non-compliance. Owing to the inherent limitations of an audit there is an unavoidable risk that we have not detected some material misstatements in the financial statements.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Lowin House
Tregolls Road
Cornwall
TR1 2NA
The Sportsman Gun Centre Limited
Profit and Loss Account
Year Ended 28 February 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar charges |
( |
( |
|
90 |
(33) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The Sportsman Gun Centre Limited
Statement of Comprehensive Income
Year Ended 28 February 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
The Sportsman Gun Centre Limited
Balance Sheet
28 February 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Company Registration Number: 07159237
The Sportsman Gun Centre Limited
Statement of Changes in Equity
Year Ended 28 February 2023
Share capital |
Profit and loss account |
Total |
|
At 1 March 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 28 February 2023 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 March 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 28 February 2022 |
|
|
|
The Sportsman Gun Centre Limited
Statement of Cash Flows
Year Ended 28 February 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Corporation tax |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
|
|
|
Corporation tax paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
(136) |
(136) |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 March |
|
|
|
Cash and cash equivalents at 28 February |
|
|
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
19 Apple Lane
Exeter
Devon
EX2 5GL
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when available stock has been allocated against the order, the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10% Straight line |
Fittings & Equipment |
25% Reducing balance |
Motor vehicles |
25% Reducing balance |
Other property. plant and equipment |
25% Straight line |
Investment property
Goodwill
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% Straight line |
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Revenue |
The analysis of the company's Turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Lease rental income |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Foreign exchange gains |
( |
- |
Loss on disposal of property, plant and equipment |
|
- |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration (including benefits in kind) |
|
|
Contributions paid to money purchase schemes |
|
|
244 |
165 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditor's remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
- |
Other finance income |
|
- |
|
- |
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Decrease from effect of tax incentives |
( |
( |
Tax increase from effect of capital allowances and depreciation |
|
- |
Total tax charge |
|
|
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Capital allowances in excess of depreciation |
|
|
2022 |
Liability |
Capital allowances in excess of depreciation |
|
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 March 2022 |
|
|
At 28 February 2023 |
|
|
Amortisation |
||
At 1 March 2022 |
|
|
Amortisation charge |
|
|
At 28 February 2023 |
|
|
Carrying amount |
||
At 28 February 2023 |
|
|
At 28 February 2022 |
|
|
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||||
At 1 March 2022 |
|
|
|
- |
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
- |
- |
( |
At 28 February 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 March 2022 |
- |
|
|
- |
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
- |
( |
At 28 February 2023 |
- |
|
|
|
|
Carrying amount |
|||||
At 28 February 2023 |
|
|
|
|
|
At 28 February 2022 |
|
|
|
- |
|
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Investment properties |
2023 |
|
At 1 March 2022 and 28 February 2023 |
|
The investment property was purchased by the company on 30 November 2018. The purchase was at arm's length supported by an independent valuation prepared by suitably qualified valuers external to the company. In the opinion of the directors, at 28 February 2023 there is no material difference between the purchase cost and fair value.
Stocks |
2023 |
2022 |
|
Finished goods and goods for resale |
9,432 |
7,881 |
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Corporation tax |
283 |
411 |
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
- |
|
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Director's loan |
|
|
|
|
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
Bank borrowings
The bank loan is secured by way of a fixed charge over the company's investment property and a debenture incorporating a fixed and floating charge over all of the company's assets. |
Other borrowings
The director's loan is unsecured, interest free and repayable on demand.
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Reconciliation of net debt |
At 1 March 2022 |
Cash flow |
Other non cash changes |
At 28 February 2023 |
|
£'000 |
£'000 |
£'000 |
£'000 |
|
Cash on hand |
4 |
5 |
- |
9 |
Cash at bank |
6,348 |
(849) |
- |
5,499 |
Cash and cash equivalents |
6,352 |
(844) |
- |
5,508 |
Bank loans less than one year |
(134) |
- |
(1,631) |
(1,765) |
Director's loan less than one year |
(888) |
255 |
(2) |
(635) |
Bank loans more than one year |
(1,902) |
1,902 |
- |
- |
Net debt |
3,428 |
1,313 |
(1,633) |
3,108 |
Obligations under leases and hire purchase contracts |
Operating leases - lessee
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments receivable is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Total rents recognised as income in the period are £136,000 (2022 - £
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 March 2022 |
|
|
Increase (decrease) in existing provisions |
|
|
At 28 February 2023 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
9,500 |
|
9,500 |
|
|
500 |
|
500 |
|
|
|
|
Related party transactions |
Transactions with directors |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
J B T Cattran |
||||
Interest free loan, repayable on demand |
|
|
( |
|
The Sportsman Gun Centre Limited
Notes to the Financial Statements
Year Ended 28 February 2023
2022 |
At 1 March 2021 |
Advances to director |
Repayments by director |
At 28 February 2022 |
J B T Cattran |
||||
Interest free loan, repayable on demand |
|
|
( |
|
J B T Cattran
(Director and shareholder)
J B T Cattran (JC) operates a loan account with the company. During the year £65,000 (2022 £60,000) of dividends were credited to this account. The company incurred costs of £236,000 (2022 £20,000) on behalf of JC which have been debited to this account and an amount of £85,000 (2022 £nil) was credited to this account. At the balance sheet date the amount due from JC was £91,000 (2022 £5,000).
G M Lamburn
(Director and shareholder)
G M Lamburn (GL) owns the freehold property from which the Exeter branch of the company operates. No rent was charged to the company in the year in this respect.
GL has provided a limited guarantee of £1,475,000 against the company's bank borrowings dated 26 May 2010.
GL utilises a director's loan account. During the year £2,000 (2022 £2,000) of dividends were credited to this account. The company incurred costs of £255,000 (2022 £109,000) on behalf of GL which have been debited to this account. At the balance sheet date the amount due to GL was £635,000 (2022 £888,000).
Parent and ultimate parent undertaking |
The ultimate controlling party is