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COMPANY REGISTRATION NUMBER: NI624443
True Sports Medicine Ltd
Filleted Unaudited Financial Statements
30 November 2023
True Sports Medicine Ltd
Financial Statements
Period from 1 June 2022 to 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
True Sports Medicine Ltd
Statement of Financial Position
30 November 2023
30 Nov 23
31 May 22
Note
£
£
£
Fixed assets
Tangible assets
5
12,577
1,173
Investments
6
79,358
100,406
--------
---------
91,935
101,579
Current assets
Debtors
7
2,291
10,820
Cash at bank and in hand
141,921
113,239
---------
---------
144,212
124,059
Creditors: amounts falling due within one year
8
15,907
14,651
---------
---------
Net current assets
128,305
109,408
---------
---------
Total assets less current liabilities
220,240
210,987
Provisions
Taxation including deferred tax
2,390
1,127
---------
---------
Net assets
217,850
209,860
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
216,850
208,860
---------
---------
Shareholders funds
217,850
209,860
---------
---------
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 period ending 30 November 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 period 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 .
True Sports Medicine Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 27 January 2024 , and are signed on behalf of the board by:
Mr S P Harland
Director
Company registration number: NI624443
True Sports Medicine Ltd
Notes to the Financial Statements
Period from 1 June 2022 to 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ, Northern Ireland.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 & Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
7,076
19,000
3,595
29,671
Additions
17,599
17,599
-------
--------
--------
--------
At 30 November 2023
7,076
19,000
21,194
47,270
-------
--------
--------
--------
Depreciation
At 1 June 2022
6,911
19,000
2,587
28,498
Charge for the period
55
6,140
6,195
-------
--------
--------
--------
At 30 November 2023
6,966
19,000
8,727
34,693
-------
--------
--------
--------
Carrying amount
At 30 November 2023
110
12,467
12,577
-------
--------
--------
--------
At 31 May 2022
165
1,008
1,173
-------
--------
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 June 2022
100,406
Revaluations
( 21,048)
---------
At 30 November 2023
79,358
---------
Impairment
At 1 June 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
79,358
---------
At 31 May 2022
100,406
---------
7. Debtors
30 Nov 23
31 May 22
£
£
Trade debtors
1,000
10,170
Other debtors
1,291
650
-------
--------
2,291
10,820
-------
--------
8. Creditors: amounts falling due within one year
30 Nov 23
31 May 22
£
£
Corporation tax
4,902
6,165
Other creditors
11,005
8,486
--------
--------
15,907
14,651
--------
--------
9. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
30 Nov 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr S P Harland
( 2,275)
( 2,504)
( 4,779)
-------
-------
-------
31 May 22
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr S P Harland
( 3,434)
1,159
( 2,275)
-------
-------
-------
At the year end, included in other creditors (Note 8), there was a balance owing to the directors by the company of £4,779 (2022: £2,275).
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
11. Controlling party
The company was under the control of Mr Harland throughout the current and previous year. Mr Harland is the managing director and majority shareholder.