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Registration number: 04000407

Out-right Gear Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Out-right Gear Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Out-right Gear Ltd

Company Information

Directors

Mr Rupert John Morton Clark

Mrs Kirsten Clark

Registered office

The Chapel
Tickenham Hill
Tickenham
Clevedon
North Somerset
BS21 6SH

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Out-right Gear Ltd

(Registration number: 04000407)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

896

840

Current assets

   

Stocks

5

34,894

 

39,680

Debtors

6

225

 

78

Cash at bank and in hand

 

8,537

 

8,457

 

43,656

 

48,215

Creditors: Amounts falling due within one year

8

(59,204)

 

(59,651)

Net current liabilities

   

(15,548)

(11,436)

Net liabilities

   

(14,652)

(10,596)

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

(14,752)

 

(10,696)

Total equity

   

(14,652)

(10,596)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................

Mr Rupert John Morton Clark
Director

 

Out-right Gear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

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 Chapel
Tickenham Hill
Tickenham
Clevedon
North Somerset
BS21 6SH

These financial statements were authorised for issue by the Board on 9 February 2024.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income 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.

 

Out-right Gear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Office Equipment

25% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Out-right Gear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Out-right Gear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2022

4,023

4,023

Additions

452

452

At 31 May 2023

4,475

4,475

Depreciation

At 1 June 2022

3,183

3,183

Charge for the year

396

396

At 31 May 2023

3,579

3,579

Carrying amount

At 31 May 2023

896

896

At 31 May 2022

840

840

5

Stocks

2023
£

2022
£

Other inventories

34,894

39,680

6

Debtors

Current

2023
£

2022
£

Prepayments

225

78

7

Current asset investments

2023
£

2022
£

8

Creditors

Creditors: amounts falling due within one year

 

Out-right Gear Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Due within one year

Taxation and social security

382

236

Other creditors

58,822

59,415

59,204

59,651

9

Related party transactions

The company was under the control of Mr R Clark and Mrs K Clark, directors, throughout the current and previous year.

During the year the directors maintained a loan account with the company. As at the year end the company owed the directors £58,822 (2021: £59,415) and the balance is shown in creditors falling due after one year. There are no fixed repayment terms associated with this loan and no interest is charged on the outstanding amount.

No transactions with related parties were undertaken such as are required to be disclosed under the FRS102.