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High Sports Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

Registration number: 09121159

 

High Sports Holdings Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

High Sports Holdings Limited

(Registration number: 09121159)
Statement of financial position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,924

3,983

Investment property

5

1,060,000

1,000,000

Investments

6

441,803

441,793

 

1,504,727

1,445,776

Current assets

 

Stocks

7

2,000

330

Debtors

8,000

12,119

Cash at bank and in hand

 

55,759

34,492

 

65,759

46,941

Creditors: Amounts falling due within one year

8

(199,481)

(198,344)

Net current liabilities

 

(133,722)

(151,403)

Total assets less current liabilities

 

1,371,005

1,294,373

Provisions for liabilities

(69,244)

(54,585)

Net assets

 

1,301,761

1,239,788

Capital and reserves

 

Called up share capital

9

1,000

1,000

Share premium reserve

438,548

438,548

Revaluation reserve

285,080

225,080

Retained earnings

577,133

575,160

Shareholders' funds

 

1,301,761

1,239,788

For the financial year ending 31 October 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.

 

High Sports Holdings Limited

(Registration number: 09121159)
Statement of financial position as at 31 October 2023

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 Income statement.

Approved and authorised by the Board on 16 January 2024 and signed on its behalf by:
 

.........................................
Mrs K J Ackland
Director

 

High Sports Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 16 January 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.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. .

Going concern

The financial statements have been prepared on a going concern basis.

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 tax expense for the period comprises current and deferred 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.

 

High Sports Holdings Limited

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

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.

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 statement of financial position 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

Plant and machinery

25% reducing balance

Office equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

The directors have considered the valuation of the investment in its subsidiary company.
The directors assessment is that no adjustment needs to be made to the current valuation.

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.

 

High Sports Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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 2 (2022 - 2).

 

High Sports Holdings Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

7,717

7,717

At 31 October 2023

7,717

7,717

Depreciation

At 1 November 2022

3,734

3,734

Charge for the year

1,059

1,059

At 31 October 2023

4,793

4,793

Carrying amount

At 31 October 2023

2,924

2,924

At 31 October 2022

3,983

3,983

5

Investment properties

2023
£

At 1 November

1,000,000

Fair value adjustments

60,000

At 31 October

1,060,000

 

High Sports Holdings Limited

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

441,753

441,753

Investments in associates

50

40

441,803

441,793

Subsidiaries

£

Cost or valuation

At 1 November 2022

441,753

Provision

Carrying amount

At 31 October 2023

441,753

At 31 October 2022

441,753

Associates

£

Cost

At 1 November 2022

40

Additions

50

Disposals

(40)

At 31 October 2023

50

Provision

Carrying amount

At 31 October 2023

50

At 31 October 2022

40

7

Stocks

2023
£

2022
£

Other inventories

2,000

330

 

High Sports Holdings Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

408

Amounts owed to group undertakings

191,557

191,558

Taxation and social security

 

6,604

5,118

Accruals and deferred income

 

1,320

1,260

 

199,481

198,344

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/(deficit) on property revaluation

60,000

60,000

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows: