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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
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xbrli:shares
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07827319
2023-01-01
2023-12-31
07827319
2023-12-31
07827319
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07827319
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2022-12-31
07827319
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07827319
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07827319
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2023-12-31
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07827319
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07827319
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07827319
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07827319
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2023-12-31
07827319
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2022-12-31
07827319
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2023-12-31
07827319
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2022-12-31
07827319
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07827319
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2022-12-31
07827319
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07827319
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07827319
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07827319
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07827319
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07827319
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2022-12-31
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2022-12-31
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2023-01-01
2023-12-31
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2023-12-31
07827319
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2022-12-31
07827319
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2023-12-31
07827319
core:EntitiesControlledByKeyManagementPersonnel
2022-12-31
COMPANY REGISTRATION NUMBER:
07827319
Pure Sport and Leisure Ltd |
|
Filleted Unaudited Financial Statements |
|
Pure Sport and Leisure Ltd |
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Pure Sport and Leisure Ltd |
|
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pure Sport and Leisure Ltd for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Pure Sport and Leisure Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Pure Sport and Leisure Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pure Sport and Leisure Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Pure Sport and Leisure Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pure Sport and Leisure Ltd. You consider that Pure Sport and Leisure Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Pure Sport and Leisure Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PAUL PHILLIS & CO LIMITED
Chartered accountants
11a Corelli Street
Newport
South Wales
NP19 7AR
8 March 2024
Pure Sport and Leisure Ltd |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
11,199 |
14,000 |
|
|
|
|
|
Current assets
Stocks |
25,710 |
|
28,870 |
Debtors |
6 |
42,966 |
|
34,211 |
Cash at bank and in hand |
– |
|
29,584 |
|
-------- |
|
-------- |
|
68,676 |
|
92,665 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
90,632 |
|
129,295 |
|
-------- |
|
--------- |
Net current liabilities |
|
21,956 |
36,630 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
(
10,757) |
(
22,630) |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
14,165 |
24,167 |
|
|
-------- |
-------- |
Net liabilities |
|
(
24,922) |
(
46,797) |
|
|
-------- |
-------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
(
25,022) |
(
46,897) |
|
|
-------- |
-------- |
Shareholders deficit |
|
(
24,922) |
(
46,797) |
|
|
-------- |
-------- |
|
|
|
|
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 year ending 31 December 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Pure Sport and Leisure Ltd |
|
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
8 March 2024
, and are signed on behalf of the board by:
Company registration number:
07827319
Pure Sport and Leisure Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Leeway Estate, Newport, South Wales, United Kingdom, NP19 4SL.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: Depreciation: The company exercises judgement to determine useful lives and residual values of tangible and intangible assets. The assets are depreciated down to their residual values over their estimated lives.
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 and fittings |
- |
20% reducing balance |
|
Plant and equipment |
- |
20% reducing balance |
|
|
|
|
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
6
).
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 and 31 December 2023 |
22,301 |
19,942 |
42,243 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 January 2023 |
14,014 |
14,229 |
28,243 |
Charge for the year |
1,658 |
1,143 |
2,801 |
|
-------- |
-------- |
-------- |
At 31 December 2023 |
15,672 |
15,372 |
31,044 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2023 |
6,629 |
4,570 |
11,199 |
|
-------- |
-------- |
-------- |
At 31 December 2022 |
8,287 |
5,713 |
14,000 |
|
-------- |
-------- |
-------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
26,933 |
13,355 |
Other debtors |
16,033 |
20,856 |
|
-------- |
-------- |
|
42,966 |
34,211 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
10,702 |
10,000 |
Trade creditors |
74,034 |
103,163 |
Social security and other taxes |
3,057 |
3,686 |
Amounts owed to associated undertakings |
– |
9,584 |
Other creditors |
2,839 |
2,862 |
|
-------- |
--------- |
|
90,632 |
129,295 |
|
-------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
14,165 |
24,167 |
|
-------- |
-------- |
|
|
|
9.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr N. Matthews |
3,834 |
520 |
4,354 |
|
Mr A. Tynan |
790 |
– |
790 |
|
|
------- |
---- |
------- |
|
|
4,624 |
520 |
5,144 |
|
|
------- |
---- |
------- |
|
|
|
|
|
|
2022 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr N. Matthews |
3,834 |
– |
3,834 |
|
Mr A. Tynan |
790 |
– |
790 |
|
|
------- |
---- |
------- |
|
|
4,624 |
– |
4,624 |
|
|
------- |
---- |
------- |
|
|
|
|
|
The directors loans are currently on an interest free basis and repayable on demand.
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value |
Balance owed by/(owed to) |
|
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
Fashion 29 Limited |
120,636 |
167,773 |
(
6,026) |
(
17,726) |
|
--------- |
--------- |
------- |
-------- |
|
|
|
|
|
Fashion 29 Ltd is under common control. The amount owed to Fashion 29 Ltd is on an interest free basis, unsecured and repayable on demand.