2022-11-012023-10-312023-10-31false04549809INGLESPORT 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INGLESPORT LIMITED

Registered Number
04549809
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

INGLESPORT LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

ROWE, David Jan

Company Secretary

ROWE, David Jan

Registered Address

11 The Square
Ingleton
Carnforth
LA6 3EG

Registered Number

04549809 (England and Wales)
INGLESPORT LIMITED
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets318,66619,317
18,66619,317
Current assets
Stocks4645,774665,241
Debtors60,69434,944
Cash at bank and on hand27,33625,408
733,804725,593
Creditors amounts falling due within one year6(260,619)(283,413)
Net current assets (liabilities)473,185442,180
Total assets less current liabilities491,851461,497
Creditors amounts falling due after one year7(15,833)(24,839)
Provisions for liabilities8(4,600)(3,600)
Net assets471,418433,058
Capital and reserves
Called up share capital22
Share premium4,9984,998
Profit and loss account466,418428,058
Shareholders' funds471,418433,058
The financial statements were approved and authorised for issue by the Director on 13 March 2024, and are signed on its behalf by:
ROWE, David Jan
Director
Registered Company No. 04549809
INGLESPORT LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles15
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year1816
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 November 2296,63910,000106,639
Additions3,148-3,148
At 31 October 2399,78710,000109,787
Depreciation and impairment
At 01 November 2285,2912,03187,322
Charge for year2,6041,1953,799
At 31 October 2387,8953,22691,121
Net book value
At 31 October 2311,8926,77418,666
At 31 October 2211,3487,96919,317
4.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement

2023

2022

££
Raw materials and consumables645,774665,241
Total645,774665,241
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables49,95531,709
Other debtors7,483649
Prepayments and accrued income3,2562,586
Total60,69434,944
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables177,814220,942
Bank borrowings and overdrafts34,10147,551
Taxation and social security29,9445,025
Other creditors15,1306,596
Accrued liabilities and deferred income3,6303,299
Total260,619283,413
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings were secured by a fixed and floating charge over the assets of the company and by a personal guarantee from the director.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts15,83324,839
Total15,83324,839
Bank borrowings were secured by a fixed and floating charge over the assets of the company and by a personal guarantee from the director.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)4,6003,600
Total4,6003,600
9.Related party transactions
At 1 November 2022 the company owed the director £303. During the year there were further advances of £74,966 and repayments of £82,318. At the 31 October 2023, the director owed the company £7,049.