Company registration number 09024174 (England and Wales)
SOPER SPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
SOPER SPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SOPER SPORT LIMITED
BALANCE SHEET
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,458
3,277
Current assets
Stocks
162,070
309,388
Debtors
4
366,655
26,154
Cash at bank and in hand
15,447
47,363
544,172
382,905
Creditors: amounts falling due within one year
5
(6,829)
(24,205)
Net current assets
537,343
358,700
Net assets
539,801
361,977
Capital and reserves
Called up share capital
6
103
103
Share premium account
999,970
999,970
Profit and loss reserves
(460,272)
(638,096)
Total equity
539,801
361,977
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 March 2024
S Soper
Director
Company Registration No. 09024174
SOPER SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Soper Sport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
SOPER SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
SOPER SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 June 2022 and 31 May 2023
6,444
Depreciation and impairment
At 1 June 2022
3,167
Depreciation charged in the year
819
At 31 May 2023
3,986
Carrying amount
At 31 May 2023
2,458
At 31 May 2022
3,277
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
366,655
26,154
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,530
1,582
Other creditors
5,299
22,623
6,829
24,205
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
'A' Ordinary shares of £1 each
2
2
2
2
'B' Ordinary shares of £1 each
1
1
1
1
103
103
103
103
SOPER SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
7
Related party transactions
Included within other debtors is £262,005 (2022: £17,773 owed by) owed to the company by the director, as at the balance sheet date. Interest amounting to £2,713 (2022: £nil) was charged on the loan during the year at HMRC's rate for beneficial loans. The maximum balance on the loan to the director during the year was £262,005 (2022: £nil).
8
Prior period adjustment
Reconciliation of changes in equity
1 June
31 May
2021
2022
£
£
Adjustments to prior year
Retained earnings
-
(12,375)
Equity as previously reported
533,266
374,352
Equity as adjusted
533,266
361,977
Analysis of the effect upon equity
Profit and loss reserves
-
(12,375)
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Disposal of tangible fixed asset
(12,375)
Loss as previously reported
(158,914)
Loss as adjusted
(171,289)
Notes to reconciliation
(a) - Prior period adjustment
In the previous period's financial statements tangible fixed assets were overstated. A prior period adjustment has been made to recognise the disposal of the fixed asset and the loss on disposal.