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Registration number: 11099209

Oxen Sports Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Oxen Sports Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Oxen Sports Limited

(Registration number: 11099209)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,720

3,720

Tangible assets

5

1,367

1,824

 

5,087

5,544

Current assets

 

Debtors

6

375,118

335,211

Cash at bank and in hand

 

3,565

1,209

 

378,683

336,420

Creditors: Amounts falling due within one year

7

(26,797)

(21,580)

Net current assets

 

351,886

314,840

Total assets less current liabilities

 

356,973

320,384

Creditors: Amounts falling due after more than one year

7

(134,470)

(140,398)

Net assets

 

222,503

179,986

Capital and reserves

 

Called up share capital

150,100

150,100

Retained earnings

72,403

29,886

Shareholders' funds

 

222,503

179,986

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 April 2024
 

 

Oxen Sports Limited

(Registration number: 11099209)
Balance Sheet as at 31 July 2023

.........................................
Mr S S Miller
Director

 

Oxen Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Askew Building
Heavens Walk
Doncaster
South Yorkshire
DN4 5HZ

These financial statements were authorised for issue by the director on 10 April 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 tax expense for the period comprises current 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.

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.

 

Oxen Sports Limited

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

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% reducing balance

Furniture and fittings

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

Not amortised

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.

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.

 

Oxen Sports Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

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

 

Oxen Sports Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

3,720

3,720

At 31 July 2023

3,720

3,720

Amortisation

Carrying amount

At 31 July 2023

3,720

3,720

At 31 July 2022

3,720

3,720

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

5,761

5,761

At 31 July 2023

5,761

5,761

Depreciation

At 1 August 2022

3,937

3,937

Charge for the year

457

457

At 31 July 2023

4,394

4,394

Carrying amount

At 31 July 2023

1,367

1,367

At 31 July 2022

1,824

1,824

 

Oxen Sports Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

6,829

4,133

Other debtors

367,009

330,050

Prepayments

1,280

1,028

375,118

335,211

 

Oxen Sports Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,928

5,928

Trade creditors

 

-

(86)

Amounts owed to related parties

4,900

4,900

Taxation and social security

 

3,347

1,465

Corporation tax

 

11,427

1,608

Other creditors

 

-

7,000

Accrued expenses

 

1,195

765

 

26,797

21,580

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

134,470

140,398

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,470

40,398

Other borrowings

100,000

100,000

134,470

140,398

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,928

5,928

 

Oxen Sports Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £22,500 (2022 - £28,500).


HSBC UK Bank PLC has a general charge over all of the company's assets.