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DIRECT SPORTS LIMITED

Registered Number
04648702
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2023

DIRECT SPORTS LIMITED
Company Information
for the year from 1 May 2022 to 30 April 2023

Director

WATSON, Mark

Company Secretary

SMITH, Helen

Registered Address

Evolution Wynyard Avenue
Wynyard
Stockton On Tees
TS22 5TB

Registered Number

04648702 (England and Wales)
DIRECT SPORTS LIMITED
Balance Sheet as at
30 April 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5162,02934,506
162,02934,506
Current assets
Stocks2,676,2351,344,687
Debtors7553,771213,333
Cash at bank and on hand253,1221,530,536
3,483,1283,088,556
Creditors amounts falling due within one year8(443,904)(349,229)
Net current assets (liabilities)3,039,2242,739,327
Total assets less current liabilities3,201,2532,773,833
Net assets3,201,2532,773,833
Capital and reserves
Called up share capital44
Profit and loss account3,201,2492,773,829
Shareholders' funds3,201,2532,773,833
The financial statements were approved and authorised for issue by the Director on 29 January 2024, and are signed on its behalf by:
WATSON, Mark
Director
Registered Company No. 04648702
DIRECT SPORTS LIMITED
Notes to the Financial Statements
for the year ended 30 April 2023

1.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.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
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 from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year2121
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 May 22123,809
Additions160,850
At 30 April 23284,659
Depreciation and impairment
At 01 May 2289,304
Charge for year33,326
At 30 April 23122,630
Net book value
At 30 April 23162,029
At 30 April 2234,506
6.Description of nature of transactions and balances with related parties
Supplies of goods and services, at arm's length, from/(to) businesses in which directors have interests were as follows: 2023 2022 £ £ M Watson -Turboactive Ltd (17,187) 13,296 M Watson -M Watson Property 35,113 22,284 At the Balance Sheet date, amounts were due from/(to) businesses in which directors have interests as follows: 2023 2022 £ £ M Watson -Turboactive Ltd 399,161 155,517 M Watson -M Watson Property 0 0
7.Debtors

2023

2022

££
Trade debtors / trade receivables161,60991,761
Other debtors384,656115,378
Prepayments and accrued income7,5066,194
Total553,771213,333
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.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables253,062185,245
Taxation and social security164,082122,759
Accrued liabilities and deferred income26,76041,225
Total443,904349,229
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.