2022-09-012023-08-312023-08-31false07334827OTC SPORTS 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OTC SPORTS LTD

Registered Number
07334827
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

OTC SPORTS LTD
Company Information
for the year from 1 September 2022 to 31 August 2023

Director

LINDSAY, John Paul

Company Secretary

LINDSAY, Karen

Registered Address

Piccadilly Business Centre
Unit C Aldow Enterprise Park
Manchester
M12 6AE

Place of Business

22 Cliftonville Gardens

Whitley Bay

NE26 1QJ


Registered Number

07334827 (England and Wales)
OTC SPORTS LTD
Balance Sheet as at
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets61,9611,786
1,9611,786
Current assets
Debtors713,17518,033
Current asset investments-3,224
Cash at bank and on hand13,38510,941
26,56032,198
Creditors amounts falling due within one year8(9,938)(9,220)
Net current assets (liabilities)16,62222,978
Total assets less current liabilities18,58324,764
Creditors amounts falling due after one year9(16,753)(23,400)
Provisions for liabilities10(373)(340)
Net assets1,4571,024
Capital and reserves
Called up share capital100100
Profit and loss account1,357924
Shareholders' funds1,4571,024
The financial statements were approved and authorised for issue by the Director on 30 January 2024, and are signed on its behalf by:
LINDSAY, John Paul
Director
Registered Company No. 07334827
OTC SPORTS LTD
Notes to the Financial Statements
for the year ended 31 August 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.Principal activities
Other sports activities
4.Accounting policies
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:

Reducing balance (%)
Office Equipment25
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.
Deferred tax policy
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.
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.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
5.Employee information

20232022
Average number of employees during the year22
6.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 September 228,1798,179
Additions699699
At 31 August 238,8788,878
Depreciation and impairment
At 01 September 226,3936,393
Charge for year524524
At 31 August 236,9176,917
Net book value
At 31 August 231,9611,961
At 31 August 221,7861,786
7.Debtors

2023

2022

££
Trade debtors / trade receivables2,7402,740
Other debtors10,43515,293
Total13,17518,033
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

££
Bank borrowings and overdrafts6,3093,150
Taxation and social security2,4794,630
Accrued liabilities and deferred income1,1501,440
Total9,9389,220
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.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts16,75323,400
Total16,75323,400
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)373340
Total373340