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Registered number: 06939877
Team Storey Sport Limited
Unaudited Financial Statements
For The Year Ended 30 June 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 06939877
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,612 7,690
4,612 7,690
CURRENT ASSETS
Debtors 5 31,797 17,632
Cash at bank and in hand 18,113 5,023
49,910 22,655
Creditors: Amounts Falling Due Within One Year 6 (37,106 ) (29,072 )
NET CURRENT ASSETS (LIABILITIES) 12,804 (6,417 )
TOTAL ASSETS LESS CURRENT LIABILITIES 17,416 1,273
NET ASSETS 17,416 1,273
CAPITAL AND RESERVES
Called up share capital 7 102 102
Profit and Loss Account 17,314 1,171
SHAREHOLDERS' FUNDS 17,416 1,273
Page 1
Page 2
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dame Sarah Storey
Director
28th March 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2021 102 40,903 41,005
Loss for the year and total comprehensive income - (26,132 ) (26,132)
Dividends paid - (13,600) (13,600)
As at 30 June 2022 and 1 July 2022 102 1,171 1,273
Profit for the year and total comprehensive income - 51,343 51,343
Dividends paid - (35,200) (35,200)
As at 30 June 2023 102 17,314 17,416
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Team Storey Sport Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06939877 . The registered office is 1 London Road, Ipswich, IP1 2HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% on cost
Fixtures & Fittings 33% on cost
Computer Equipment 33% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Going Concern
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Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2022 33,060 2,455 5,447 40,962
Additions 2,491 - - 2,491
As at 30 June 2023 35,551 2,455 5,447 43,453
Depreciation
As at 1 July 2022 25,708 2,455 5,109 33,272
Provided during the period 6,269 - 612 6,881
Disposals - - (1,312 ) (1,312 )
As at 30 June 2023 31,977 2,455 4,409 38,841
Net Book Value
As at 30 June 2023 3,574 - 1,038 4,612
As at 1 July 2022 7,352 - 338 7,690
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 11,002 5,400
Other debtors 1,100 1,100
Storey Racing Loan 10,503 9,800
Deferred tax current asset 1,917 1,332
Other taxes and social security 184 -
Directors' loan accounts 7,091 -
31,797 17,632
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 6,679 -
VAT 7,146 3,939
Accruals and deferred income 23,281 23,180
Directors' loan accounts - 1,953
37,106 29,072
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 102 102
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Page 6
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2022 Amounts advanced Amounts repaid Amounts written off As at 30 June 2023
£ £ £ £ £
Dame Sarah Storey (1,953 ) 10,230 1,187 - 7,091
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2023 2022
£ £
Dame Sarah Storey 15,850 3,300
Mr Richard Storey 15,850 3,300
Page 6