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COMPANY REGISTRATION NUMBER: 08160437
EMPIRE SPORTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
EMPIRE SPORTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st JULY 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
EMPIRE SPORTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
664
885
Current assets
Stocks
131,645
146,994
Debtors
7
19,205
25,000
Cash at bank and in hand
41,424
127,656
---------
---------
192,274
299,650
Creditors: amounts falling due within one year
8
89,363
137,457
---------
---------
Net current assets
102,911
162,193
---------
---------
Total assets less current liabilities
103,575
163,078
Creditors: amounts falling due after more than one year
9
58,536
81,986
---------
---------
Net assets
45,039
81,092
---------
---------
EMPIRE SPORTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
44,939
80,992
--------
--------
Shareholders funds
45,039
81,092
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mr M.J Brown
Director
Company registration number: 08160437
EMPIRE SPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Parade, Wallheath, Kingswinford, West Midlands, DY6 0NP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(iii) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(iv) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
(v) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(vi) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
14,000
26,000
--------
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1st August 2022 and 31st July 2023
4,270
5,024
9,294
-------
-------
-------
Depreciation
At 1st August 2022
3,870
4,539
8,409
Charge for the year
100
121
221
-------
-------
-------
At 31st July 2023
3,970
4,660
8,630
-------
-------
-------
Carrying amount
At 31st July 2023
300
364
664
-------
-------
-------
At 31st July 2022
400
485
885
-------
-------
-------
7. Debtors
2023
2022
£
£
Other debtors
19,205
25,000
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
28
626
Trade creditors
7,705
21,406
Corporation tax
4,705
Social security and other taxes
3,174
6,701
Other creditors
78,456
104,019
--------
---------
89,363
137,457
--------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
58,536
81,986
--------
--------
10. Director's advances, credits and guarantees
There were no transactions during the year which need to be reported upon.
11. Related party transactions
The company was under the control of Mr M.J. Brown throughout the current period. He is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.