2023-02-012024-01-312024-01-31falseSC553694REGIS SPORTS 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REGIS SPORTS LTD

Registered Number
SC553694
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2024

REGIS SPORTS LTD
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

Jennifer Perella

Registered Address

Blackrock House
2-8 Millar Crescent
Edinburgh
EH10 5HW

Registered Number

SC553694 (Scotland)
REGIS SPORTS LTD
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets351,98661,996
51,98661,996
Current assets
Stocks410,20010,550
Debtors5150,958179,369
Cash at bank and on hand20,32317,841
181,481207,760
Creditors amounts falling due within one year6(139,332)(177,885)
Net current assets (liabilities)42,14929,875
Total assets less current liabilities94,13591,871
Creditors amounts falling due after one year7(13,333)(33,333)
Provisions for liabilities8(4,977)(6,609)
Net assets75,82551,929
Capital and reserves
Called up share capital1010
Profit and loss account75,81551,919
Shareholders' funds75,82551,929
The financial statements were approved and authorised for issue by the Director on 24 April 2024, and are signed on its behalf by:
Jennifer Perella
Director
Registered Company No. SC553694
REGIS SPORTS LTD
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings20
Plant and machinery4
Fixtures and fittings5
Vehicles4
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year109
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 February 2338,97516,13254,5012,296111,904
At 31 January 2438,97516,13254,5012,296111,904
Depreciation and impairment
At 01 February 233,7846,29739,03179649,908
Charge for year1,9493,0864,975-10,010
At 31 January 245,7339,38344,00679659,918
Net book value
At 31 January 2433,2426,74910,4951,50051,986
At 31 January 2335,1919,83515,4701,50061,996
4.Stocks

2024

2023

££
Other stocks10,20010,550
Total10,20010,550
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,54811,340
Amounts owed by group undertakings141,700165,600
Other debtors1,321-
Prepayments and accrued income2,3892,429
Total150,958179,369
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables54,282112,520
Bank borrowings and overdrafts10,000-
Amounts owed to related parties4,700-
Taxation and social security32,92625,247
Other creditors35,52435,610
Accrued liabilities and deferred income1,9004,508
Total139,332177,885
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,33333,333
Total13,33333,333
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,9776,609
Total4,9776,609