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Registration number: 04551916

Sportsmed East Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 October 2023

 

Sportsmed East Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Sportsmed East Limited

Company Information

Directors

D Williams

D Hodgkinson

M Bowditch

J Akin-George

Company secretary

D Hodgkinson

Registered office

36-38 Woodbridge Road
Rushmere St Andrew
Ipswich
Suffolk
IP5 1BH

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sportsmed East Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sportsmed East Limited for the year ended 31 October 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Sportsmed East Limited, as a body, in accordance with the terms of our engagement letter dated 16 July 2024. Our work has been undertaken solely to prepare for your approval the accounts of Sportsmed East Limited and state those matters that we have agreed to state to the Board of Directors of Sportsmed East Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sportsmed East Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sportsmed East Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sportsmed East Limited. You consider that Sportsmed East Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sportsmed East Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

22 July 2024

 

Sportsmed East Limited

(Registration number: 04551916)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,793

7,564

Current assets

 

Stocks

5

1,756

1,652

Debtors

6

65,566

43,259

Cash at bank and in hand

 

61,234

66,506

 

128,556

111,417

Creditors: Amounts falling due within one year

7

(24,451)

(21,137)

Net current assets

 

104,105

90,280

Total assets less current liabilities

 

109,898

97,844

Provisions for liabilities (deferred taxation)

(1,100)

(1,435)

Net assets

 

108,798

96,409

Capital and reserves

 

Called up share capital

5,040

5,040

Share premium reserve

48,840

48,840

Profit and loss account

54,918

42,529

Total equity

 

108,798

96,409

 

Sportsmed East Limited

(Registration number: 04551916)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
D Williams
Director

 

Sportsmed East Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Called up share capital
£

Share premium account
£

Profit and loss account
£

Total equity
£

At 1 November 2022

5,040

48,840

42,529

96,409

Profit for the year

-

-

12,389

12,389

Total comprehensive income

-

-

12,389

12,389

At 31 October 2023

5,040

48,840

54,918

108,798

Called up share capital
£

Share premium account
£

Profit and loss account
£

Total equity
£

At 1 November 2021

5,040

48,840

35,888

89,768

Profit for the year

-

-

6,641

6,641

Total comprehensive income

-

-

6,641

6,641

At 31 October 2022

5,040

48,840

42,529

96,409

 

Sportsmed East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
36-38 Woodbridge Road
Rushmere St Andrew
Ipswich
Suffolk
IP5 1BH

The principal place of business is:
36-38 Woodbridge Road
Rushmere St Andrew
Ipswich
Suffolk
IP5 1BH

These financial statements were authorised for issue by the Board on 22 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts. The company is not registered for value added tax as the company provides largely exempt services.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Sportsmed East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

write off costs over a 5 year period

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Sportsmed East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund for the employee.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

The pension contributions relate to employer contributions in to the staff workplace pension scheme and employer contributions in to directors personal pension schemes.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3

Staff numbers

The average number of persons employed by the company during the year was 5 (2022 - 4).

 

Sportsmed East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 November 2022

54,043

54,043

Additions

1,071

1,071

At 31 October 2023

55,114

55,114

Depreciation

At 1 November 2022

46,479

46,479

Charge for the year

2,842

2,842

At 31 October 2023

49,321

49,321

Carrying amount

At 31 October 2023

5,793

5,793

At 31 October 2022

7,564

7,564

5

Stocks

2023
£

2022
£

Other inventories

1,756

1,652

6

Debtors

2023
£

2022
£

Trade debtors

60,614

38,771

Prepayments

4,952

4,488

65,566

43,259

 

Sportsmed East Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

18,874

17,130

Taxation and social security

3,335

1,821

Accruals and deferred income

2,041

2,011

Other creditors

201

175

24,451

21,137

8

Reserves

The profit and loss reserves of the company are fully distributable.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £161,010 (2022 - £Nil). The commitments not included in the balance sheet relate to the operating lease commitments in respect of the total lease payments payable by the company to the end of the lease on the business premises.