0 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 12423094 2023-04-01 2024-03-31 12423094 2024-03-31 12423094 2023-03-31 12423094 2022-04-01 2023-03-31 12423094 2023-03-31 12423094 2022-03-31 12423094 core:MotorVehicles 2023-04-01 2024-03-31 12423094 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 12423094 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 12423094 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 12423094 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 12423094 bus:Director1 2023-04-01 2024-03-31 12423094 core:PlantMachinery 2023-03-31 12423094 core:FurnitureFittingsToolsEquipment 2023-03-31 12423094 core:MotorVehicles 2023-03-31 12423094 core:PlantMachinery 2024-03-31 12423094 core:FurnitureFittingsToolsEquipment 2024-03-31 12423094 core:WithinOneYear 2024-03-31 12423094 core:WithinOneYear 2023-03-31 12423094 core:AfterOneYear 2024-03-31 12423094 core:AfterOneYear 2023-03-31 12423094 core:UKTax 2023-04-01 2024-03-31 12423094 core:UKTax 2022-04-01 2023-03-31 12423094 core:PlantMachinery 2023-04-01 2024-03-31 12423094 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 12423094 core:ShareCapital 2024-03-31 12423094 core:ShareCapital 2023-03-31 12423094 core:RetainedEarningsAccumulatedLosses 2024-03-31 12423094 core:RetainedEarningsAccumulatedLosses 2023-03-31 12423094 bus:OrdinaryShareClass1 core:ShareCapital 2024-03-31 12423094 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 12423094 bus:OrdinaryShareClass2 core:ShareCapital 2024-03-31 12423094 bus:OrdinaryShareClass2 core:ShareCapital 2023-03-31 12423094 bus:OrdinaryShareClass3 core:ShareCapital 2024-03-31 12423094 bus:OrdinaryShareClass3 core:ShareCapital 2023-03-31 12423094 core:PlantMachinery 2023-03-31 12423094 core:FurnitureFittingsToolsEquipment 2023-03-31 12423094 core:MotorVehicles 2023-03-31 12423094 bus:SmallEntities 2023-04-01 2024-03-31 12423094 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12423094 bus:FullAccounts 2023-04-01 2024-03-31 12423094 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12423094 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
Company registration number: 12423094
ROSS SPORT EUROPE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
ROSS SPORT EUROPE LIMITED
Contents
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
ROSS SPORT EUROPE LIMITED
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Mr R D Walker
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 08 July 2024 and signed on behalf of the board by:
Mr R D Walker
Director
ROSS SPORT EUROPE LIMITED
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Ross Sport Europe Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Ross Sport Europe Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Ross Sport Europe Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Ross Sport Europe Limited and state those matters that we have agreed to state to the board of directors of Ross Sport Europe Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Ross Sport Europe Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Ross Sport Europe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ross Sport Europe Limited. You consider that Ross Sport Europe Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Ross Sport Europe Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Robert Pola
Chartered Accountant
2 Low Road
Congham
Kings Lynn
Norfolk
PE32 1AE
8 July 2024
ROSS SPORT EUROPE LIMITED
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 21,749 43,444
_______ _______
21,749 43,444
Current assets
Stocks 943,378 1,114,097
Debtors 5 74,022 119,987
Cash at bank and in hand 26,300 20,495
_______ _______
1,043,700 1,254,579
Creditors: amounts falling due
within one year 6 ( 484,040) ( 897,777)
_______ _______
Net current assets 559,660 356,802
_______ _______
Total assets less current liabilities 581,409 400,246
Creditors: amounts falling due
after more than one year 7 ( 21,666) ( 31,667)
_______ _______
Net assets 559,743 368,579
_______ _______
Capital and reserves
Called up share capital 8 1,015 1,015
Profit and loss account 558,728 367,564
_______ _______
Shareholders funds 559,743 368,579
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 July 2024 , and are signed on behalf of the board by:
Mr R D Walker
Director
Company registration number: 12423094
ROSS SPORT EUROPE LIMITED
Notes to the financial statements
Year ended 31 March 2024
1. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 in finance costs in profit or loss in the period in which it arises.
3. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 89,929 24,711
Adjustments in respect of previous periods 61 -
_______ _______
Tax on profit 89,990 24,711
_______ _______
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 10,783 10,302 49,250 70,335
Additions - 5,144 - 5,144
Disposals - - ( 49,250) ( 49,250)
_______ _______ _______ _______
At 31 March 2024 10,783 15,446 - 26,229
_______ _______ _______ _______
Depreciation
At 1 April 2023 135 1,169 25,587 26,891
Charge for the year 1,597 1,579 - 3,176
Disposals - - ( 25,587) ( 25,587)
_______ _______ _______ _______
At 31 March 2024 1,732 2,748 - 4,480
_______ _______ _______ _______
Carrying amount
At 31 March 2024 9,051 12,698 - 21,749
_______ _______ _______ _______
At 31 March 2023 10,648 9,133 23,663 43,444
_______ _______ _______ _______
5. Debtors
2024 2023
£ £
Trade debtors 64,807 110,754
Other debtors 9,215 9,233
_______ _______
74,022 119,987
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 327,743 569,434
Amounts owed to group undertakings 18,256 246,107
Corporation tax 89,929 24,711
Social security and other taxes 44,857 54,417
Other creditors 3,255 3,108
_______ _______
484,040 897,777
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 21,666 31,667
_______ _______
8. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
X Non Voting Ordinary shares of £ 0.10 each 50 5 50 5
Z Non Voting Ordinary shares of £ 0.10 each 100 10 100 10
_______ _______ _______ _______
1,150 1,015 1,150 1,015
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
X Non Voting Ordinary shares of £ 0.10 each 50 5 50 5
Z Non Voting Ordinary shares of £ 0.10 each 100 10 100 10
_______ _______ _______ _______
1,150 1,015 1,150 1,015
_______ _______ _______ _______