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Company No: 04542317 (England and Wales)

SPORTING CLASSICS (SHERBORNE) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SPORTING CLASSICS (SHERBORNE) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SPORTING CLASSICS (SHERBORNE) LIMITED

BALANCE SHEET

As at 30 April 2024
SPORTING CLASSICS (SHERBORNE) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,851 1,981
1,851 1,981
Current assets
Stocks 5 86,553 71,110
Debtors 6 3,666 13,368
Cash at bank and in hand 30,839 23,040
121,058 107,518
Creditors: amounts falling due within one year 7 ( 106,134) ( 84,468)
Net current assets 14,924 23,050
Total assets less current liabilities 16,775 25,031
Creditors: amounts falling due after more than one year 8 ( 13,091) ( 23,274)
Net assets 3,684 1,757
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 2,684 757
Total shareholders' funds 3,684 1,757

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sporting Classics (Sherborne) Limited (registered number: 04542317) were approved and authorised for issue by the Board of Directors on 07 August 2024. They were signed on its behalf by:

A P H Johnson
Director
S P Johnson
Director
SPORTING CLASSICS (SHERBORNE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SPORTING CLASSICS (SHERBORNE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sporting Classics (Sherborne) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stags Menswear 7 High Street, Sidmouth, Devon, EX10 8LN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises turnover when the goods are sold.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 7 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 33 % reducing balance
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 149,044 149,044
At 30 April 2024 149,044 149,044
Accumulated amortisation
At 01 May 2023 149,044 149,044
At 30 April 2024 149,044 149,044
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2023 762 2,312 10,672 13,746
Additions 0 0 647 647
At 30 April 2024 762 2,312 11,319 14,393
Accumulated depreciation
At 01 May 2023 762 572 10,431 11,765
Charge for the financial year 0 574 202 776
At 30 April 2024 762 1,147 10,633 12,542
Net book value
At 30 April 2024 0 1,165 686 1,851
At 30 April 2023 0 1,740 241 1,981

5. Stocks

2024 2023
£ £
Stocks 86,553 71,110

6. Debtors

2024 2023
£ £
Trade debtors 465 2,130
Other debtors 3,201 11,238
3,666 13,368

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,183 9,932
Trade creditors 40,622 32,755
Taxation and social security 20,985 16,170
Other creditors 34,344 25,611
106,134 84,468

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,091 23,274

Bank loans consists of a balance of £23,274 (£10,183 due in under 1 year and £13,091 due in over 1 year) relating to an outstanding amount due from a Coronavirus Bounce Back Loan (in 2023 the amount due in under 1 year was £9,932 and due in over 1 year was £23,274). The UK government have guaranteed 100% of the value of the loan as well as paying interest and fees for the first 12 months.

9. Related party transactions

Advances

A P H Johnson

The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023, the balance owed by the director was £343. During the year, £64,282 was advanced to the director, and £68,938 was repaid by the director. The balance owed to the director at 30 April 2024 was £4,313.

At 1 May 2022, the balance owed by the director was £5,074. During the year, £39,949 was advanced to the director, and £44,680 was repaid by the director. The balance owed by the director at 30 April 2023 was £343.



S P Johnson

The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023, the balance owed by the director was £342. During the year, £64,283 was advanced to the director, and £68,939 was repaid by the director. The balance owed to the director at 30 April 2024 was £4,314.

At 1 May 2022, the balance owed by the director was £5,074. During the year, £39,948 was advanced to the director, and £44,680 was repaid by the director. The balance owed by the director at 30 April 2023 was £342.