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Registration number: 04614035

Portsmouth Gun Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Portsmouth Gun Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Portsmouth Gun Centre Limited

Company Information

Director

Mr S J Crabtree

Company secretary

Mrs S R Crabtree

Registered office

295 London Road
Portsmouth
PO2 9HF

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Portsmouth Gun Centre Limited

(Registration number: 04614035)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,359

4,599

Current assets

 

Stocks

6

158,900

160,560

Debtors

7

26,653

41,194

Cash at bank and in hand

 

140,453

102,758

 

326,006

304,512

Creditors: Amounts falling due within one year

8

(53,133)

(32,547)

Net current assets

 

272,873

271,965

Total assets less current liabilities

 

277,232

276,564

Creditors: Amounts falling due after more than one year

8

(14,848)

(26,636)

Provisions for liabilities

(350)

(1,025)

Net assets

 

262,034

248,903

Capital and reserves

 

Called up share capital

9

50

50

Retained earnings

261,984

248,853

Shareholders' funds

 

262,034

248,903

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 August 2024
 

 

Portsmouth Gun Centre Limited

(Registration number: 04614035)
Balance Sheet as at 31 January 2024

.........................................
Mr S J Crabtree
Director

 

Portsmouth Gun Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
295 London Road
Portsmouth
PO2 9HF

These financial statements were authorised for issue by the director on 8 August 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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.

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Portsmouth Gun Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 income 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixture and fittings

25% on reducing balance

Motor Vehicles

Not provided

Computer Equipment

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Portsmouth Gun Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Asset class

Amortisation method and rate

Goodwill

evenly over its estimated usful life of twenty years

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

 

Portsmouth Gun Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

 

Portsmouth Gun Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

50,000

50,000

At 31 January 2024

50,000

50,000

Amortisation

At 1 February 2023

50,000

50,000

At 31 January 2024

50,000

50,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

5,960

10,391

13,600

29,951

At 31 January 2024

5,960

10,391

13,600

29,951

Depreciation

At 1 February 2023

5,960

9,435

9,957

25,352

Charge for the year

-

240

-

240

At 31 January 2024

5,960

9,675

9,957

25,592

Carrying amount

At 31 January 2024

-

716

3,643

4,359

At 31 January 2023

-

956

3,643

4,599

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

Portsmouth Gun Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

158,900

160,560

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

2,031

Prepayments

3,507

3,721

Other debtors

23,146

35,442

 

26,653

41,194

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,000

7,796

Trade creditors

 

31,340

14,891

Taxation and social security

 

9,178

6,744

Accruals and deferred income

 

1,860

1,860

Other creditors

 

755

1,256

 

53,133

32,547

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

14,848

26,636

 

Portsmouth Gun Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

A Ordinary of £1 each

10

10

10

10

B Ordinary of £1 each

10

10

10

10

C Ordinary of £1 each

10

10

10

10

D Ordinary of £1 each

10

10

10

10

50

50

50

50

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,848

26,636

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

7,796