Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-2982023-03-01falseRetail sale of sports goods9falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08708503 2023-03-01 2024-02-29 08708503 2022-03-01 2023-02-28 08708503 2024-02-29 08708503 2023-02-28 08708503 c:Director1 2023-03-01 2024-02-29 08708503 d:FurnitureFittings 2023-03-01 2024-02-29 08708503 d:FurnitureFittings 2024-02-29 08708503 d:FurnitureFittings 2023-02-28 08708503 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08708503 d:ComputerEquipment 2023-03-01 2024-02-29 08708503 d:ComputerEquipment 2024-02-29 08708503 d:ComputerEquipment 2023-02-28 08708503 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08708503 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08708503 d:Goodwill 2024-02-29 08708503 d:Goodwill 2023-02-28 08708503 d:CurrentFinancialInstruments 2024-02-29 08708503 d:CurrentFinancialInstruments 2023-02-28 08708503 d:Non-currentFinancialInstruments 2024-02-29 08708503 d:Non-currentFinancialInstruments 2023-02-28 08708503 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08708503 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08708503 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 08708503 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08708503 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 08708503 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 08708503 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 08708503 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 08708503 d:ShareCapital 2024-02-29 08708503 d:ShareCapital 2023-02-28 08708503 d:RetainedEarningsAccumulatedLosses 2024-02-29 08708503 d:RetainedEarningsAccumulatedLosses 2023-02-28 08708503 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 08708503 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 08708503 c:OrdinaryShareClass1 2023-03-01 2024-02-29 08708503 c:OrdinaryShareClass1 2024-02-29 08708503 c:OrdinaryShareClass1 2023-02-28 08708503 c:FRS102 2023-03-01 2024-02-29 08708503 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08708503 c:FullAccounts 2023-03-01 2024-02-29 08708503 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08708503 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08708503










RUTLAND SPORTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
RUTLAND SPORTS LIMITED
REGISTERED NUMBER: 08708503

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,143
5,224

  
1,143
5,224

Current assets
  

Stocks
  
55,465
52,616

Debtors: amounts falling due within one year
 6 
3,465
3,609

Cash at bank and in hand
 7 
1,118
2,724

  
60,048
58,949

Creditors: amounts falling due within one year
 8 
(30,759)
(28,775)

Net current assets
  
 
 
29,289
 
 
30,174

Total assets less current liabilities
  
30,432
35,398

Creditors: amounts falling due after more than one year
 9 
(629,482)
(602,171)

  

Net liabilities
  
(599,050)
(566,773)


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
(599,150)
(566,873)

  
(599,050)
(566,773)


Page 1

 
RUTLAND SPORTS LIMITED
REGISTERED NUMBER: 08708503
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Hedley Stuart Stroud
Director

Date: 19 July 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Rutland Sports Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moorgate House, 201 Silbury Boulevard, Milton Keynes, Bucks, MK9 1LZ. The principal place of business is at 20-22 Catmos Street, Oakham, Rutland LE15 6HW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

Page 3

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 March 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 5

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10 years Straight Line
Computer equipment
-
4 years Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

2024
2023
£
£

Wages and salaries
40,071
55,174

Cost of defined contribution scheme
765
721

40,836
55,895


The average monthly number of employees, including directors, during the year was 9 (2023 - 8).


4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
52,005



At 29 February 2024

52,005



Amortisation


At 1 March 2023
52,005



At 29 February 2024

52,005



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 8

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
38,535
12,115
50,650



At 29 February 2024

38,535
12,115
50,650



Depreciation


At 1 March 2023
35,003
10,423
45,426


Charge for the year on owned assets
3,532
549
4,081



At 29 February 2024

38,535
10,972
49,507



Net book value



At 29 February 2024
-
1,143
1,143



At 28 February 2023
3,532
1,692
5,224


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
373
248

Prepayments and accrued income
3,092
3,361

3,465
3,609


Page 9

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
1,118
2,724

1,118
2,724



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
5,000
5,000

Trade creditors
22,251
19,885

Other taxation and social security
519
1,110

Other creditors
139
140

Accruals and deferred income
2,850
2,640

30,759
28,775



9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
9,583
14,583

Other creditors
619,899
587,588

629,482
602,171


Page 10

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
5,000
5,000


5,000
5,000

Amounts falling due 1-2 years

Bank loans
5,000
5,000


5,000
5,000

Amounts falling due 2-5 years

Bank loans
4,583
9,583


4,583
9,583


14,583
19,583


11.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,118
2,724




Financial assets measured at fair value through profit or loss comprise of cash at hand and in bank.

Page 11

 
RUTLAND SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary  shares of £1.00 each
100
100


 
Page 12