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Registration number: 13418696

Summit Sports & Classics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Summit Sports & Classics Ltd

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Summit Sports & Classics Ltd

Company Information

Director

Adam Marriott

Registered office

Unit 7
Creake Business Park
The Common, South Creake
Fakenham
Norfolk
NR21 9JB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Summit Sports & Classics Ltd

(Registration number: 13418696)
Statement of financial position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,360

7,147

Current assets

 

Stocks

5

97,873

118,326

Debtors

6

12,332

22,655

Cash at bank and in hand

 

131,742

39,293

 

241,947

180,274

Creditors: Amounts falling due within one year

7

(33,586)

(229,668)

Net current assets/(liabilities)

 

208,361

(49,394)

Total assets less current liabilities

 

213,721

(42,247)

Creditors: Amounts falling due after more than one year

7

(255,729)

-

Provisions for liabilities

(1,018)

(1,358)

Net liabilities

 

(43,026)

(43,605)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(43,027)

(43,606)

Shareholders' deficit

 

(43,026)

(43,605)

For the financial year ending 31 May 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 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of comprehensive income.

Approved and authorised by the director on 19 August 2024
 

 

Summit Sports & Classics Ltd

(Registration number: 13418696)
Statement of financial position as at 31 May 2024

.........................................
Adam Marriott
Director

 

Summit Sports & Classics Ltd

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

1

General information

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

The address of its registered office is:
Unit 7
Creake Business Park
The Common, South Creake
Fakenham
Norfolk
NR21 9JB

These financial statements were authorised for issue by the director on 19 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.

Going concern

The financial statements have been prepared on a going concern basis. At the Balance Sheet date assets exceeded liabilities by £43,026. The director was owed £175,879 for which he will not be seeking early repayment

Prior period errors

The accounts have been restated to incorporate the impact of a change in policy for the accounting of stock. This change has no effect on profits available for distribution. The comparative figures for opening and closing stock have been amended for this adjustment.The effect of the adjustment is to reduce the profits of last year by £10,289 and to increase the profits of this year by £10,289.

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.

 

Summit Sports & Classics Ltd

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

Tax

The tax expense for the period comprises 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.

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 statement of financial position 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

Motor Vehicles

25% reducing balance

Plant and Machinery

25% reducing balance

Furniture and Fittings

25% reducing blance

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.

 

Summit Sports & Classics Ltd

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

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 statement of comprehensive income 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.

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.

3

Staff numbers

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

 

Summit Sports & Classics Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

12,603

12,603

At 31 May 2024

12,603

12,603

Depreciation

At 1 June 2023

5,456

5,456

Charge for the year

1,787

1,787

At 31 May 2024

7,243

7,243

Carrying amount

At 31 May 2024

5,360

5,360

At 31 May 2023

7,147

7,147

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

5

Stocks

2024
£

2023
£

Other inventories

97,873

118,326

6

Debtors

Current

2024
£

2023
£

Trade debtors

11,995

21,995

Prepayments

337

660

 

12,332

22,655

 

Summit Sports & Classics Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

20,900

49,500

Amounts due to related parties

10

-

173,307

Social security and other taxes

 

8,819

5,842

Other payables

 

1,877

-

Accruals

 

1,990

1,019

 

33,586

229,668

Due after one year

 

Loans and borrowings

9

255,729

-

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

255,729

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Summit Sports & Classics Ltd

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

255,729

-

Current loans and borrowings

2024
£

2023
£

Other borrowings

20,900

49,500

10

Related party transactions

 

Summit Sports & Classics Ltd

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

Summary of transactions with other related parties

D Marriott father of director
 Work done
 

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

4,895

2023

Other related parties
£

Rendering of services

7,722