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Company registration number: 07454810
Sports Design Concepts Limited
Unaudited filleted financial statements
30 November 2023
Sports Design Concepts Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sports Design Concepts Limited
Directors and other information
Directors Mr R Hughes
Mr T Keenan
Company number 07454810
Registered office 60C Empress Avenue
Ilford
Essex
IG1 3DD
Business address 60C Empress Avenue
Ilford
Essex
IG1 3DD
Accountant Murphy Collins Limited
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Sports Design Concepts Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Sports Design Concepts Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Sports Design Concepts Limited for the year ended 30 November 2023 which comprise the statement of financial position, statement of changes in equity 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 Sports Design Concepts Limited, as a body, in accordance with the terms of my engagement letter dated 5 April 2011. My work has been undertaken solely to prepare for your approval the financial statements of Sports Design Concepts Limited and state those matters that we have agreed to state to the board of directors of Sports Design Concepts 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 Sports Design Concepts Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Sports Design Concepts 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 loss of Sports Design Concepts Limited. You consider that Sports Design Concepts 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 Sports Design Concepts 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.
Murphy Collins Limited
Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
20 August 2024
Sports Design Concepts Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 249,929 249,589
Investments 6 1 1
_______ _______
249,930 249,590
Current assets
Debtors 7 35,176 35,775
Cash at bank and in hand 424 377
_______ _______
35,600 36,152
Creditors: amounts falling due
within one year 8 ( 326,744) ( 319,245)
_______ _______
Net current liabilities ( 291,144) ( 283,093)
_______ _______
Total assets less current liabilities ( 41,214) ( 33,503)
_______ _______
Net liabilities ( 41,214) ( 33,503)
_______ _______
Capital and reserves
Called up share capital 9 2,272 2,272
Share premium account 181,174 181,174
Profit and loss account ( 224,660) ( 216,949)
_______ _______
Shareholders deficit ( 41,214) ( 33,503)
_______ _______
For the year ending 30 November 2023 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr R Hughes
Director
Company registration number: 07454810
Sports Design Concepts Limited
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 December 2021 2,272 182,095 ( 209,931) ( 25,564)
Loss for the year ( 7,018) ( 7,018)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 7,018) ( 7,018)
Conversion of debt to equity - ( 921) - ( 921)
_______ _______ _______ _______
Total investments by and distributions to owners - ( 921) - ( 921)
_______ _______ _______ _______
At 30 November 2022 and 1 December 2022 2,272 181,174 ( 216,949) ( 33,503)
Loss for the year ( 7,711) ( 7,711)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 7,711) ( 7,711)
_______ _______ _______ _______
At 30 November 2023 2,272 181,174 ( 224,660) ( 41,214)
_______ _______ _______ _______
Sports Design Concepts Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60C Empress Avenue, 60C Empress Avenue, Ilford, Essex, IG1 3DD.
2. 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'.
3. 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2022 249,589 249,589
Additions 340 340
_______ _______
At 30 November 2023 249,929 249,929
_______ _______
Amortisation
At 1 December 2022 and 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 249,929 249,929
_______ _______
At 30 November 2022 249,589 249,589
_______ _______
Development costs will be written off over 5 years once the product is in production.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2022 and 30 November 2023 1 1
_______ _______
Impairment
At 1 December 2022 and 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 1 1
_______ _______
At 30 November 2022 1 1
_______ _______
Sports Design Concepts Limited owns 100% of the shares in Armourflex Sports Limited.
7. Debtors
2023 2022
£ £
Other debtors 35,176 35,775
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 47,361 42,700
Other creditors 279,383 276,545
_______ _______
326,744 319,245
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 0.01 each 227,172 2,272 227,172 2,272
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R Hughes ( 217,530) ( 2,697) 9 ( 220,218)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R Hughes ( 215,001) ( 2,624) 95 ( 217,530)
_______ _______ _______ _______
11. Related party transactions
The company is owed £35,111 from Armourflex Sports Limited in which Robert Hughes is a director.The company owes £56,040 to Mrs J Watts who is Mr R Hughes sister.
12. Controlling party
Mr R Hughes controls the company.
13. Going concern
The funding of the company has been met by the continued support of Robert Hughes, who is a director and shareholder. The director has made a commitment not to seek repayment of the loan until cash flow permits.
14. Group accounts
Sports Design Concepts Limited (the parent company) is exempt from preparing group accounts as it is a small group.