2022-12-012023-11-302023-11-30false07438637Needle Sports (Keswick) Ltd2024-07-1747640iso4217:GBPxbrli:pure074386372022-12-01074386372023-11-30074386372022-12-012023-11-30074386372021-12-01074386372022-11-30074386372021-12-012022-11-3007438637bus:SmallEntities2022-12-012023-11-3007438637bus:AuditExempt-NoAccountantsReport2022-12-012023-11-3007438637bus:FullAccounts2022-12-012023-11-3007438637bus:PrivateLimitedCompanyLtd2022-12-012023-11-3007438637core:WithinOneYear2023-11-3007438637core:AfterOneYear2023-11-3007438637core:WithinOneYear2022-11-3007438637core:AfterOneYear2022-11-3007438637core:ShareCapital2023-11-3007438637core:SharePremium2023-11-3007438637core:RevaluationReserve2023-11-3007438637core:OtherReservesSubtotal2023-11-3007438637core:RetainedEarningsAccumulatedLosses2023-11-3007438637core:ShareCapital2022-11-3007438637core:SharePremium2022-11-3007438637core:RevaluationReserve2022-11-3007438637core:OtherReservesSubtotal2022-11-3007438637core:RetainedEarningsAccumulatedLosses2022-11-3007438637core:LandBuildings2023-11-3007438637core:PlantMachinery2023-11-3007438637core:Vehicles2023-11-3007438637core:FurnitureFittings2023-11-3007438637core:OfficeEquipment2023-11-3007438637core:NetGoodwill2023-11-3007438637core:IntangibleAssetsOtherThanGoodwill2023-11-3007438637core:ListedExchangeTraded2023-11-3007438637core:UnlistedNon-exchangeTraded2023-11-3007438637core:LandBuildings2022-11-3007438637core:PlantMachinery2022-11-3007438637core:Vehicles2022-11-3007438637core:FurnitureFittings2022-11-3007438637core:OfficeEquipment2022-11-3007438637core:NetGoodwill2022-11-3007438637core:IntangibleAssetsOtherThanGoodwill2022-11-3007438637core:ListedExchangeTraded2022-11-3007438637core:UnlistedNon-exchangeTraded2022-11-3007438637core:LandBuildings2022-12-012023-11-3007438637core:PlantMachinery2022-12-012023-11-3007438637core:Vehicles2022-12-012023-11-3007438637core:FurnitureFittings2022-12-012023-11-3007438637core:OfficeEquipment2022-12-012023-11-3007438637core:NetGoodwill2022-12-012023-11-3007438637core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3007438637core:ListedExchangeTraded2022-12-012023-11-3007438637core:UnlistedNon-exchangeTraded2022-12-012023-11-3007438637core:MoreThanFiveYears2022-12-012023-11-3007438637core:Non-currentFinancialInstruments2023-11-3007438637core:Non-currentFinancialInstruments2022-11-3007438637dpl:CostSales2022-12-012023-11-3007438637dpl:DistributionCosts2022-12-012023-11-3007438637core:LandBuildings2022-12-012023-11-3007438637core:PlantMachinery2022-12-012023-11-3007438637core:Vehicles2022-12-012023-11-3007438637core:FurnitureFittings2022-12-012023-11-3007438637core:OfficeEquipment2022-12-012023-11-3007438637dpl:AdministrativeExpenses2022-12-012023-11-3007438637core:NetGoodwill2022-12-012023-11-3007438637core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3007438637dpl:GroupUndertakings2022-12-012023-11-3007438637dpl:ParticipatingInterests2022-12-012023-11-3007438637dpl:GroupUndertakingscore:ListedExchangeTraded2022-12-012023-11-3007438637core:ListedExchangeTraded2022-12-012023-11-3007438637dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-12-012023-11-3007438637core:UnlistedNon-exchangeTraded2022-12-012023-11-3007438637dpl:CostSales2021-12-012022-11-3007438637dpl:DistributionCosts2021-12-012022-11-3007438637core:LandBuildings2021-12-012022-11-3007438637core:PlantMachinery2021-12-012022-11-3007438637core:Vehicles2021-12-012022-11-3007438637core:FurnitureFittings2021-12-012022-11-3007438637core:OfficeEquipment2021-12-012022-11-3007438637dpl:AdministrativeExpenses2021-12-012022-11-3007438637core:NetGoodwill2021-12-012022-11-3007438637core:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-3007438637dpl:GroupUndertakings2021-12-012022-11-3007438637dpl:ParticipatingInterests2021-12-012022-11-3007438637dpl:GroupUndertakingscore:ListedExchangeTraded2021-12-012022-11-3007438637core:ListedExchangeTraded2021-12-012022-11-3007438637dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-12-012022-11-3007438637core:UnlistedNon-exchangeTraded2021-12-012022-11-3007438637core:NetGoodwill2023-11-3007438637core:IntangibleAssetsOtherThanGoodwill2023-11-3007438637core:LandBuildings2023-11-3007438637core:PlantMachinery2023-11-3007438637core:Vehicles2023-11-3007438637core:FurnitureFittings2023-11-3007438637core:OfficeEquipment2023-11-3007438637core:AfterOneYear2023-11-3007438637core:WithinOneYear2023-11-3007438637core:ListedExchangeTraded2023-11-3007438637core:UnlistedNon-exchangeTraded2023-11-3007438637core:ShareCapital2023-11-3007438637core:SharePremium2023-11-3007438637core:RevaluationReserve2023-11-3007438637core:OtherReservesSubtotal2023-11-3007438637core:RetainedEarningsAccumulatedLosses2023-11-3007438637core:NetGoodwill2022-11-3007438637core:IntangibleAssetsOtherThanGoodwill2022-11-3007438637core:LandBuildings2022-11-3007438637core:PlantMachinery2022-11-3007438637core:Vehicles2022-11-3007438637core:FurnitureFittings2022-11-3007438637core:OfficeEquipment2022-11-3007438637core:AfterOneYear2022-11-3007438637core:WithinOneYear2022-11-3007438637core:ListedExchangeTraded2022-11-3007438637core:UnlistedNon-exchangeTraded2022-11-3007438637core:ShareCapital2022-11-3007438637core:SharePremium2022-11-3007438637core:RevaluationReserve2022-11-3007438637core:OtherReservesSubtotal2022-11-3007438637core:RetainedEarningsAccumulatedLosses2022-11-3007438637core:NetGoodwill2021-12-0107438637core:IntangibleAssetsOtherThanGoodwill2021-12-0107438637core:LandBuildings2021-12-0107438637core:PlantMachinery2021-12-0107438637core:Vehicles2021-12-0107438637core:FurnitureFittings2021-12-0107438637core:OfficeEquipment2021-12-0107438637core:AfterOneYear2021-12-0107438637core:WithinOneYear2021-12-0107438637core:ListedExchangeTraded2021-12-0107438637core:UnlistedNon-exchangeTraded2021-12-0107438637core:ShareCapital2021-12-0107438637core:SharePremium2021-12-0107438637core:RevaluationReserve2021-12-0107438637core:OtherReservesSubtotal2021-12-0107438637core:RetainedEarningsAccumulatedLosses2021-12-0107438637core:AfterOneYear2022-12-012023-11-3007438637core:WithinOneYear2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:CostValuation2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-12-012023-11-3007438637core:Non-currentFinancialInstrumentscore:CostValuation2023-11-3007438637core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-11-3007438637core:Non-currentFinancialInstrumentscore:CostValuation2022-11-3007438637core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-11-3007438637core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-11-3007438637core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-11-3007438637core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-11-3007438637core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-11-3007438637core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-11-3007438637core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-11-3007438637core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-11-3007438637bus:Director12022-12-012023-11-3007438637core:FurnitureFittingsToolsEquipment2022-11-3007438637core:FurnitureFittingsToolsEquipment2022-12-012023-11-3007438637core:FurnitureFittingsToolsEquipment2023-11-30074386371bus:Director12022-12-01074386371bus:Director12022-12-012023-11-30074386371bus:Director12023-11-30074386372022-12-01074386372022-12-012023-11-30074386372023-11-30

Needle Sports (Keswick) Ltd

Registered Number
07438637
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

Needle Sports (Keswick) Ltd
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

Stephen John Hill Reid

Registered Address

56 Main Street
Keswick
CA12 5JS

Registered Number

07438637 (England and Wales)
Needle Sports (Keswick) Ltd
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets613,00716,576
13,00716,576
Current assets
Stocks8507,742486,933
Debtors975,35050,169
Cash at bank and on hand18,03513,171
601,127550,273
Creditors amounts falling due within one year10(254,169)(295,280)
Net current assets (liabilities)346,958254,993
Total assets less current liabilities359,965271,569
Provisions for liabilities11(3,446)(3,149)
Net assets356,519268,420
Capital and reserves
Called up share capital1,4001,400
Profit and loss account355,119267,020
Shareholders' funds356,519268,420
The financial statements were approved and authorised for issue by the Director on 17 July 2024, and are signed on its behalf by:
Stephen John Hill Reid
Director
Registered Company No. 07438637
Needle Sports (Keswick) Ltd
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 revalued amounts, 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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Fixtures and fittings - 15/30% Reducing Balance Plant and machinery - 2 Years Straight Line Motor Vehicles - 20% Reducing Balance
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
2.Average number of employees

20232022
Average number of employees during the year1414
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 December 22482,223482,223
At 30 November 23482,223482,223
Amortisation and impairment
At 01 December 22482,223482,223
At 30 November 23482,223482,223
Net book value
At 30 November 23--
At 30 November 22--
5.Useful life of intangible assets
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: Goodwill - 10% straight line 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.
6.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 December 2225,44815,70056,47497,622
Additions2,345--2,345
At 30 November 2327,79315,70056,47499,967
Depreciation and impairment
At 01 December 2225,44714,53241,06781,046
Charge for year1,1722344,5085,914
At 30 November 2326,61914,76645,57586,960
Net book value
At 30 November 231,17493410,89913,007
At 30 November 2211,16815,40716,576
HSBC Bank PLC hold a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, monies and liabilities over Needle Sports (Keswick) Limited. The charge was registered with Companies House on the 22 February 2011.
7.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
8.Stocks

2023

2022

££
Other stocks507,742486,933
Total507,742486,933
9.Debtors: amounts due within one year

2023

2022

££
Other debtors75,35050,169
Total75,35050,169
10.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables181,293192,801
Bank borrowings and overdrafts2,79553,050
Taxation and social security66,72145,915
Other creditors9901,145
Accrued liabilities and deferred income2,3702,369
Total254,169295,280
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

2023

2022

££
Net deferred tax liability (asset)3,4463,149
Total3,4463,149
12.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Stephen John Hill Reid50,169112,99387,81275,350
50,169112,99387,81275,350
The loans were charged the beneficial loan interest were applicable and were repayable on demand.