Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-12-01falseRetail sale of sports goods, fishing gear, camping goods, boats and bicycles88falsetruefalse 01650605 2022-12-01 2023-11-30 01650605 2021-12-01 2022-11-30 01650605 2023-11-30 01650605 2022-11-30 01650605 c:Director1 2022-12-01 2023-11-30 01650605 d:Buildings d:ShortLeaseholdAssets 2022-12-01 2023-11-30 01650605 d:Buildings d:ShortLeaseholdAssets 2023-11-30 01650605 d:Buildings d:ShortLeaseholdAssets 2022-11-30 01650605 d:FurnitureFittings 2022-12-01 2023-11-30 01650605 d:FurnitureFittings 2023-11-30 01650605 d:FurnitureFittings 2022-11-30 01650605 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01650605 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 01650605 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01650605 d:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 01650605 d:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 01650605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 01650605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 01650605 d:CurrentFinancialInstruments 2023-11-30 01650605 d:CurrentFinancialInstruments 2022-11-30 01650605 d:Non-currentFinancialInstruments 2023-11-30 01650605 d:Non-currentFinancialInstruments 2022-11-30 01650605 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01650605 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01650605 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01650605 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 01650605 d:ShareCapital 2023-11-30 01650605 d:ShareCapital 2022-11-30 01650605 d:RetainedEarningsAccumulatedLosses 2023-11-30 01650605 d:RetainedEarningsAccumulatedLosses 2022-11-30 01650605 c:FRS102 2022-12-01 2023-11-30 01650605 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 01650605 c:FullAccounts 2022-12-01 2023-11-30 01650605 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01650605 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 01650605 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 01650605 d:OtherDeferredTax 2023-11-30 01650605 d:OtherDeferredTax 2022-11-30 01650605 2 2022-12-01 2023-11-30 01650605 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-12-01 2023-11-30 01650605 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-12-01 2023-11-30 01650605 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 01650605









WIGMORE SPORTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
WIGMORE SPORTS LIMITED
REGISTERED NUMBER: 01650605

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
-
5,433

Tangible assets
 5 
75,344
85,394

  
75,344
90,827

Current assets
  

Stocks
  
485,528
382,689

Debtors
 6 
93,460
91,025

Cash at bank and in hand
  
121,536
253,411

  
700,524
727,125

Creditors: amounts falling due within one year
 7 
(588,690)
(659,839)

Net current assets
  
 
 
111,834
 
 
67,286

Total assets less current liabilities
  
187,178
158,113

Creditors: amounts falling due after more than one year
 8 
(45,334)
(77,334)

Provisions for liabilities
  

Deferred tax
 9 
(1,118)
(5,777)

  
 
 
(1,118)
 
 
(5,777)

Net assets
  
140,726
75,002


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
139,726
74,002

  
140,726
75,002


Page 1

 
WIGMORE SPORTS LIMITED
REGISTERED NUMBER: 01650605
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

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 comprehensive income 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 on 12 August 2024.




M C Davda
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Wigmore Sports Ltd is a private company, limited by shares, incorporated in England and Wales,registration number 01650605. The registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL.

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 financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 3

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
Straight line over 11 year life of lease
Fixtures & Fittings
-
15% reducing balance
Website development
-
33.33% straight balance

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.

 
2.11

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

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 weighted average basis.
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.

Page 5

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments

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

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.

Derecognition of financial instruments
Page 6

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 7

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Intangible assets




Patents & Trademarks
Website
Total

£
£
£



Cost


At 1 December 2022
2,912
48,897
51,809



At 30 November 2023

2,912
48,897
51,809



Amortisation


At 1 December 2022
2,912
43,464
46,376


Charge for the year on owned assets
-
5,433
5,433



At 30 November 2023

2,912
48,897
51,809



Net book value



At 30 November 2023
-
-
-



At 30 November 2022
-
5,433
5,433



Page 8

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





S/Term Leasehold Property
Fixtures & Fittings
Total

£
£
£



Cost or valuation


At 1 December 2022
126,219
476,459
602,678


Additions
-
2,686
2,686



At 30 November 2023

126,219
479,145
605,364



Depreciation


At 1 December 2022
105,479
411,805
517,284


Charge for the year on owned assets
2,735
10,001
12,736



At 30 November 2023

108,214
421,806
530,020



Net book value



At 30 November 2023
18,005
57,339
75,344



At 30 November 2022
20,740
64,654
85,394


6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
78,756
78,757

78,756
78,757

Due within one year

Trade debtors
1,922
1,170

Other debtors
2,725
7,523

Prepayments and accrued income
10,057
3,575

93,460
91,025


Page 9

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
32,000
32,000

Other loans
-
5,581

Trade creditors
325,881
422,637

Corporation tax
51,186
37,570

Other taxation and social security
46,010
34,138

Pension fund loan payable
1,256
1,239

Other creditors
54,136
64,168

Accruals and deferred income
78,221
62,506

588,690
659,839



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
45,334
77,334

45,334
77,334


The following liabilities were secured:

2023
2022
£
£



Bank loans
77,334
109,334

77,334
109,334

Details of security provided:

The bank loans are secured by a fixed and floating charge over the assets of the company.


9.


Deferred taxation

Page 10

 
WIGMORE SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
9.Deferred taxation (continued)




2023


£






At beginning of year
(5,777)


Charged to profit or loss
4,659



At end of year
(1,118)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,197)
(13,448)

Other items
10,079
7,671

(1,118)
(5,777)


The net reversal of deferred tax assets and liabilities expected to reverse in the next year is 8,144. This primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation and other short term timing differences.


10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £5,599 (2022: £5,955)


11.


Related party transactions

Other creditors includes £47,249 due to directors (2022 - £56,036 due to directors). Dividends paid during the year amounted to £120,000 (2022 - £165,000). 


12.


Controlling party

The ultimate controlling party is M C Davda and his wife P Davda by virtue of their total shareholding. 

 
Page 11