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Registered number: 04878048
Tim Sport Ltd
Financial Statements
For The Year Ended 31 August 2023
Hill Wooldridge Accountants Ltd
Chartered Certified Accountants
55 Crown Street
Brentwood
Essex
CM14 4BD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04878048
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,750 67,834
16,750 67,834
CURRENT ASSETS
Debtors 5 6,316 -
Cash at bank and in hand 17,669 7,753
23,985 7,753
Creditors: Amounts Falling Due Within One Year 6 (21,723 ) (24,696 )
NET CURRENT ASSETS (LIABILITIES) 2,262 (16,943 )
TOTAL ASSETS LESS CURRENT LIABILITIES 19,012 50,891
Creditors: Amounts Falling Due After More Than One Year 7 (19,446 ) (45,587 )
NET (LIABILITIES)/ASSETS (434 ) 5,304
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account (1,434 ) 4,304
SHAREHOLDERS' FUNDS (434) 5,304
Page 1
Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Timothy Earle
Director
30th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tim Sport Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04878048 . The registered office is 55 Crown Street, Brentwood, Essex, CM14 4BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation provided
Leasehold 10% of cost per year
Plant & Machinery 33% of cost per year
Motor Vehicles 20% of net book value per year
Computer Equipment 33% of cost per year
2.4. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 September 2022 63,765 5,181 42,786 -
Additions - - - 16,499
Disposals (63,765 ) - - -
As at 31 August 2023 - 5,181 42,786 16,499
Depreciation
As at 1 September 2022 - 1,878 42,779 -
Provided during the period - 518 - 3,300
As at 31 August 2023 - 2,396 42,779 3,300
Net Book Value
As at 31 August 2023 - 2,785 7 13,199
As at 1 September 2022 63,765 3,303 7 -
Computer Equipment Total
£ £
Cost
As at 1 September 2022 4,223 115,955
Additions - 16,499
Disposals - (63,765 )
As at 31 August 2023 4,223 68,689
Depreciation
As at 1 September 2022 3,464 48,121
Provided during the period - 3,818
As at 31 August 2023 3,464 51,939
Net Book Value
As at 31 August 2023 759 16,750
As at 1 September 2022 759 67,834
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Page 5
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,315 -
Amounts owed by associates 5,001 -
6,316 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,000 -
Bank loans and overdrafts 3,382 -
Corporation tax 6,586 6,149
Other taxes and social security 595 585
VAT 3,579 5,515
Net wages - 1,154
Finance agreement - 150
Accruals and deferred income 3,382 2,529
Directors' loan accounts 199 8,614
21,723 24,696
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 19,446 24,336
Other loans - 21,251
19,446 45,587
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
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