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Registered number: SC230636
Incline Sports Limited
ABRIDGED Financial Statements
For The Year Ended 31 May 2024
James Fraser & Co.
Chartered Accountants
3 Coates Place
Edinburgh
EH3 7AA
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: SC230636
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,770 2,980
2,770 2,980
CURRENT ASSETS
Stocks 5,725 4,996
Debtors 5,899 2,830
Cash at bank and in hand 28,315 12,027
39,939 19,853
Creditors: Amounts Falling Due Within One Year (46,512 ) (26,751 )
NET CURRENT ASSETS (LIABILITIES) (6,573 ) (6,898 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,803 ) (3,918 )
NET LIABILITIES (3,803 ) (3,918 )
CAPITAL AND RESERVES
Called up share capital 5 100 100
Profit and Loss Account (3,903 ) (4,018 )
SHAREHOLDERS' FUNDS (3,803) (3,918)
Page 1
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 May 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Nicholas Moss
Director
26 August 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Incline Sports Limited is a private company, limited by shares, incorporated in Scotland, registered number SC230636 . The registered office is Hillside Barn, Old Pentland Road, Damhead, Edinburgh, EH10 7EA.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Plant & Machinery 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Total
£
Cost
As at 1 June 2023 8,316
Additions 698
As at 31 May 2024 9,014
Depreciation
As at 1 June 2023 5,336
Provided during the period 908
As at 31 May 2024 6,244
Net Book Value
As at 31 May 2024 2,770
As at 1 June 2023 2,980
5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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