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REGISTERED NUMBER: 06632366 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 January 2024

for

SESSIONS SURF SHOPS LIMITED

SESSIONS SURF SHOPS LIMITED (REGISTERED NUMBER: 06632366)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SESSIONS SURF SHOPS LIMITED

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: S P Van-Evelingen
G D Williams





REGISTERED OFFICE: Alder Farm
Lewdown
Okehampton
Devon
EX20 4PJ





REGISTERED NUMBER: 06632366 (England and Wales)





ACCOUNTANTS: Haines Watts
3 Southernhay West
Exeter
Devon
EX1 1JG

SESSIONS SURF SHOPS LIMITED (REGISTERED NUMBER: 06632366)

Balance Sheet
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 18,562 26,812
Tangible assets 6 2,128 2,692
20,690 29,504

CURRENT ASSETS
Stocks 739,157 617,241
Debtors 7 14,107 9,799
Cash at bank and in hand 262,899 329,809
1,016,163 956,849
CREDITORS
Amounts falling due within one year 8 (154,999 ) (160,908 )
NET CURRENT ASSETS 861,164 795,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

881,854

825,445

CREDITORS
Amounts falling due after more than one
year

9

(29,421

)

(30,681

)

PROVISIONS FOR LIABILITIES (60 ) (511 )
NET ASSETS 852,373 794,253

CAPITAL AND RESERVES
Called up share capital 198 198
Retained earnings 852,175 794,055
852,373 794,253

SESSIONS SURF SHOPS LIMITED (REGISTERED NUMBER: 06632366)

Balance Sheet - continued
31 JANUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





G D Williams - Director


SESSIONS SURF SHOPS LIMITED (REGISTERED NUMBER: 06632366)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024


1. COMPANY INFORMATION

Sessions Surf Shops Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal places of business are: 26 Church Street, Falmouth TR11 3EG, 25 Market Place, Penzance TR18 2JD and 134 Fore Street, Exeter, Devon EX4 3AN.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost convention.

Turnover
Turnover represents amounts chargeable in respect of the sale of goods to customers falling within the company's ordinary activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Goodwill
Goodwill, the amounts paid in connection with the acquisition of businesses in 2008 and 2016, are being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


SESSIONS SURF SHOPS LIMITED (REGISTERED NUMBER: 06632366)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees and one director. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 22 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 132,500
AMORTISATION
At 1 February 2023 105,688
Amortisation for year 8,250
At 31 January 2024 113,938
NET BOOK VALUE
At 31 January 2024 18,562
At 31 January 2023 26,812

SESSIONS SURF SHOPS LIMITED (REGISTERED NUMBER: 06632366)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 18,960 38,165 57,125
DEPRECIATION
At 1 February 2023 18,960 35,473 54,433
Charge for year - 564 564
At 31 January 2024 18,960 36,037 54,997
NET BOOK VALUE
At 31 January 2024 - 2,128 2,128
At 31 January 2023 - 2,692 2,692

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 3,625 3,781
Prepayments and accrued income 10,482 6,018
14,107 9,799

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 18,978 40,344
Tax 25,006 27,407
Social security and other taxes 5,921 5,181
VAT 30,022 26,792
Other creditors 24,926 24,380
Directors' loan accounts 30,721 30,721
Accruals and deferred income 19,425 6,083
154,999 160,908

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 10) 29,421 30,681

SESSIONS SURF SHOPS LIMITED (REGISTERED NUMBER: 06632366)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 29,421 30,681

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 67,880 37,880
Between one and five years 218,580 126,145
In more than five years - 13,690
286,460 177,715

12. RELATED PARTY DISCLOSURES

A company which owns 50% of the 'A' share capital and 70% of the 'B' share capital of the company.

During the period under review the company purchased goods from the related party amounting to £88,376 (2023: £131,229 ). At the balance sheet date the outstanding amount payable to the related party and included within trade creditors due within one year amounted to £663 (2023: £1,472).

Included within creditors, amounts falling due after one year, is a loan in favour of the related party. The loan outstanding at the balance sheet date amounted to £29,421 (2023: £30,681).

The loan is interest free and repayable on one year's notice being given by the related party or sooner at the company's discretion.

13. ULTIMATE CONTROLLING PARTY

The immediate parent is Alder Sportswear Limited, a company registered in England and Wales.

The ultimate controlling company is Alder Sportswear (Holdings) Limited, a company registered in England and Wales. The registered office and principal place of business is:

Lewdown
Nr Okehampton
Devon
EX20 4PJ

No one individual has control over Alder Sportswear (Holdings) Limited.