Silverfin false false 31/03/2024 01/04/2023 31/03/2024 E R Jones 22/09/2023 G L Willingham 26/02/2016 07 September 2024 The principal activity of the Company during the financial year was that of a water sports retailer. 10027609 2024-03-31 10027609 bus:Director1 2024-03-31 10027609 bus:Director2 2024-03-31 10027609 2023-03-31 10027609 core:CurrentFinancialInstruments 2024-03-31 10027609 core:CurrentFinancialInstruments 2023-03-31 10027609 core:Non-currentFinancialInstruments 2024-03-31 10027609 core:Non-currentFinancialInstruments 2023-03-31 10027609 core:ShareCapital 2024-03-31 10027609 core:ShareCapital 2023-03-31 10027609 core:RetainedEarningsAccumulatedLosses 2024-03-31 10027609 core:RetainedEarningsAccumulatedLosses 2023-03-31 10027609 core:Goodwill 2023-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 10027609 core:Goodwill 2024-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 10027609 core:LeaseholdImprovements 2023-03-31 10027609 core:Vehicles 2023-03-31 10027609 core:OfficeEquipment 2023-03-31 10027609 core:LeaseholdImprovements 2024-03-31 10027609 core:Vehicles 2024-03-31 10027609 core:OfficeEquipment 2024-03-31 10027609 2023-04-01 2024-03-31 10027609 bus:FilletedAccounts 2023-04-01 2024-03-31 10027609 bus:SmallEntities 2023-04-01 2024-03-31 10027609 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10027609 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10027609 bus:Director1 2023-04-01 2024-03-31 10027609 bus:Director2 2023-04-01 2024-03-31 10027609 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 10027609 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 10027609 core:Vehicles 2023-04-01 2024-03-31 10027609 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 10027609 2022-04-01 2023-03-31 10027609 core:Goodwill 2023-04-01 2024-03-31 10027609 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 10027609 core:LeaseholdImprovements 2023-04-01 2024-03-31 10027609 core:OfficeEquipment 2023-04-01 2024-03-31 10027609 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 10027609 (England and Wales)

FC UP SPORTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

FC UP SPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FC UP SPORTS LIMITED

BALANCE SHEET

As at 31 March 2024
FC UP SPORTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 13,878 15,840
Tangible assets 4 31,945 44,415
45,823 60,255
Current assets
Stocks 5 812,496 1,061,986
Debtors 6 191,466 203,001
Cash at bank and in hand 51,780 55,932
1,055,742 1,320,919
Creditors: amounts falling due within one year 7 ( 274,709) ( 382,150)
Net current assets 781,033 938,769
Total assets less current liabilities 826,856 999,024
Creditors: amounts falling due after more than one year 8 ( 13,334) ( 143,333)
Net assets 813,522 855,691
Capital and reserves
Called-up share capital 100 100
Profit and loss account 813,422 855,591
Total shareholder's funds 813,522 855,691

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of FC UP Sports Limited (registered number: 10027609) were approved and authorised for issue by the Board of Directors on 07 September 2024. They were signed on its behalf by:

G L Willingham
Director
FC UP SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FC UP SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FC UP Sports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Unit 7 Pottery Business Park 65-67 Ringwood Road Poole BH14 0RG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 4

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 April 2023 52,800 17,576 70,376
Additions 0 3,375 3,375
At 31 March 2024 52,800 20,951 73,751
Accumulated amortisation
At 01 April 2023 36,960 17,576 54,536
Charge for the financial year 5,280 57 5,337
At 31 March 2024 42,240 17,633 59,873
Net book value
At 31 March 2024 10,560 3,318 13,878
At 31 March 2023 15,840 0 15,840

4. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 29,734 39,950 8,665 78,349
Additions 0 0 548 548
At 31 March 2024 29,734 39,950 9,213 78,897
Accumulated depreciation
At 01 April 2023 8,384 19,819 5,731 33,934
Charge for the financial year 5,947 5,033 2,038 13,018
At 31 March 2024 14,331 24,852 7,769 46,952
Net book value
At 31 March 2024 15,403 15,098 1,444 31,945
At 31 March 2023 21,350 20,131 2,934 44,415

5. Stocks

2024 2023
£ £
Stocks 812,496 1,061,986

6. Debtors

2024 2023
£ £
Trade debtors 5,624 25,467
Amounts owed by Group undertakings 179,830 177,534
Prepayments 411 0
Corporation tax 5,601 0
191,466 203,001

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 11,416 70,000
Trade creditors 18,585 22,925
Amounts owed to Group undertakings 196,000 196,000
Amounts owed to directors 8,824 9,991
Accruals 3,611 2,502
Taxation and social security 12,542 58,357
Other creditors 23,731 22,375
274,709 382,150

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,334 143,333

There are no amounts included above in respect of which any security has been given by the small entity.

9. Ultimate controlling party

Parent Company:

FCUP Holdings Ltd
Towngate House, 2-8 Parkstone road, Poole, Dorset, BH15 2PW