Company registration number:
11835225
Okehampton Skills and Sports Trading Company Limited
Unaudited filleted financial statements
30 September 2023
OKEHAMPTON SKILLS AND SPORTS TRADING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
181,340 |
|
|
|
149,586 |
|
|
Cash at bank and in hand |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
181,341 |
|
|
|
149,587 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
5 |
(
192,816) |
|
|
|
(
158,395) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
11,475) |
|
|
|
(
8,808) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
11,475) |
|
|
|
(
8,808) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
11,475) |
|
|
|
(
8,808) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
Profit and loss account |
|
6 |
|
|
(
11,476) |
|
|
|
(
8,809) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder deficit |
|
|
|
|
(
11,475) |
|
|
|
(
8,808) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2024
, and are signed on behalf of the board by:
Mr Simon Essex
Director
Company registration number:
11835225
OKEHAMPTON SKILLS AND SPORTS TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fairways, Tanners Hill, Okehampton, Devon, EX20 4ND.
Principal activity
The principal activity of the company is to undertake property development outside of the primary purpose of the Charity.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The Company has net liabilities and net current liabilities at the year end. This is in relation to interest paid during the year and previous periods. The Director has confirmed that the parent Charity will continue to support the Company for the 12 months after the date of signing. With this undertaking, the financial statements have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022:
1
).
5.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
192,516 |
157,860 |
|
Accruals and deferred income |
|
300 |
535 |
|
|
|
_______ |
_______ |
|
|
|
192,816 |
158,395 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
7.
Related party transactions
The company has taken advantage of the exemption available in Section 33.1a of FRS102 to not disclose transactions with members of a 100% group.
8.
Controlling party
The company is controlled by The Okehampton Skills and Sports Trust, company number 10313561, by virtue of its 100% shareholding.