Padeltastic Ltd 13794324 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the construction and operation of padel facilities. Digita Accounts Production Advanced 6.30.9574.0 true true 13794324 2023-01-01 2023-12-31 13794324 2023-12-31 13794324 bus:OrdinaryShareClass1 2023-12-31 13794324 bus:OrdinaryShareClass2 2023-12-31 13794324 core:CurrentFinancialInstruments 2023-12-31 13794324 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13794324 core:FurnitureFittingsToolsEquipment 2023-12-31 13794324 core:OtherPropertyPlantEquipment 2023-12-31 13794324 bus:SmallEntities 2023-01-01 2023-12-31 13794324 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13794324 bus:FullAccounts 2023-01-01 2023-12-31 13794324 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13794324 bus:RegisteredOffice 2023-01-01 2023-12-31 13794324 bus:Director1 2023-01-01 2023-12-31 13794324 bus:Director2 2023-01-01 2023-12-31 13794324 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13794324 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 13794324 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13794324 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 13794324 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 13794324 countries:EnglandWales 2023-01-01 2023-12-31 13794324 2021-12-10 2022-12-31 13794324 2022-12-31 13794324 bus:OrdinaryShareClass1 2022-12-31 13794324 bus:OrdinaryShareClass2 2022-12-31 13794324 core:CurrentFinancialInstruments 2022-12-31 13794324 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13794324

Padeltastic Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Padeltastic Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Padeltastic Ltd

Company Information

Directors

R B Taylor

S N Champ

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Padeltastic Ltd

(Registration number: 13794324)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Property, plant and equipment

4

350,120

-

Current assets

 

Receivables

5

66,906

24,040

Cash at bank and in hand

 

1,144,438

278,859

 

1,211,344

302,899

Payables: Amounts falling due within one year

6

(77,405)

(19,423)

Net current assets

 

1,133,939

283,476

Net assets

 

1,484,059

283,476

Equity

 

Called up share capital

7

47

20

Share premium reserve

1,827,266

477,590

Shares to be issued reserve

385,438

-

Retained earnings

(728,692)

(194,134)

Shareholders' funds

 

1,484,059

283,476

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Padeltastic Ltd were approved and authorised for issue by the Board on 24 September 2024 and signed on its behalf by:

.........................................

R B Taylor
Director

 

Padeltastic Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

Padeltastic Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Padeltastic Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Padeltastic Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 2).

 

Padeltastic Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

4

Property, plant and equipment

Furniture, fittings and equipment
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

Additions

10,920

363,112

374,032

At 31 December 2023

10,920

363,112

374,032

Depreciation

Charge for the year

2,730

21,182

23,912

At 31 December 2023

2,730

21,182

23,912

Carrying amount

At 31 December 2023

8,190

341,930

350,120

5

Receivables

2023
£

2022
£

Other receivables

33,883

24,040

Prepayments

33,023

-

66,906

24,040

6

Payables

Payables: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade payables

60,548

3,894

Social security and other taxes

12,295

12,244

Other payables

1,562

-

Accruals

3,000

3,285

77,405

19,423

 

Padeltastic Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.00002 each

2,327,303

46.55

977,878

19.56

A Ordinary shares of £0.00002 each

3,000

0.06

3,000

0.06

 

2,330,303

46.61

980,878

19.62

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.

The shares to be issued reserve represents advance subscriptions for the issue of shares. This reserve forms part of the company's non-distributable reserves.