Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-3118false2023-02-01falseThe principle activity of the company is that of a wholesaler of leisure and sporting goods.16truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02572738 2023-02-01 2024-01-31 02572738 2022-02-01 2023-01-31 02572738 2024-01-31 02572738 2023-01-31 02572738 c:Director2 2023-02-01 2024-01-31 02572738 c:Director3 2023-02-01 2024-01-31 02572738 d:MotorVehicles 2023-02-01 2024-01-31 02572738 d:MotorVehicles 2024-01-31 02572738 d:MotorVehicles 2023-01-31 02572738 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02572738 d:FurnitureFittings 2023-02-01 2024-01-31 02572738 d:FurnitureFittings 2024-01-31 02572738 d:FurnitureFittings 2023-01-31 02572738 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02572738 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 02572738 d:CurrentFinancialInstruments 2024-01-31 02572738 d:CurrentFinancialInstruments 2023-01-31 02572738 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 02572738 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 02572738 d:ShareCapital 2024-01-31 02572738 d:ShareCapital 2023-01-31 02572738 d:RetainedEarningsAccumulatedLosses 2024-01-31 02572738 d:RetainedEarningsAccumulatedLosses 2023-01-31 02572738 c:FRS102 2023-02-01 2024-01-31 02572738 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 02572738 c:FullAccounts 2023-02-01 2024-01-31 02572738 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02572738 d:WithinOneYear 2024-01-31 02572738 d:WithinOneYear 2023-01-31 02572738 d:BetweenOneFiveYears 2024-01-31 02572738 d:BetweenOneFiveYears 2023-01-31 02572738 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 02572738









STATESIDE SKATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
STATESIDE SKATES LIMITED
REGISTERED NUMBER: 02572738

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
53,071
69,860

  
53,071
69,860

Current assets
  

Stocks
  
3,349,495
3,710,136

Debtors: amounts falling due within one year
 5 
5,719,920
9,909,785

Cash at bank and in hand
  
426,997
517,309

  
9,496,412
14,137,230

Creditors: amounts falling due within one year
 6 
(801,787)
(1,141,019)

Net current assets
  
 
 
8,694,625
 
 
12,996,211

Total assets less current liabilities
  
8,747,696
13,066,071

Provisions for liabilities
  

Deferred tax
  
(2,396)
(5,347)

  
 
 
(2,396)
 
 
(5,347)

Net assets
  
8,745,300
13,060,724


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
8,745,200
13,060,624

  
8,745,300
13,060,724


Page 1

 
STATESIDE SKATES LIMITED
REGISTERED NUMBER: 02572738
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






R A Coffer
A J Crichton
Director
Director


Date: 5 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
STATESIDE SKATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Stateside Skates Limited is a private company limited by shares and is incorporated in England and Wales.
The principal activity of the company continued to be that of wholesalers of leisure and sporting goods. 
The Registered Office is 35 Ballards Lane, London, N3 1XW. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. With the continued support of the directors and shareholders we have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
STATESIDE SKATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measure reliably. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
STATESIDE SKATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
STATESIDE SKATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 16).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost 


At 1 February 2023
79,056
268,055
347,111


Additions
-
1,854
1,854



At 31 January 2024

79,056
269,909
348,965



Depreciation


At 1 February 2023
73,340
203,911
277,251


Charge for the year on owned assets
2,143
16,500
18,643



At 31 January 2024

75,483
220,411
295,894



Net book value



At 31 January 2024
3,573
49,498
53,071



At 31 January 2023
5,716
64,144
69,860

Page 6

 
STATESIDE SKATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
785,271
956,057

Amounts owed by group undertakings
4,728,401
8,185,516

Other debtors
49,291
7,310

Prepayments and accrued income
156,957
760,902

5,719,920
9,909,785



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
322,627
445,181

Corporation tax
-
26,345

Other taxation and social security
76,455
73,956

Other creditors
316,768
401,803

Accruals and deferred income
85,937
193,734

801,787
1,141,019



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £20,902 (2023 - £45,587). Contributions totalling £4,215 (2022 - £4,463) were payable to the fund at the reporting date and are included in creditors.


8.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
409,500
409,500

Later than 1 year and not later than 5 years
580,125
989,625

989,625
1,399,125

Page 7

 
STATESIDE SKATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Related party transactions

Where possible, the company has taken advantage of the exemption within s33.1A of FRS 102 not to disclose related party transactions with other wholly owned group undertakings.
Intercompany loans are repayable on demand, interest free and unsecured.
During the year the company paid rent of £409,529 (2023: £358,422) to other related parties over which some of the directors have an interest.
Included within other creditors is £316,768 (2022: £454,552) owed to the directors and other related parties.
 


10.


Controlling party

The immediate parent undertaking is Stateside Skates Holdings Limited, a company incorporated in England and Wales.
The ultimate parent undertaking is Stateside Skates Global Holdings Limited, a company incorporated in England and Wales.
Stateside Skates Global Holdings Limited prepare group financial statements and copies can be obtained from the Registered Office.
The ultimate controlling party is A J Crichton.
 
Page 8