Company registration number 1305434 (England and Wales)
SPORTSELECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SPORTSELECT LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
SPORTSELECT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 1 FEBRUARY 2024
01 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
45,690
53,179
Investment property
4
266,248
353,748
311,938
406,927
Current assets
Debtors
6
2,900
7,779
Investments
7
460
448
Cash at bank and in hand
30,666
3,185
34,026
11,412
Creditors: amounts falling due within one year
8
(116,735)
(133,439)
Net current liabilities
(82,709)
(122,027)
Total assets less current liabilities
229,229
284,900
Creditors: amounts falling due after more than one year
9
-
0
(34,817)
Provisions for liabilities
-
0
(11,230)
Net assets
229,229
238,853
Capital and reserves
Called up share capital
10
8,126
8,126
Revaluation reserve
11
-
0
33,691
Profit and loss reserves
221,103
197,036
Total equity
229,229
238,853

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 1 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SPORTSELECT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 1 FEBRUARY 2024
01 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 September 2024
J J W Boddy
Director
Company Registration No. 1305434
SPORTSELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Sportselect Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor House, Whitwell, York, YO60 7JJ. The company registration number is 1305434.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures and fittings
15% reducing balance
Cottage fixtures and fittings
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

SPORTSELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets are measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

 

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

SPORTSELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 2 February 2023
353,748
Disposals
(87,500)
At 1 February 2024
266,248

Investment property comprises £266,248. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by J J W Boddy, a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

SPORTSELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 FEBRUARY 2024
- 6 -
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Cottage fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 2 February 2023 and 1 February 2024
1,800
11,551
4,521
71,635
89,507
Depreciation
At 2 February 2023
1,041
8,932
2,713
23,645
36,331
Depreciation charged in the year
190
393
904
5,999
7,486
At 1 February 2024
1,231
9,325
3,617
29,644
43,817
Carrying amount
At 1 February 2024
569
2,226
904
41,991
45,690
At 1 February 2023
760
2,620
1,809
47,990
53,179
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,361
4,754
Corporation tax recoverable
-
0
617
Other debtors
1,539
2,408
2,900
7,779
7
Current asset investments
2024
2023
£
£
Other investments
460
448
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,930
558
Corporation tax
3,043
-
0
Other taxation and social security
4,688
4,063
Other creditors
107,074
128,818
116,735
133,439
SPORTSELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 FEBRUARY 2024
- 7 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
34,817
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
8,126
8,126
8,126
8,126
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
33,691
6,860
Transfer from/to retained earnings
(33,691)
26,831
At the end of the year
-
0
33,691
12
Directors' transactions

Advances or credits have been granted by the directors to the company as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director
-
122,954
(31,410)
91,544
122,954
(31,410)
91,544
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