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REGISTERED NUMBER: 07538434 (England and Wales)















Unaudited Financial Statements for the Year Ended 29th February 2024

for

Adi Boardsports Limited

Adi Boardsports Limited (Registered number: 07538434)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Adi Boardsports Limited

Company Information
for the Year Ended 29th February 2024







DIRECTOR: Mr G Desfontaines





REGISTERED OFFICE: Central Chambers
227 London Road
Hadleigh
Benfleet
Essex
SS7 2RF





REGISTERED NUMBER: 07538434 (England and Wales)





ACCOUNTANTS: Field & Co LLP
Central Chambers
227 London Road
Hadleigh
Benfleet
Essex
SS7 2RF

Adi Boardsports Limited (Registered number: 07538434)

Balance Sheet
29th February 2024

29/2/24 28/2/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 225 281

CURRENT ASSETS
Stocks 4,678 7,560
Debtors 5 1,442 1,967
Cash at bank 9,270 11,001
15,390 20,528
CREDITORS
Amounts falling due within one year 6 23,438 21,182
NET CURRENT LIABILITIES (8,048 ) (654 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,823

)

(373

)

CREDITORS
Amounts falling due after more than
one year

7

(8,685

)

(10,494

)

PROVISIONS FOR LIABILITIES 9 (53 ) (53 )
NET LIABILITIES (16,561 ) (10,920 )

CAPITAL AND RESERVES
Called up share capital 10 3 3
Retained earnings 11 (16,564 ) (10,923 )
SHAREHOLDERS' FUNDS (16,561 ) (10,920 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

Adi Boardsports Limited (Registered number: 07538434)

Balance Sheet - continued
29th February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9th October 2024 and were signed by:





Mr G Desfontaines - Director


Adi Boardsports Limited (Registered number: 07538434)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Adi Boardsports Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Adi Boardsports Limited (Registered number: 07538434)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st March 2023
and 29th February 2024 1,086 516 1,602
DEPRECIATION
At 1st March 2023 974 347 1,321
Charge for year 22 34 56
At 29th February 2024 996 381 1,377
NET BOOK VALUE
At 29th February 2024 90 135 225
At 28th February 2023 112 169 281

No Fixed Assets are subject finance leases or hire purchase contracts

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 10 -
Other debtors 1,432 1,967
1,442 1,967

Adi Boardsports Limited (Registered number: 07538434)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts (see note 8) 1,654 1,500
Trade creditors 1,032 350
Taxation and social security 260 216
Other creditors 20,492 19,116
23,438 21,182

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans (see note 8) 8,685 10,494

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,068 4,494

8. LOANS

An analysis of the maturity of loans is given below:

29/2/24 28/2/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,654 1,500

Amounts falling due between one and two years:
Bank loans - 1-2 years 1,654 1,500

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,963 4,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,068 4,494

Adi Boardsports Limited (Registered number: 07538434)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

9. PROVISIONS FOR LIABILITIES
29/2/24 28/2/23
£    £   
Deferred tax 53 53

Deferred
tax
£   
Balance at 1st March 2023 53
Balance at 29th February 2024 53

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29/2/24 28/2/23
value: £    £   
3 Ordinary Shares £1 3 3

11. RESERVES
Retained
earnings
£   

At 1st March 2023 (10,923 )
Deficit for the year (5,641 )
At 29th February 2024 (16,564 )