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REGISTERED NUMBER: 11922921 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

SPORTS GEAR AND WEAR LIMITED

SPORTS GEAR AND WEAR LIMITED (REGISTERED NUMBER: 11922921)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SPORTS GEAR AND WEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Ms J Michell





REGISTERED OFFICE: Jamies
Wheal Whidden
Carbis Bay
St Ives
Cornwall
TR26 2QX





REGISTERED NUMBER: 11922921 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

SPORTS GEAR AND WEAR LIMITED (REGISTERED NUMBER: 11922921)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 20,675 24,810
Tangible assets 5 2,080 5,085
22,755 29,895

CURRENT ASSETS
Stocks 400 500
Cash at bank 50 2,454
450 2,954
CREDITORS
Amounts falling due within one year 6 43,748 48,063
NET CURRENT LIABILITIES (43,298 ) (45,109 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(20,543

)

(15,214

)

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (20,553 ) (15,224 )
SHAREHOLDERS' FUNDS (20,543 ) (15,214 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 October 2024 and were signed by:





Ms J Michell - Director


SPORTS GEAR AND WEAR LIMITED (REGISTERED NUMBER: 11922921)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Sports Gear and Wear 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.

The financial statements show net liabilities of £20,543, and net current liabilities of £43,298.

The Director is the main creditor of the company (being owed £42,149 at 30 April 2024), and will continue to support the company for the foreseeable future. Accordingly, the financial statements are prepared on the going concern basis.

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

Revenue is recognised to turnover upon despatch of the good to customers.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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 Income Statement, 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.


SPORTS GEAR AND WEAR LIMITED (REGISTERED NUMBER: 11922921)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 41,350
AMORTISATION
At 1 May 2023 16,540
Charge for year 4,135
At 30 April 2024 20,675
NET BOOK VALUE
At 30 April 2024 20,675
At 30 April 2023 24,810

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 15,025
DEPRECIATION
At 1 May 2023 9,940
Charge for year 3,005
At 30 April 2024 12,945
NET BOOK VALUE
At 30 April 2024 2,080
At 30 April 2023 5,085

SPORTS GEAR AND WEAR LIMITED (REGISTERED NUMBER: 11922921)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 346 684
Other creditors 43,402 47,379
43,748 48,063

7. RELATED PARTY DISCLOSURES

The director withdrew net funds of £3,989 from the company during the year. At 30 April 2024, the company owed the Director £42,149. (2023: £46,137.)

The loan to the company is free of interest and repayable on demand.