Company registration number 07694845 (England and Wales)
TG SPORTS STORE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JULY 2023
PAGES FOR FILING WITH REGISTRAR
TG SPORTS STORE LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
TG SPORTS STORE LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TG SPORTS STORE LTD FOR THE PERIOD ENDED 29 JULY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TG Sports Store Ltd for the period ended 29 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of TG Sports Store Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of TG Sports Store Ltd and state those matters that we have agreed to state to the board of directors of TG Sports Store Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TG Sports Store Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that TG Sports Store Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of TG Sports Store Ltd. You consider that TG Sports Store Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of TG Sports Store Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
17 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TG SPORTS STORE LTD
BALANCE SHEET
AS AT 29 JULY 2023
29 July 2023
- 2 -
29 July 2023
31 July 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
855
1,275
Current assets
Stocks
69,137
69,137
Debtors
5
17,195
16,408
86,332
85,545
Creditors: amounts falling due within one year
6
(129,228)
(125,506)
Net current liabilities
(42,896)
(39,961)
Total assets less current liabilities
(42,041)
(38,686)
Creditors: amounts falling due after more than one year
7
(38,697)
(38,697)
Net liabilities
(80,738)
(77,383)
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
(80,938)
(77,583)
Total equity
(80,738)
(77,383)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 29 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period 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.
The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
Mrs S L Nolan
Director
Company registration number 07694845 (England and Wales)
TG SPORTS STORE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JULY 2023
- 3 -
1
Accounting policies
Company information
TG Sports Store Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hillhampton House, Roberts End, Hanley Swan, Worcester, Worcestershire, WR8 0DN.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks 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 measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Franchise fee
5 years
TG SPORTS STORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
25% on cost
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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 profit and loss account 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 profit and loss account, 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.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
TG SPORTS STORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JULY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
Franchise fee
Total
£
£
£
Cost
At 1 August 2022 and 29 July 2023
81,000
30,000
111,000
Amortisation and impairment
At 1 August 2022 and 29 July 2023
81,000
30,000
111,000
Carrying amount
At 29 July 2023
At 31 July 2022
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 August 2022 and 29 July 2023
10,533
1,140
2,654
14,327
Depreciation and impairment
At 1 August 2022
9,594
1,010
2,448
13,052
Depreciation charged in the period
188
26
206
420
At 29 July 2023
9,782
1,036
2,654
13,472
Carrying amount
At 29 July 2023
751
104
855
At 31 July 2022
939
130
206
1,275
TG SPORTS STORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JULY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,500
3,500
Deferred tax asset
13,695
12,908
17,195
16,408
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
33,580
31,668
Trade creditors
2,011
1,434
Taxation and social security
11,386
10,152
Other creditors
82,251
82,252
129,228
125,506
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,697
38,697
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
24,029
22,117
Bank loans
48,248
48,248
72,277
70,365
Bank loans are secured by way of a government-backed guarantee.
TG SPORTS STORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JULY 2023
- 7 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
50
50
50
50
Ordinary C of £1 each
50
50
50
50
200
200
200
200
10
Ultimate controlling party
The ultimate controlling party is Mr A Nolan and Mrs S L Nolan.