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Registered number: 05347425
Somerset County Sports Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Cooper Associates Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05347425
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,986 29,314
21,986 29,314
CURRENT ASSETS
Stocks 5 246,392 300,134
Debtors 6 74,841 70,605
Cash at bank and in hand 46,806 64,904
368,039 435,643
Creditors: Amounts Falling Due Within One Year 7 (600,876 ) (674,331 )
NET CURRENT ASSETS (LIABILITIES) (232,837 ) (238,688 )
TOTAL ASSETS LESS CURRENT LIABILITIES (210,851 ) (209,374 )
Creditors: Amounts Falling Due After More Than One Year 8 (12,500 ) (22,500 )
NET LIABILITIES (223,351 ) (231,874 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (223,451 ) (231,974 )
SHAREHOLDERS' FUNDS (223,351) (231,874)
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Brice
Director
21st October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Somerset County Sports Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05347425 . The registered office is 40 St. James Street, Taunton, Somerset, TA1 1JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing Balance
Office equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Financial Instruments
The company holds the following financial instruments:
  • Short term trade and other debtors and creditors;
  • Bank loans; and
  • Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Tangible Assets
Fixtures & Fittings Office equipment Total
£ £ £
Cost
As at 1 April 2023 64,810 77,176 141,986
As at 31 March 2024 64,810 77,176 141,986
Depreciation
As at 1 April 2023 59,777 52,895 112,672
Provided during the period 1,257 6,071 7,328
As at 31 March 2024 61,034 58,966 120,000
Net Book Value
As at 31 March 2024 3,776 18,210 21,986
As at 1 April 2023 5,033 24,281 29,314
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5. Stocks
2024 2023
£ £
Stock 246,392 300,134
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 72,129 55,874
VAT 2,712 14,731
74,841 70,605
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 163,871 204,804
Bank loans and overdrafts 10,679 10,679
Sundry Creditors 109,000 109,000
Other taxes and social security 3,000 2,932
Other creditors 10,761 9,446
Pension contributions unpaid 818 189
Credit card account 994 1,898
Accruals and deferred income 2,351 2,226
Directors' loan accounts 299,402 333,157
600,876 674,331
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 12,500 22,500
12,500 22,500
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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