Registered number
07009665
PRO-SPORT1 LIMITED
Filleted Accounts
31 March 2024
PRO-SPORT1 LIMITED
Registered number: 07009665
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 4,637 4,242
Investments 5 328,248 205,097
332,885 209,339
Current assets
Debtors 6 4 6,598
Cash at bank and in hand 32,345 89,854
32,349 96,452
Creditors: amounts falling due within one year 8 (56,743) (46,409)
Net current (liabilities)/assets (24,394) 50,043
Net assets 308,491 259,382
Capital and reserves
Called up share capital 200 200
Profit and loss account 308,291 259,182
Shareholders' funds 308,491 259,382
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Laurence Hope
Director
Approved by the board on 18 October 2024
PRO-SPORT1 LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment 20% reducing balance basis
Plant and machinery 15% reducing balance basis
Fixtures, fittings, tools and equipment 15% reducing balance basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 2,100
At 31 March 2024 2,100
Amortisation
At 1 April 2023 2,100
At 31 March 2024 2,100
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 10,991
Additions 1,511
At 31 March 2024 12,502
Depreciation
At 1 April 2023 6,749
Charge for the year 1,116
At 31 March 2024 7,865
Net book value
At 31 March 2024 4,637
At 31 March 2023 4,242
5 Investments
Other
investments
£
Cost
At 1 April 2023 205,097
Additions 100,000
Revaluation 23,151
At 31 March 2024 328,248
6 Debtors 2024 2023
£ £
Trade debtors - 4,978
Other debtors 4 1,620
4 6,598
7 Investments held as current assets 2024 2023
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 12,338 76
8 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 56,363 39,058
Other creditors 380 7,351
56,743 46,409
9 Other information
PRO-SPORT1 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Twelve Quays House
Egerton Wharf
Wirral
England
CH41 1LD
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