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Company No: 04783018 (England and Wales)

STUART'S SPORTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

STUART'S SPORTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

STUART'S SPORTS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
STUART'S SPORTS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
DIRECTORS G M Tweedale
J S Tweedale
SECRETARY J S Tweedale
REGISTERED OFFICE 5 Beechwood Close
Bowness On Windermere
Cumbria
LA23 3AB
United Kingdom
COMPANY NUMBER 04783018 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
STUART'S SPORTS LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
STUART'S SPORTS LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 6,157 6,471
6,157 6,471
Current assets
Stocks 135,340 125,350
Debtors 5 2,961 2,358
Cash at bank and in hand 34,641 35,423
172,942 163,131
Creditors: amounts falling due within one year 6 ( 51,172) ( 45,660)
Net current assets 121,770 117,471
Total assets less current liabilities 127,927 123,942
Provision for liabilities ( 1,539) ( 1,618)
Net assets 126,388 122,324
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 126,288 122,224
Total shareholders' funds 126,388 122,324

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stuart's Sports Limited (registered number: 04783018) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

J S Tweedale
Director
STUART'S SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
STUART'S SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stuart's Sports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Beechwood Close, Bowness On Windermere, Cumbria, LA23 3AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 25 % reducing balance
Computer equipment 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 100,000 100,000
At 29 February 2024 100,000 100,000
Accumulated amortisation
At 01 March 2023 100,000 100,000
At 29 February 2024 100,000 100,000
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 March 2023 7,098 8,159 15,257
Additions 0 666 666
At 29 February 2024 7,098 8,825 15,923
Accumulated depreciation
At 01 March 2023 2,494 6,292 8,786
Charge for the financial year 461 519 980
At 29 February 2024 2,955 6,811 9,766
Net book value
At 29 February 2024 4,143 2,014 6,157
At 28 February 2023 4,604 1,867 6,471

5. Debtors

2024 2023
£ £
Trade debtors 2,114 1,587
Prepayments 847 771
2,961 2,358

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 14,207 15,803
Corporation tax 17,817 14,470
Other taxation and social security 13,919 15,896
Other creditors 5,229 ( 509)
51,172 45,660

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100