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Registration number: 07943908

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Company Information

Director

Mr W M Booth

Registered office

Unit 5
Broughton Business Park Caxton Road
Fulwood
Preston
PR2 9ZZ

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Director's Report for the Year Ended 29 February 2024

The director presents his report and the financial statements for the year ended 29 February 2024.

Director of the company

The director who held office during the year was as follows:

Mr W M Booth

Principal activity

The principal activity of the company is that of the retail sale of sports goods and artificial grass.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 25 November 2024
 

.........................................
Mr W M Booth
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Fylde Sports Uk Limited

trading as Fylde Sports UK Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fylde Sports Uk Limited for the year ended 29 February 2024 as set out on pages 4 to 12 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fylde Sports Uk Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Fylde Sports Uk Limited and state those matters that we have agreed to state to the Board of Directors of Fylde Sports Uk Limited, 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 Fylde Sports Uk Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fylde Sports Uk Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fylde Sports Uk Limited. You consider that Fylde Sports Uk Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Fylde Sports Uk Limited. 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 accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

25 November 2024

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

(Registration number: 07943908)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

183,652

195,919

Current assets

 

Stocks

5

319,000

306,000

Debtors

6

(51,264)

77,589

Cash at bank and in hand

 

62,239

73,940

 

329,975

457,529

Creditors: Amounts falling due within one year

7

(327,323)

(474,366)

Net current assets/(liabilities)

 

2,652

(16,837)

Total assets less current liabilities

 

186,304

179,082

Creditors: Amounts falling due after more than one year

7

(64,346)

(54,188)

Provisions for liabilities

(45,913)

(48,980)

Net assets

 

76,045

75,914

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

76,044

75,913

Shareholders' funds

 

76,045

75,914

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

(Registration number: 07943908)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 25 November 2024
 

.........................................
Mr W M Booth
Director

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5
Broughton Business Park Caxton Road
Fulwood
Preston
PR2 9ZZ
England

These financial statements were authorised for issue by the director on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & office equipment

33% Straight Line

Motor Vehicles

25% Straight Line

Plant & Machinery

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

243,598

211,321

454,919

Additions

103,000

-

103,000

Disposals

(141,254)

-

(141,254)

At 29 February 2024

205,344

211,321

416,665

Depreciation

At 1 March 2023

95,491

163,509

259,000

Charge for the year

40,607

17,534

58,141

Eliminated on disposal

(84,128)

-

(84,128)

At 29 February 2024

51,970

181,043

233,013

Carrying amount

At 29 February 2024

153,374

30,278

183,652

At 28 February 2023

148,107

47,812

195,919

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

319,000

306,000

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

(75,038)

52,534

Prepayments

 

6,210

7,192

Other debtors

 

17,564

17,863

   

(51,264)

77,589

 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

38,418

35,118

Trade creditors

 

109,276

17,361

Taxation and social security

 

8,053

-

Accruals and deferred income

 

144,976

385,412

Other creditors

 

26,600

36,475

 

327,323

474,366

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

64,346

54,188

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       
 

Fylde Sports Uk Limited

trading as Fylde Sports UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

64,346

54,188

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

38,418

35,118