Company registration number 10426591 (England and Wales)
Sports Junkie Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 30 June 2024
PAGES FOR FILING WITH REGISTRAR
Sports Junkie Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Sports Junkie Limited
Statement of financial position
as at 30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
820
Current assets
Stocks
4,464
6,832
Debtors
1,648
750
Cash at bank and in hand
81,897
84,544
88,009
92,126
Creditors: amounts falling due within one year
(51,531)
(66,512)
Net current assets
36,478
25,614
Net assets
37,298
25,614
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
37,148
25,464
Total equity
37,298
25,614
For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 November 2024 and are signed on its behalf by:
C Wilson
Director
Company registration number 10426591 (England and Wales)
Sports Junkie Limited
Notes to the financial statements
for the year ended 30 June 2024
- 2 -
1
Accounting policies
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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 on supply of goods and services.
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.
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:
Computers
25% reducing balance basis
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.
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 income statement 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.
Sports Junkie Limited
Notes to the financial statements (continued)
for the year ended 30 June 2024
1
Accounting policies
(continued)
- 3 -
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.
2
Intangible fixed assets
Total
£
Cost
At 1 July 2023 and 30 June 2024
16,900
Amortisation and impairment
At 1 July 2023 and 30 June 2024
16,900
Carrying amount
At 30 June 2024
At 30 June 2023
3
Tangible fixed assets
Computers
£
Cost
At 1 July 2023
Additions
837
At 30 June 2024
837
Depreciation and impairment
At 1 July 2023
Depreciation charged in the year
17
At 30 June 2024
17
Carrying amount
At 30 June 2024
820
At 30 June 2023
4
Parent company
The company's parent company is Charles Birch Limited, a company registered in England and Wales, whose registered office is situated at 4 Brown Lane West, Gelderd Road, Leeds, LS12 6BH.
5
Company information
Sports Junkie Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brown Lane West, Gelderd Road, Leeds, LS12 6BH.