Company Registration No. 7651584 (England and Wales)
Supplements for Sport Limited
Unaudited accounts
for the year ended 31 March 2024
Supplements for Sport Limited
Unaudited accounts
Contents
Supplements for Sport Limited
Company Information
for the year ended 31 March 2024
Director
Mr Timothy Johnstone
Company Number
7651584 (England and Wales)
Registered Office
Unit 2 Discovery Park
Whisby Road
Lincoln
LN6 3AJ
Accountants
Kate Dodd Accounting Services
4 Warren Lane
Witham St Hughs
Lincoln
LN6 9US
Supplements for Sport Limited
Statement of financial position
as at 31 March 2024
Tangible assets
106,078
55,713
Cash at bank and in hand
135,652
14,926
Creditors: amounts falling due within one year
(104,827)
(23,950)
Net current assets
114,471
28,595
Total assets less current liabilities
220,549
84,308
Creditors: amounts falling due after more than one year
(116,388)
(35,005)
Provisions for liabilities
Deferred tax
(20,155)
(10,586)
Called up share capital
100
100
Profit and loss account
83,906
38,617
Shareholders' funds
84,006
38,717
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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 24 December 2024 and were signed on its behalf by
Mr Timothy Johnstone
Director
Company Registration No. 7651584
Supplements for Sport Limited
Notes to the Accounts
for the year ended 31 March 2024
Supplements for Sport Limited is a private company, limited by shares, registered in England and Wales, registration number 7651584. The registered office is Unit 2 Discovery Park, Whisby Road, Lincoln, LN6 3AJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
Straight line over 3 years
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Supplements for Sport Limited
Notes to the Accounts
for the year ended 31 March 2024
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 accounts. 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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
56,945
31,790
1,034
89,769
Additions
52,319
51,553
666
104,538
Disposals
-
(18,509)
-
(18,509)
At 31 March 2024
109,264
64,834
1,700
175,798
At 1 April 2023
25,763
7,948
345
34,056
Charge for the year
20,875
14,222
567
35,664
At 31 March 2024
46,638
22,170
912
69,720
At 31 March 2024
62,626
42,664
788
106,078
At 31 March 2023
31,182
23,842
689
55,713
Amounts falling due within one year
Accrued income and prepayments
1,636
5,404
Supplements for Sport Limited
Notes to the Accounts
for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
29,360
9,960
Obligations under finance leases and hire purchase contracts
13,710
4,580
Taxes and social security
7,106
5,254
Other creditors
16,127
248
Loans from directors
-
1,008
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
22,828
12,464
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan
-
1,215
-
1,215
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Average number of employees
During the year the average number of employees was 5 (2023: 3).