Registration number:
Xcite Sports Limited
for the Year Ended 30 April 2024
Xcite Sports Limited
(Registration number: 07508095)
Balance Sheet as at 30 April 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Xcite Sports Limited
(Registration number: 07508095)
Balance Sheet as at 30 April 2024 (continued)
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
.........................................
Mrs N Middleton-Groom
Director
Xcite Sports Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Accounting policies |
Statutory information
Xcite Sports Limited is a private company, limited by shares, domiciled in England and Wales, company number 07508095. The registered office is at Unit 2 Smeckley Wood Close, Sheepbridge Trading Estate, Chesterfield, S41 9PZ.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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.
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.
Xcite Sports Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
1 |
Accounting policies (continued) |
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. 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.
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
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful life as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% reducing balance |
Plant and machinery |
25% reducing balance |
Office equipment |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
25% reducing balance |
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.
Xcite Sports Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
1 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
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Cost |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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Amortisation charge |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Xcite Sports Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost |
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At 1 May 2023 |
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Additions |
- |
- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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- |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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- |
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Xcite Sports Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Stocks |
2024 |
2023 |
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Goods in transit |
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Finished goods |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Xcite Sports Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Creditors |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1.00 |
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1 |
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1.00 |
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Xcite Sports Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
At the balance sheet date the amount owed to shareholders and directors was £76,450 (2023 - £6,500). This loan is interest free.