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Registration number: 07508095

Xcite Sports Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Xcite Sports Limited

(Registration number: 07508095)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

6,838

9,118

Tangible assets

4

40,446

36,743

 

47,284

45,861

Current assets

 

Stocks

5

586,418

641,283

Debtors

6

21,106

14,273

Cash at bank and in hand

 

25,307

24,183

 

632,831

679,739

Creditors: Amounts falling due within one year

7

(358,136)

(378,328)

Net current assets

 

274,695

301,411

Total assets less current liabilities

 

321,979

347,272

Provisions for liabilities

(10,112)

(9,187)

Net assets

 

311,867

338,085

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

311,865

338,083

Shareholders' funds

 

311,867

338,085

 

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:

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 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.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 21 January 2025 and signed on its behalf by:
 

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

Mrs N Middleton-Groom

Director

 

Xcite Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

3

Intangible assets

Goodwill
 £

Cost

At 1 May 2023

20,200

At 30 April 2024

20,200

Amortisation

At 1 May 2023

11,082

Amortisation charge

2,280

At 30 April 2024

13,362

Carrying amount

At 30 April 2024

6,838

At 30 April 2023

9,118

 

Xcite Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 May 2023

40,011

42,211

11,863

-

94,085

Additions

-

-

3,262

10,000

13,262

At 30 April 2024

40,011

42,211

15,125

10,000

107,347

Depreciation

At 1 May 2023

34,150

17,251

5,941

-

57,342

Charge for the year

1,226

6,240

1,885

208

9,559

At 30 April 2024

35,376

23,491

7,826

208

66,901

Carrying amount

At 30 April 2024

4,635

18,720

7,299

9,792

40,446

At 30 April 2023

5,861

24,960

5,922

-

36,743

 

Xcite Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Stocks

2024
£

2023
£

Goods in transit

181,615

201,003

Finished goods

404,803

440,280

586,418

641,283

6

Debtors

2024
£

2023
£

Trade debtors

19,100

12,654

Prepayments

2,006

1,619

 

21,106

14,273

 

Xcite Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

20,580

99,208

Trade creditors

187,999

223,054

Taxation and social security

62,366

45,295

Accruals and deferred income

8,866

2,500

Other creditors

78,325

8,271

358,136

378,328

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1.00

A Ordinary shares of £0.01 each

100

1

100

1.00

 

200

2

200

2

 

Xcite Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

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 £43,208 (2023 - £Nil).

10

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.