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Company Registration No. SC601310 (Scotland)
Richie Foran Sports Team Wear Ltd Filleted accounts for the year ended 30 June 2024
Richie Foran Sports Team Wear Ltd Filleted accounts Contents
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Richie Foran Sports Team Wear Ltd Company Information for the year ended 30 June 2024
Director
Richie Foran
Company Number
SC601310 (Scotland)
Registered Office
Unit 3 57 Harbour Road Inverness IV1 1UF
Accountants
Cameron Consulting (Scotland) Ltd 7 Poles Road Dornoch IV25 3HP
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Richie Foran Sports Team Wear Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Inventories
- 
1,500 
Debtors
10,377 
70,771 
Cash at bank and in hand
30,297 
13,855 
40,674 
86,126 
Creditors: amounts falling due within one year
(36,432)
(69,226)
Net current assets
4,242 
16,900 
Total assets less current liabilities
4,242 
16,900 
Creditors: amounts falling due after more than one year
(5,000)
(10,000)
Net (liabilities)/assets
(758)
6,900 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(759)
6,899 
Shareholders' funds
(758)
6,900 
For the year ending 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 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 6 February 2025 and were signed on its behalf by
Richie Foran Director Company Registration No. SC601310
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Richie Foran Sports Team Wear Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Richie Foran Sports Team Wear Ltd is a private company, limited by shares, registered in Scotland, registration number SC601310. The registered office is Unit 3, 57 Harbour Road, Inverness, IV1 1UF.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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:
Fixtures & fittings
25% straight line
Computer equipment
33% straight line
Turnover
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
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.
Leased assets
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.
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Richie Foran Sports Team Wear Ltd Notes to the Accounts for the year ended 30 June 2024
Inventories
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.
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 July 2023
3,154 
At 30 June 2024
3,154 
Depreciation
At 1 July 2023
3,154 
At 30 June 2024
3,154 
Net book value
At 30 June 2024
- 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,798 
70,771 
Other debtors
7,579 
- 
10,377 
70,771 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
5,000 
5,000 
VAT
1,221 
4,654 
Taxes and social security
8,132 
6,328 
Other creditors
152 
924 
Accruals
21,927 
52,320 
36,432 
69,226 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
5,000 
10,000 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Loan
- 
7,579 
- 
7,579 
- 
7,579 
- 
7,579 
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Richie Foran Sports Team Wear Ltd Notes to the Accounts for the year ended 30 June 2024
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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