Registration number:
Labosport Limited
for the Year Ended 31 December 2024
Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
Labosport Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Labosport Limited
Company Information
Directors |
Prof D M James Mr D A Rigby |
Registered office |
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Accountants |
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Auditors |
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Labosport Limited
(Registration number: 05185905)
Balance Sheet as at 31 December 2024
Note |
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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Creditors: Amounts falling due after more than one year |
( |
- |
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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 |
1,100 |
1,100 |
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Retained earnings |
929,299 |
922,630 |
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Shareholders' funds |
930,399 |
923,730 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Statement of Retained Earnings has not been delivered.
Labosport Limited
(Registration number: 05185905)
Balance Sheet as at 31 December 2024 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and FRS102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.
Approved and authorised by the
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Labosport Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by shares, incorporated in England and Wales. Registration number: 05185905.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
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.
The presentation currency is £ sterling.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Income is recognised in full on contracts which have been completed in the year. Those contracts completed after the year end for which the value of the sale can be determined with reasonable certainty are included in proportion to the stage of completion.
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Labosport Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Government grants
Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.
Foreign currency transactions and balances
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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
15% reducing balance basis |
Office equipment |
33.33% straight line basis |
Motor vehicles |
25% reducing balance basis |
Land and buildings |
over the lease term |
Labosport Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 |
Accounting policies (continued) |
Research and development costs
Research expenditure is written off as incurred.
Development costs are capitalised and treated as Intangible Assets on the Balance Sheet, as the entity can demonstrate that all of the points in FRS 102 18.8H are met, and those costs are written off on a straight line basis over a period of 10 years, which is estimated to be the useful life of the development costs.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value and less any impairment losses, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
10 years straight line |
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.
Amounts recoverable on long-term contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Labosport Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
2 |
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 |
Internally generated development costs |
Total |
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Cost |
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Additions internally developed |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Labosport Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Labosport Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Obligations under hire purchase contracts |
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- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Creditors include net obligations under finance lease and hire purchase contracts which are secured of £3,177 (2023 - £Nil).
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Obligations under hire purchase contracts |
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- |
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £4,733 (2023 - £Nil).
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 £
Labosport Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Parent company |
A debenture is held by Global Loan Agency Services GmbH over all assets and undertaking of Labosport Limited as security for a facilities agreement in the name of Certania Beteilugungen GmbH, an intermediate parent company.
Non adjusting events after the financial period |
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Disclosure under section 444(5B) of the Companies Act 2006 |