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Registered number: 01368675










TARGET SPORTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TARGET SPORTS LIMITED
 
 
COMPANY INFORMATION


Directors
G Plummer 
C Kearney 
J Tattersall 
R Jones (appointed 12 September 2023)




Registered number
01368675



Registered office
Elysian House
Lovet Road

Harlow

Essex

CM19 5TB




Independent auditor
MHA
Statutory Auditors

Building 4, Foundation Park

Roxborough Way

Maidenhead

SL6 3UD





 
TARGET SPORTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 30


 
TARGET SPORTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the Strategic Report of Target Sports Limited (the "Company") for the year ended 31 December 2023.  

Principal activity and business review
 
The principal activities of the Company are the design, manufacture and distribution of darts-related products to trade partners throughout the world.
During the year ended 31 December 2023 the Company grew revenue levels and gross profit margin year on year, in line with expectations.
The Company maintains a strong Balance Sheet and net assets position.
We have grown our brand by establishing ourselves as creative and innovative designers and marketers. It is a reputation that confers some considerable competitive advantage, but it is a reputation maintained only through dedicated teamwork, energy and focus throughout the business. We work hard to ensure that the business maintains its edge.
The Directors are pleased with the overall performance of the business during 2023.

Future developments

The Company will continue to grow sales by the launching of new, innovative products and by the acquisition of new customers and new consumers across all sales channels.  The company will continue to invest in its operational and technological infrastructure, in pursuance of continued advancement in the efficiency and effectiveness of all business operations.
The Directors confidently expect a continued positive performance in 2024 and beyond.

Principal risks and uncertainties
 
The Directors have recognised a number of risks for the Company which continue to be monitored:
Foreign currency risk
The Company’s principal foreign currency exposures arise from upstream costs in the supply chain, and to a lesser extent downstream trading in South East Asia. Foreign currency bank accounts are maintained, and forward contracts are taken out in foreign currency when appropriate.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures, and all trade credit is insured. Receivable balances and credit limits are monitored on an ongoing basis and provision is made for doubtful debts in good time.
Liquidity risk
The Company’s liquidity risk is managed by the Directors through tightly controlled cash management processes.
Debt service and interest rate risk
The Company is not significantly impacted by fluctuations in interest rates as the Company has no external borrowings.

Page 1

 
TARGET SPORTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The Directors consider the key financial performance indicators of the Company to be revenue growth and gross profit margin. Performance in these areas have been in line with expectations, as outlined in the Business review.

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172(1) of the Companies Act 2006 requires the Directors of an entity to act in the way they consider, in good faith, would be most likely to promote the success of the entity for the benefit of its Members as a whole.  As part of their deliberations and decision making process the Directors have taken into account the following;
• The likely consequences of any action in the long term;
• The interests of the Company’s employees;
• The need to foster the Company’s business relationships with suppliers, customers and others;
• The impact of the Company’s operations on the community and environment;
• The desirability of the Company maintaining a reputation for high standards of business conducts; and
• The need to act fairly as between members of the Company.
The Directors recognise that building strong relationships with stakeholders will help deliver the Company strategy in line with its long-term values and is committed to effective engagement with the Company's stakeholders.  Accordingly, the Directors require management to ensure that all stakeholder interests are considered in the Company's day to day management and operations, and seeks to understand the relative interests and priorities of the various stakeholders and to have regard to these in their decision making. The Directors acknowledge, however, that not every decision will necessarily result in a positive outcome for all stakeholders.  As a result of these activities, the Directors believe that they have demonstrated compliance with their legal duty under s172(1) of the Companies Act 2006.

Future Developments
 
The Company will continue to grow sales by the launching of new, innovative products and by the acquisition of new customers and new consumers across all sales channels.  The Company will continue to invest in its operational and technological infrastructure, in pursuance of continued advancement in the efficiency and effectiveness of all business operations.
The Directors confidently expect a continued positive performance in 2025 and beyond.


This report was approved by the board and signed on its behalf.


................................................
G Plummer
Director
Date: 18 February 2025

Page 2

 
TARGET SPORTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Dividends

The Directors do not recommend a dividend (2022 - £Nil).

Directors

The Directors who served during the year ended 31 December 2021 and up to the date of approval of this report were:

G Plummer 
C Kearney 
J Tattersall 
R Jones (appointed 12 September 2023)

Qualifying third party indemnity provisions

The Directors have the benefit of the indemnity provisions contained in the Company’s Articles of Association (‘Articles’), and the Company has maintained throughout the year Directors’ and officers’ liability insurance for the benefit of the Company, the Directors and its officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Page 3

 
TARGET SPORTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

In accordance with Section 414c (11) of the Companies Act 2006 the Director has chosen to include the following items in the Group Strategic Report:
 
Business review
Future developments
Principal risks and uncertainties

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There were no post balance sheet events.

Auditor

Under section 487(2) of the Companies Act 2006MHA will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
G Plummer
Director
Date: 18 February 2025

Page 4

 
TARGET SPORTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TARGET SPORTS LIMITED
 

Opinion


We have audited the financial statements of Target Sports Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
TARGET SPORTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TARGET SPORTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
TARGET SPORTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TARGET SPORTS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of company staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; 
Reviewing minutes of meetings of those charged with governance; and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Katharine Arnott BSc FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
Maidenhead, United Kingdom

Date: 21 February 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Page 7

 
TARGET SPORTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,803,063
13,862,455

Cost of sales
  
(8,214,557)
(9,629,198)

Gross profit
  
8,588,506
4,233,257

Administrative expenses
  
(7,956,281)
(3,651,068)

Other operating income
 5 
40,892
26,000

Operating profit
 6 
673,117
608,189

Interest receivable and similar income
 10 
54,846
-

Interest payable and similar expenses
 11 
(102,837)
(1,468)

Profit before tax
  
625,126
606,721

Tax on profit
 12 
(635,597)
(133,285)

(Loss)/profit for the financial year
  
(10,471)
473,436

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 30 form part of these financial statements.

Page 8

 
TARGET SPORTS LIMITED
REGISTERED NUMBER: 01368675

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 13 
821,675
567,181

Tangible assets
 14 
809,093
792,792

Investments
 15 
100
100

  
1,630,868
1,360,073

Current assets
  

Stocks
 16 
3,999,356
3,058,337

Debtors: Amounts falling due within one year
 17 
3,249,551
4,187,768

Cash at bank and in hand
 18 
4,237,795
3,888,258

  
11,486,702
11,134,363

Creditors: Amounts falling due within one year
 19 
(7,974,669)
(8,448,811)

Net current assets
  
 
 
3,512,033
 
 
2,685,552

Total assets less current liabilities
  
5,142,901
4,045,625

Creditors: amounts falling due after more than one year
 20 
(4,857)
-

Provisions for liabilities
  

Deferred tax
  
(104,456)
(58,294)

Other provisions
 23 
(1,056,728)
-

  
 
 
(1,161,184)
 
 
(58,294)

Net assets
  
3,976,860
3,987,331


Capital and reserves
  

Called up share capital 
 24 
10,050
10,050

Capital redemption reserve
 25 
60
60

Profit and loss account
 25 
3,966,750
3,977,221

  
3,976,860
3,987,331


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
G Plummer
Director
Date: 18 February 2025

The notes on pages 11 to 30 form part of these financial statements.

Page 9

 
TARGET SPORTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
10,050
60
3,503,785
3,513,895


Comprehensive income

Profit for the year
-
-
473,436
473,436
Total comprehensive income for the year
-
-
473,436
473,436



At 1 January 2023
10,050
60
3,977,221
3,987,331


Comprehensive income

Loss for the year
-
-
(10,471)
(10,471)
Total comprehensive income for the year
-
-
(10,471)
(10,471)


At 31 December 2023
10,050
60
3,966,750
3,976,860


The notes on pages 11 to 30 form part of these financial statements.

Page 10

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Target Sports Limited is a private company limited by shares incorporated in England and Wales. The registered office address and registration number can be found on the company information page and the nature of the Company's operation and its principal activity are set out in the Strategic Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Target Sports Limited is a parent entity of a group. It has not prepared group accounts as the company is included in the consolidated financial statements of Elysian Holdings Ltd. These are the financial statements of the company, not the group.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Elysian Holdings Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.

Page 11

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Directors consider that the Company has sufficient liquid resources and parent support to enable the Company to cover its costs and pay its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

Page 12

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover is therefore recognised when the customer has received the goods and they have been signed for. Goods that have left the warehouse and are in transit to the customer are deferred and not recognised until the customer has receipt of the goods.

 
2.6

Operating leases: the Company as lessee

Operating leases are those leases where the Company has use of an asset but where the significant risks and rewards of ownership remain with the lessor and the lease term is not expected to be a significant portion of the useful life of the asset.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Intellectual property
-
10 years
Development expenditure
-
5-10 years straight line 

The amortisation period above has been chosen as this is believed to be the useful life of the asset. Included is development expenditure which is believed to start to become obsolete after this period of time, or may need to be upgraded or replaced.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% straight line
Plant and machinery
-
10% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 15

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections
Page 16

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 17

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 18

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgments, estimates and assumptions that affect the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. 
Critical judgements in applying the Company's accounting policies
There are no critical judgements (apart from those involving estimates and in particular those for depreciation and doubtful debt provisions) that the directors have made in the process of applying the Group's accounting policies that have had a significant effect on amounts recognised in the Financial Statements.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. 
- Determining residual values and useful economic lives of tangible fixed assets
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on the historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technology innovation, product life cycle and maintenance programmes. 
Judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value, management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. 
- Recoverability of debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Management performs reviews to estimate the level of irrecoverable debt, and provisions are made specifically against invoices where recoverability is uncertain.
Management makes allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts when making a judgment to evaluate the adequacy of the provision for doubtful debts. Where the expectations are different from the original estimate, such differences will impact the carrying value of debtors and the charge in the profit and loss account.
- Damages for dilapidations provision
A provision is made for damages for dilapidations. This requires management's best estimate of the expenditure that will be incurred based on contractual requirements. In addition, the timing of the cash flows and the discount rate used to establish net present value of the obligations require management's judgement. For further details please see note 23. 



Page 19

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
16,803,063
13,862,455


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
4,789,232
4,308,618

Rest of the World
12,013,831
9,553,837

16,803,063
13,862,455



5.


Other operating income

2023
2022
£
£

Management fee receivable
26,000
26,000

Sundry income
14,892
-

40,892
26,000



6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation
160,316
163,595

Amortisation
66,564
45,010

Research & development charged as an expense
46,856
38,506

(Profit)/Loss on disposal of fixed assets
(700)
26,777

Exchange differences
347,134
(178,184)

Operating lease rentals
149,365
135,428

Bad debts
1,710,329
14,866

Damages for dilapidation
1,056,728
-

Page 20

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
22,500
20,100

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,949,139
1,470,116

Social security costs
211,508
156,465

Cost of defined contribution scheme
57,166
36,587


2,217,813
1,663,168


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
41
39

Page 21

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
362,135
308,658

Company contributions to defined contribution pension schemes
11,111
5,307

373,246
313,965


During the year retirement benefits were accruing to 4 Directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £158,650 (2022 - £164,237).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £3,522 (2022 - £1,321).


10.


Interest receivable

2023
2022
£
£


Bank interest receivable
54,846
-


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
88,769
1,468

Other interest payable
14,068
-

102,837
1,468

Page 22

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax (credit)/charge on profits for the year
829,230
128,991

Adjustments in respect of previous periods
(239,795)
-


Total current tax

589,435
128,991

Deferred tax


Origination and reversal of timing differences
7,940
4,294

Adjustments relating to prior period
38,222
-

Total deferred tax
46,162
4,294


Taxation on profit on ordinary activities
635,597
133,285

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19.0%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
625,126
606,721


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19.0%)
146,905
115,277

Effects of:


Expenses not deductible for tax purposes
695,882
7,185

Capital allowances for year in excess of depreciation
(5,995)
9,792

Super deduction adjustment
(92)
-

Remeasurement of deferred tax for changes in tax rates
470
1,031

Adjustments to tax charge in respect of previous periods - Corporation tax
(239,795)
-

Adjustments to tax charge in respect of previous periods - Deferred tax
38,222
-

Total tax charge for the year
635,597
133,285


Factors that may affect future tax charges

Page 23

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.5%.
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and are reflected in these financial statements.


13.


Intangible assets




Intellectual property
Development expenditure
Total

£
£
£



Cost


At 1 January 2023
23,455
589,882
613,337


Additions
-
321,058
321,058



At 31 December 2023

23,455
910,940
934,395



Amortisation


At 1 January 2023
586
45,570
46,156


Charge for the year
2,346
64,218
66,564



At 31 December 2023

2,932
109,788
112,720



Net book value



At 31 December 2023
20,523
801,152
821,675



At 31 December 2022
22,869
544,312
567,181



Page 24

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
895,166
455,397
16,600
408,791
1,775,954


Additions
85,782
54,451
-
34,038
174,271


Disposals
-
(2,000)
-
-
(2,000)



At 31 December 2023

980,948
507,848
16,600
442,829
1,948,225



Depreciation


At 1 January 2023
307,510
384,596
14,384
276,672
983,162


Charge for the year on owned assets
94,249
11,238
554
49,051
155,092


Charge for the year on financed assets
-
2,878
-
-
2,878


Disposals
-
(2,000)
-
-
(2,000)



At 31 December 2023

401,759
396,712
14,938
325,723
1,139,132



Net book value



At 31 December 2023
579,189
111,136
1,662
117,106
809,093



At 31 December 2022
587,656
70,801
2,216
132,119
792,792

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
10,072
-

Page 25

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
100



At 31 December 2023
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Country of incorporation

Class of shares

Holding

Target (Tianjin) International Trade Co Limited
China
Ordinary
100%

The results of Target (Tianjin) International Trade Co Limited are not included in these financial statements as the ultimate parent, Elysian Holdings Limited, prepares consolidated accounts which include the results of Target Sports Limited and Target (Tianjin) International Trade Co Limited. This is both the smallest and largest Group for which consolidated accounts are prepared.


16.


Stocks

2023
2022
£
£

Work in progress
250
1,313

Finished goods and goods for resale
3,999,106
3,057,024

3,999,356
3,058,337


Stock recognised in cost of sales during the year ended 31 December 2023 as an expense was £5,832,211 (2022 - £5,553,956).

Page 26

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£


Trade debtors
1,496,322
1,398,729

Amounts owed by group undertakings
1,407,729
2,569,205

Other debtors
177,502
83,730

Prepayments and accrued income
167,998
136,104

3,249,551
4,187,768


Trade debtors are stated after provisions for impairment of £27,933 (2022: £30,513).
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
During the year £1,682,087 (2022: £Nil) was written off as bad debts in respect of amounts owed by group undertakings.


18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,237,795
3,888,258



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
305,802
174,677

Amounts owed to group undertakings
4,896,669
7,370,053

Corporation tax
638,177
101,077

Other taxation and social security
205,096
124,258

Obligations under finance lease and hire purchase contracts
3,885
-

Other creditors
1,527,002
63,483

Accruals and deferred income
398,038
615,263

7,974,669
8,448,811


Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Obligations under finance leases and hire purchase contracts of £3,885 (2022: £Nil) are secured against the assets to which they relate.

Page 27

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
4,857
-


Obligations under finance leases and hire purchase contracts of £4,857 (2022: £Nil) are secured against the asset to which they relate.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
3,885
-

Between 1-5 years
4,857
-

8,742
-


22.


Deferred taxation




2023
2022


£

£






Deferred tax liability at 1 January
(58,294)
(54,000)


Charged to profit or loss
(46,162)
(4,294)



Deferred tax liability at 31 December
(104,456)
(58,294)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
102,835
59,683

Short term timing differences
1,621
(1,389)

104,456
58,294

Page 28

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Provisions




Damages for dilapidation

£





Charged to profit or loss
1,056,728



At 31 December 2023
1,056,728

The damges for dilapidation provision relates to the expected costs to re-establish the building to its pre-lease condition on termination of the lease. The works are expected to be finalised in 2025.


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,050 (2022 - 10,050) Ordinary shares of £1.00 each
10,050
10,050

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and  the repayment of capital.



25.


Reserves

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares repurchased by the Company.

Profit and loss account

The profit and loss account represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £57,166 (2022 - £36,587). Contributions totalling £11,072 (2022 - £10,943) were payable to the fund at the Balance Sheet date and are included in other creditors.

Page 29

 
TARGET SPORTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
130,752
40,778

Later than 1 year and not later than 5 years
232,738
14,914

363,490
55,692


28.


Related party transactions

G Plummer is a Director of the Company. During the year ended 31 December 2023, £105,000 (2022 - £91,200) was paid to G Plummer as rent for the Group's head office and £1,217 (2022 - £1,026) was paid for insurance on the property.
A damages for dilapidations provision of £1,056,728 (2022: £Nil) has been recognised in the year in respect of the office premises leased from director, G Plummer. 
During the year ended 31 December 2023, G Plummer provided an unsecured loan to the Group of £1,500,000 at an interest rate of 10% per annum. During the year ended 31 December 2023, interest of £88,769 against this loan was charged to the Group. At 31 December 2023 £1,500,000 were owed to G Plummer.
The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the Group. 


29.


Controlling party

As at 31 December 2023, the immediate and ultimate parent company of Target Sports Limited is Elysian Holdings Limited, a company incorporated in England and Wales. The Company and its subsidiary are included in the consolidated financial statements for Elysian Holdings Limited, which forms the smallest and largest group on which consolidated accounts are produced. The latest financial statements for Elysian Holdings Limited can be obtained from Companies House.
The registered office address of Elysian Holdings Limited is 910 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ. The registered number of Elysian Holdings Limited is 09706360.
The ultimate controlling party is considered to be G Plummer by virtue of his 100% shareholding of Elysian Holdings Limited.

Page 30