2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05486316 2023-06-01 2024-05-31 05486316 2024-05-31 05486316 2023-05-31 05486316 2022-06-01 2023-05-31 05486316 2023-05-31 05486316 2022-05-31 05486316 core:FurnitureFittings 2023-06-01 2024-05-31 05486316 bus:Director1 2023-06-01 2024-05-31 05486316 core:FurnitureFittings 2023-05-31 05486316 core:FurnitureFittings 2024-05-31 05486316 core:WithinOneYear 2024-05-31 05486316 core:WithinOneYear 2023-05-31 05486316 core:AfterOneYear 2024-05-31 05486316 core:AfterOneYear 2023-05-31 05486316 core:ShareCapital 2024-05-31 05486316 core:ShareCapital 2023-05-31 05486316 core:RetainedEarningsAccumulatedLosses 2024-05-31 05486316 core:RetainedEarningsAccumulatedLosses 2023-05-31 05486316 core:FurnitureFittings 2023-05-31 05486316 bus:SmallEntities 2023-06-01 2024-05-31 05486316 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05486316 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05486316 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05486316 bus:FullAccounts 2023-06-01 2024-05-31 05486316 core:ComputerEquipment 2023-06-01 2024-05-31 05486316 core:ComputerEquipment 2023-05-31 05486316 core:ComputerEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: 05486316
SPORTPOWER LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
SPORTPOWER LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,866
2,000
CURRENT ASSETS
Stocks
56,900
46,700
Debtors
6
15,036
17,225
Cash at bank and in hand
29,767
7,411
---------
--------
101,703
71,336
CREDITORS: amounts falling due within one year
7
306,190
248,385
---------
---------
NET CURRENT LIABILITIES
204,487
177,049
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 201,621)
( 175,049)
CREDITORS: amounts falling due after more than one year
8
15,000
25,000
---------
---------
NET LIABILITIES
( 216,621)
( 200,049)
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 216,721)
( 200,149)
---------
---------
SHAREHOLDERS DEFICIT
( 216,621)
( 200,049)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SPORTPOWER LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
Mr N D Sandford
Director
Company registration number: 05486316
SPORTPOWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 3 Coach Close, Shireoaks, Worksop, S81 8AP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the director (Other Creditors). On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
25% reducing balance
Computer Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2023
6,249
2,388
8,637
Additions
1,553
1,553
-------
-------
--------
At 31 May 2024
7,802
2,388
10,190
-------
-------
--------
Depreciation
At 1 June 2023
5,683
954
6,637
Charge for the year
529
158
687
-------
-------
--------
At 31 May 2024
6,212
1,112
7,324
-------
-------
--------
Carrying amount
At 31 May 2024
1,590
1,276
2,866
-------
-------
--------
At 31 May 2023
566
1,434
2,000
-------
-------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
12,474
14,720
Other debtors
2,562
2,505
--------
--------
15,036
17,225
--------
--------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,089
10,000
Trade creditors
37,961
29,047
Corporation tax
2,002
Social security and other taxes
6,348
5,655
Other creditors
249,790
203,683
---------
---------
306,190
248,385
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,000
25,000
--------
--------
9. GOING CONCERN
The director has considered the period to February 2026 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy it's liabilities as these become payable.