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Registration number: 07765456

Phil Chambers Velocity Angling Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Phil Chambers Velocity Angling Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Phil Chambers Velocity Angling Ltd

Company Information

Directors

P I Chambers

Miss J R Halford

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
Chartered Accountants
39 High Street
Battle
East Sussex
TN33 0EE

 

Phil Chambers Velocity Angling Ltd

(Registration number: 07765456)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

975

1,088

Current assets

 

Stocks

7

75,743

75,743

Debtors

8

31

594

Cash at bank and in hand

 

1,051

869

 

76,825

77,206

Creditors: Amounts falling due within one year

9

(76,977)

(74,564)

Net current (liabilities)/assets

 

(152)

2,642

Total assets less current liabilities

 

823

3,730

Provisions for liabilities

(185)

(207)

Net assets

 

638

3,523

Capital and reserves

 

Called up share capital

2

2

Retained earnings

636

3,521

Shareholders' funds

 

638

3,523

For the financial year ending 30 September 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 January 2025 and signed on its behalf by:
 

 

Phil Chambers Velocity Angling Ltd

(Registration number: 07765456)
Balance Sheet as at 30 September 2024

.........................................
P I Chambers
Director

 

Phil Chambers Velocity Angling Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
United Kingdom

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of memberships and provision of services in the ordinary course of the company’s activities in providing access for anglers to the carp syndicates.

Tax

Taxation represents the sum of corporation and deferred tax payable. The company's liability for tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered.

 

Phil Chambers Velocity Angling Ltd

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

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.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33.33% straight line depreciation

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

No depreciation has been provided on the £1 asset

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Phil Chambers Velocity Angling Ltd

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Phil Chambers Velocity Angling Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

-

(547)

Deferred taxation

Arising from origination and reversal of timing differences

(22)

207

Tax receipt in the income statement

(22)

(340)

 

Phil Chambers Velocity Angling Ltd

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

1

1

At 30 September 2024

1

1

Amortisation

At 1 October 2023

1

1

At 30 September 2024

1

1

Carrying amount

At 30 September 2024

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

25,939

25,939

Additions

644

644

At 30 September 2024

26,583

26,583

Depreciation

At 1 October 2023

24,851

24,851

Charge for the year

757

757

At 30 September 2024

25,608

25,608

Carrying amount

At 30 September 2024

975

975

At 30 September 2023

1,088

1,088

7

Stocks

2024
£

2023
£

Other inventories

75,743

75,743

 

Phil Chambers Velocity Angling Ltd

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

8

Debtors

2024
£

2023
£

Taxation and social security

-

547

Prepayments

31

47

31

594

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

2,966

2,967

Accruals and deferred income

 

912

850

Other creditors

 

-

550

Director loan account

 

73,099

70,197

 

76,977

74,564

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

2,966

2,967

 

Phil Chambers Velocity Angling Ltd

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

11

Related party transactions

Summary of transactions with other related parties

The Phil Chambers SIPP
 Pension scheme of the director, P I Chambers
 The carp fishery land is owned by the SIPP, and the rent totalling £10,008 (2023: £10,008) was paid to the SIPP during the year.

The SIPP has made loans to the company on which interest of £NIL (2023: £NIL) was paid during the year. At the balance sheet date the amount due to The Phil Chambers SIPP was £2,966 (2023: £2,966).