Registered number
13559634
BALMANSPORTS LTD
Filleted Accounts
31 August 2024
BALMANSPORTS LTD
Registered number: 13559634
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,079 9,159
Investments 4 100,000 -
106,079 9,159
Current assets
Debtors 5 16,987 20,000
Cash at bank and in hand 46 -
17,033 20,000
Creditors: amounts falling due within one year 6 2,518 (10,087)
Net current assets 19,551 9,913
Total assets less current liabilities 125,630 19,072
Creditors: amounts falling due after more than one year 7 (125,408) -
Net assets 222 19,072
Capital and reserves
Called up share capital 100 100
Profit and loss account 122 18,972
Shareholders' funds 222 19,072
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr F Martin
Director
Approved by the board on 20 February 2025
BALMANSPORTS LTD
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle over 5 years
Fixtures and fittings over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures and Fittings Motor vehicles Total
£ £ £
Cost
At 1 September 2023 239 15,000 15,239
At 31 August 2024 239 15,000 15,239
Depreciation
At 1 September 2023 80 6,000 6,080
Charge for the year 80 3,000 3,080
At 31 August 2024 160 9,000 9,160
Net book value
At 31 August 2024 79 6,000 6,079
At 31 August 2023 159 9,000 9,159
4 Investments
Other
investments
£
Cost
Additions 100,000
At 31 August 2024 100,000
Shares in Lincoln Red Imps FC.
5 Debtors 2024 2023
£ £
Trade debtors 16,987 20,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 47 6
Taxation and social security costs 7,434 8,792
Other creditors (9,999) 1,289
(2,518) 10,087
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 125,408 -
8 Controlling party
The company is controlled by Mr F Martin by way of him owning 60% of the issued share capital.
9 Other information
BALMANSPORTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Harthill Farm
Goodshaw Lane
Rossendale
Lancs
BB4 8RB
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