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COMPANY REGISTRATION NUMBER: 04355627
BENY SPORTS CO.UK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
BENY SPORTS CO.UK LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
BENY SPORTS CO.UK LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,039,479
1,057,258
CURRENT ASSETS
Stocks
475,710
722,250
Debtors
6
81,910
200,514
Cash at bank and in hand
70,612
110,334
----------
-------------
628,232
1,033,098
CREDITORS: amounts falling due within one year
7
1,227,317
1,238,811
-------------
-------------
NET CURRENT LIABILITIES
599,085
205,713
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
440,394
851,545
CREDITORS: amounts falling due after more than one year
8
1,605,263
1,700,326
-------------
-------------
NET LIABILITIES
( 1,164,869)
( 848,781)
-------------
-------------
BENY SPORTS CO.UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
9
100
100
Other reserves
646,093
662,060
Profit and loss account
( 1,811,062)
( 1,510,941)
-------------
-------------
SHAREHOLDERS DEFICIT
( 1,164,869)
( 848,781)
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
D A Owram
Director
Company registration number: 04355627
BENY SPORTS CO.UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8, Riparian Way, The Crossings Business Park, Crosshills, West Yorkshire, BD20 7BW.
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 has the continuing support of Beny Sports Co. Ltd in Taiwan. Consequently, the accounts have been prepared on a going-concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements, accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Current and deferred taxation
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Freehold property
-
2% straight line
Plant & machinery
-
33% straight line
Fixtures & fittings
-
25% straight line
Motor vehicle
-
25% straight line
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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2023
1,332,449
15,312
59,507
36,144
11,985
1,455,397
Disposals
( 30,450)
( 30,450)
-------------
---------
---------
---------
---------
-------------
At 30 Jun 2024
1,332,449
15,312
59,507
5,694
11,985
1,424,947
-------------
---------
---------
---------
---------
-------------
Depreciation
At 1 Jul 2023
277,088
14,813
59,507
36,144
10,587
398,139
Charge for the year
16,542
222
1,015
17,779
Disposals
( 30,450)
( 30,450)
-------------
---------
---------
---------
---------
-------------
At 30 Jun 2024
293,630
15,035
59,507
5,694
11,602
385,468
-------------
---------
---------
---------
---------
-------------
Carrying amount
At 30 Jun 2024
1,038,819
277
383
1,039,479
-------------
---------
---------
---------
---------
-------------
At 30 Jun 2023
1,055,361
499
1,398
1,057,258
-------------
---------
---------
---------
---------
-------------
6. DEBTORS
2024
2023
£
£
Trade debtors
72,376
191,747
Prepayments and accrued income
9,504
8,737
Directors loan account
30
30
---------
----------
81,910
200,514
---------
----------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,081,268
1,081,683
Accruals and deferred income
26,135
26,693
Social security and other taxes
23,795
34,141
Other creditors
96,119
96,294
-------------
-------------
1,227,317
1,238,811
-------------
-------------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,605,263
1,700,326
-------------
-------------
Included within creditors: amounts falling due after more than one year is an amount of £1,210,864 (2023: £1,311,627) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
This is an interest free loan which is being repaid at £10,000 per month. As it is interest free, the loan has been discounted to present value using a calculated rate of 1.47%.
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. FAIR VALUE RESERVE
The following movements on the fair value reserve are included within other reserves in the statement of changes in equity:
2024
2023
£
£
At start of year
662,060
667,038
Reclassification from fair value reserve to profit and loss account
(15,967)
(4,978)
----------
----------
At end of year
646,093
662,060
----------
----------
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the 30 June 2024 the balance owed to the company by the directors was £30 (2023: £30). The maximum borrowed during the year was £30 (2023: £30). These loans are unsecured, interest free and repayable on demand.