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Registration number: 03146172

Raw Sports Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Raw Sports Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Raw Sports Limited

Company Information

Director

Mr S Grindle

Company secretary

Mr B W Grindle

Registered office

The Cast House
Ruspidge Road
Cinderford
Gloucester
GL14 3AW

Accountants

Regulatory Accounting Ltd
Accountants
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Raw Sports Limited

(Registration number: 03146172)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

fixed assets

 

Intangible assets

4

180,948

180,948

tangible assets

5

17,698

23,774

 

198,646

204,722

Current assets

 

stocks

6

83,483

124,202

Debtors

7

660

909

Cash at bank and in hand

 

872

1,338

 

85,015

126,449

Creditors: Amounts falling due within one year

8

(1,091,328)

(1,085,371)

Net current liabilities

 

(1,006,313)

(958,922)

Net liabilities

 

(807,667)

(754,200)

capital and reserves

 

Called up share capital

761,576

761,576

Profit and loss account

(1,569,243)

(1,515,776)

Shareholders' deficit

 

(807,667)

(754,200)

 

Raw Sports Limited

(Registration number: 03146172)
Balance Sheet as at 30 June 2024

For the financial 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.

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr S Grindle
Director

 

Raw Sports Limited

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

1

General information

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

The presentation currency of the financial statements is the Pound Sterling (£).

The address of its registered office is:
The Cast House
Ruspidge Road
Cinderford
Gloucester
GL14 3AW

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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Going concern

Despite the overdrawn balance sheet, the company has the full backing from the majority shareholder who will continue to support the business. The majority shareholder has considered the risks and issues concerning the company and its activities and conclude there is no significant doubt about the company's ability to continue as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Turnover is recognised on delivery to the customer.

 

Raw Sports Limited

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

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

Fixture and Fittings

20% on cost

Motor vehicles

25% Reducing balance

Office equipment

33% on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Website

33% on cost

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.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

Raw Sports Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Raw Sports Limited

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

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

180,948

16,915

197,863

At 30 June 2024

180,948

16,915

197,863

Amortisation

At 1 July 2023

-

16,915

16,915

At 30 June 2024

-

16,915

16,915

Carrying amount

At 30 June 2024

180,948

-

180,948

At 30 June 2023

180,948

-

180,948

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

30,265

78,943

109,208

At 30 June 2024

30,265

78,943

109,208

Depreciation

At 1 July 2023

28,674

56,760

85,434

Charge for the year

530

5,546

6,076

At 30 June 2024

29,204

62,306

91,510

Carrying amount

At 30 June 2024

1,061

16,637

17,698

At 30 June 2023

1,591

22,183

23,774

 

Raw Sports Limited

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

6

Stocks

2024
£

2023
£

Other inventories

83,483

124,202

7

Debtors

Current

2024
£

2023
£

Trade debtors

594

661

Prepayments

66

66

Other debtors

-

182

 

660

909

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

111,855

97,971

trade creditors

 

4,432

5,820

Taxation and social security

 

70

-

Accruals and deferred income

 

2,420

2,200

Other creditors

 

972,551

979,380

 

1,091,328

1,085,371

The company also has a debenture with Lloyds Bank plc, with a fixed and floating charge over the undertaking and all property and assets present and future.

 

Raw Sports Limited

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

9

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr S Grindle

Net Transactions

(979,379)

7,782

(954)

(972,552)

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr S Grindle

Net Transactions

(987,154)

14,850

(7,076)

(979,379)

10 Transactions with Directors

At the balance sheet date the amount owed to the director was £972,552 (2023 - £979,379). There is no interest accruing on the outstanding loan and the balance is repayable on demand.

11 Related party transactions

Transactions with related businesses

The outstanding balance due to the related businesses at the year end was £79,235 (2023 - £65,351). This amount is included in other loans and is repayable on demand.

Transactions with family members

The outstanding balance due to family members at the year end was £20,320 (2023 - £20,320). This loan is included in other loans and is repayable on demand.