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Registered number: 14653560
Sums Club Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2025
The Numbers Studio
Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14653560
28 February 2025 29 February 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,756 11,228
Tangible Assets 5 6,022 1,188
24,778 12,416
CURRENT ASSETS
Stocks 6 39,469 28,561
Debtors 7 21,096 5,944
Cash at bank and in hand 661,532 121,033
722,097 155,538
Creditors: Amounts Falling Due Within One Year 8 (48,622 ) (5,282 )
NET CURRENT ASSETS (LIABILITIES) 673,475 150,256
TOTAL ASSETS LESS CURRENT LIABILITIES 698,253 162,672
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,144 ) -
NET ASSETS 697,109 162,672
CAPITAL AND RESERVES
Called up share capital 9 1 1
Share premium account 699,995 199,998
Profit and Loss Account (2,887 ) (37,327 )
SHAREHOLDERS' FUNDS 697,109 162,672
Page 1
Page 2
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ed Vickers
Director
16 April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sums Club Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14653560 . The registered office is First Floor Offices, 130 Queens Road, Brighton , East Sussex, BN1 3WB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 48 months straight-line depreciation
Computer Equipment 48 months straight-line depreciation
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is 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 asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 March 2024 11,228
Additions 9,513
As at 28 February 2025 20,741
Amortisation
As at 1 March 2024 -
Provided during the period 1,985
As at 28 February 2025 1,985
Net Book Value
As at 28 February 2025 18,756
As at 1 March 2024 11,228
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 March 2024 1,188 - 1,188
Additions 1,330 4,233 5,563
As at 28 February 2025 2,518 4,233 6,751
Depreciation
As at 1 March 2024 - - -
Provided during the period 453 276 729
As at 28 February 2025 453 276 729
Net Book Value
As at 28 February 2025 2,065 3,957 6,022
As at 1 March 2024 1,188 - 1,188
Page 4
Page 5
6. Stocks
28 February 2025 29 February 2024
£ £
Stock 39,469 28,561
7. Debtors
28 February 2025 29 February 2024
£ £
Due within one year
Trade debtors 5,649 -
Other debtors 10,755 5,944
16,404 5,944
Due after more than one year
Other debtors 4,692 -
21,096 5,944
8. Creditors: Amounts Falling Due Within One Year
28 February 2025 29 February 2024
£ £
Trade creditors 24,426 4,135
Other creditors 403 320
Taxation and social security 23,793 827
48,622 5,282
9. Share Capital
28 February 2025 29 February 2024
£ £
Allotted, Called up and fully paid 1 1
Page 5