Registered number
05501650
Good Sports Limited
Filleted Accounts
31 July 2024
Good Sports Limited
Registered number: 05501650
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,091 2,961
Tangible assets 4 34,282 38,154
36,373 41,115
Current assets
Stocks 313,020 448,010
Debtors 5 10,468 30,610
Cash at bank and in hand 11,628 15,057
335,116 493,677
Creditors: amounts falling due within one year 6 (421,646) (572,712)
Net current liabilities (86,530) (79,035)
Total assets less current liabilities (50,157) (37,920)
Creditors: amounts falling due after more than one year 7 (26,019) (31,445)
Net liabilities (76,176) (69,365)
Capital and reserves
Called up share capital 2 2
Profit and loss account (76,178) (69,367)
Shareholder's funds (76,176) (69,365)
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 member has 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.
Sarah Michelle Tillyer
Director
Approved by the board on 16 April 2025
Good Sports Limited
Notes to the Accounts
for the year ended 31 July 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% reducing balance
Computer equipment 20% straight line
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 10
3 Intangible fixed assets £
Software:
Cost
At 1 August 2023 8,696
At 31 July 2024 8,696
Amortisation
At 1 August 2023 5,735
Provided during the year 870
At 31 July 2024 6,605
Net book value
At 31 July 2024 2,091
At 31 July 2023 2,961
Software is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 45,643 24,150 69,793
Additions 6,398 - 6,398
At 31 July 2024 52,041 24,150 76,191
Depreciation
At 1 August 2023 26,809 4,830 31,639
Charge for the year 6,406 3,864 10,270
At 31 July 2024 33,215 8,694 41,909
Net book value
At 31 July 2024 18,826 15,456 34,282
At 31 July 2023 18,834 19,320 38,154
5 Debtors 2024 2023
£ £
Trade debtors 4,843 22
Other debtors 5,625 30,588
10,468 30,610
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 93,995 36,917
Trade creditors 153,497 398,678
Taxation and social security costs 6,851 2,075
Other creditors 167,303 135,042
421,646 572,712
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 26,019 31,445
8 Controlling party
The ultimate controlling party is Dawn Bonathan, who owns 100% of the company's shareholding.
9 Other information
Good Sports Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2b/2c Connaught Road
Brookwood
Woking
GU24 0AH
Good Sports Limited 05501650 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Sarah Michelle Tillyer No description of principal activity 05501650 2022-08-01 2023-07-31 05501650 core:WithinOneYear 2023-07-31 05501650 core:AfterOneYear 2023-07-31 05501650 core:ShareCapital 2023-07-31 05501650 core:RetainedEarningsAccumulatedLosses 2023-07-31 05501650 2023-08-01 2024-07-31 05501650 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05501650 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05501650 bus:Director40 2023-08-01 2024-07-31 05501650 1 2023-08-01 2024-07-31 05501650 2 2023-08-01 2024-07-31 05501650 core:Goodwill 2023-08-01 2024-07-31 05501650 core:PlantMachinery 2023-08-01 2024-07-31 05501650 core:Vehicles 2023-08-01 2024-07-31 05501650 countries:England 2023-08-01 2024-07-31 05501650 bus:FRS102 2023-08-01 2024-07-31 05501650 bus:FilletedAccounts 2023-08-01 2024-07-31 05501650 2024-07-31 05501650 core:WithinOneYear 2024-07-31 05501650 core:AfterOneYear 2024-07-31 05501650 core:ShareCapital 2024-07-31 05501650 core:RetainedEarningsAccumulatedLosses 2024-07-31 05501650 core:Goodwill 2024-07-31 05501650 core:PlantMachinery 2024-07-31 05501650 core:Vehicles 2024-07-31 05501650 2023-07-31 05501650 core:Goodwill 2023-07-31 05501650 core:PlantMachinery 2023-07-31 05501650 core:Vehicles 2023-07-31 iso4217:GBP xbrli:pure