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Registration number: 07951428

Elite Pro Sports Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Elite Pro Sports Limited

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 12

 

Elite Pro Sports Limited

(Registration number: 07951428)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

381,166

320,859

Investments

5

100

100

 

381,266

320,959

Current assets

 

Stocks

6

2,446,836

2,058,650

Debtors

7

1,205,537

906,055

Cash at bank and in hand

 

378,522

82,918

 

4,030,895

3,047,623

Creditors: Amounts falling due within one year

8

(3,020,852)

(2,358,880)

Net current assets

 

1,010,043

688,743

Total assets less current liabilities

 

1,391,309

1,009,702

Creditors: Amounts falling due after more than one year

8

(258,899)

(203,222)

Provisions for liabilities

(79,147)

(80,214)

Net assets

 

1,053,263

726,266

Capital and reserves

 

Called up share capital

400,245

245

Retained earnings

653,018

726,021

Shareholders' funds

 

1,053,263

726,266

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

 

Elite Pro Sports Limited

(Registration number: 07951428)
Balance Sheet as at 31 August 2024

Approved and authorised by the director on 24 March 2025
 

.........................................
Mr S S Miller
Director

 

Elite Pro Sports Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

245

726,021

726,266

Loss for the year

-

(32,002)

(32,002)

Dividends

-

(41,001)

(41,001)

New share capital subscribed

400,000

-

400,000

At 31 August 2024

400,245

653,018

1,053,263

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

250

575,332

575,582

Profit for the year

-

206,770

206,770

Dividends

-

(36,086)

(36,086)

Purchase of own share capital

(5)

(19,995)

(20,000)

At 31 August 2023

245

726,021

726,266

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Askew Building
Heavens Walk
Doncaster
South Yorkshire
DN4 5HZ

These financial statements were authorised for issue by the director on 24 March 2025.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Office equipment

20% Reducing Balance

Motor vehicles

20% Reducing Balance

Fixtures and fittings

20% Reducing Balance

Plant and Machinery

20% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 82 (2023 - 73).

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

224,613

86,090

145,527

38,030

494,260

Additions

64,408

-

16,086

68,705

149,199

At 31 August 2024

289,021

86,090

161,613

106,735

643,459

Depreciation

At 1 September 2023

60,876

10,045

75,719

26,761

173,401

Charge for the year

41,119

15,209

16,570

15,994

88,892

At 31 August 2024

101,995

25,254

92,289

42,755

262,293

Carrying amount

At 31 August 2024

187,026

60,836

69,324

63,980

381,166

At 31 August 2023

163,737

76,045

69,808

11,269

320,859

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 September 2023

100

Provision

Carrying amount

At 31 August 2024

100

At 31 August 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Gloucester Rugby Shop Limited

9 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ

England

Ordinary A

100%

100%

Subsidiary undertakings

Gloucester Rugby Shop Limited

The principal activity of Gloucester Rugby Shop Limited is retail of sportswear and equipment. The company ceased to trade on 31 August 2023..

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Other inventories

2,446,836

2,058,650

7

Debtors

2024
£

2023
£

Trade debtors

1,124,418

656,749

Other debtors

70,126

140,000

Prepayments

10,993

109,306

1,205,537

906,055

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,049,632

1,121,367

Trade creditors

 

780,069

310,488

Amounts owed to related parties

24,793

685

Taxation and social security

 

444,035

163,023

Corporation tax

 

51,194

67,619

Other creditors

 

177,721

259,425

Accrued expenses

 

493,408

436,273

 

3,020,852

2,358,880

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

258,899

203,222

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

 

Elite Pro Sports Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The total amount of financial commitments not included in the balance sheet is £266,667 (2023 - £201,667).

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

211,045

-

Hire purchase contracts

47,854

64,110

Other borrowings

-

139,112

258,899

203,222

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,033,144

842,751

Bank overdrafts

-

1

Hire purchase contracts

16,488

14,609

Other borrowings

-

264,006

1,049,632

1,121,367