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COMPANY REGISTRATION NUMBER: 02012744
Notts Sport Limited
Filleted Unaudited Financial Statements
31 October 2024
Notts Sport Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
52,790
75,026
Current assets
Stocks
7
814,092
725,904
Debtors
8
1,003,334
1,099,547
Cash at bank and in hand
499,060
813,296
------------
------------
2,316,486
2,638,747
Creditors: amounts falling due within one year
9
1,321,213
1,588,429
------------
------------
Net current assets
995,273
1,050,318
------------
------------
Total assets less current liabilities
1,048,063
1,125,344
Creditors: amounts falling due after more than one year
10
104,363
226,383
Provisions
11
13,281
18,756
------------
------------
Net assets
930,419
880,205
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
930,319
880,105
---------
---------
Shareholders funds
930,419
880,205
---------
---------
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 income statement has not been delivered.
For the year ending 31 October 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 .
Notts Sport Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 15 April 2025 , and are signed on behalf of the board by:
Mr. S. Patrick
Director
Company registration number: 02012744
Notts Sport Limited
Notes to the Financial Statements
Year ended 31 October 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 Bridge Farm, Holt Lane, Ashby Manga, Leicestershire, LE17 5NJ, United Kingdom.
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.
Significant judgements and estimates
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. Other than stock and work in progress, which have been disclosed separately, there are no material items in the financial statements where these judgements and estimates have been made.
Revenue recognition and contracts
Turnover represents net invoiced sales of goods and services, excluding value added tax. Revenue is measured at the fair value of the consideration received or receivable for goods and services provided, net of trade discounts, value added and similar sales-based taxes. Revenue from contracts represents the value of the work carried out during the year, including amounts not invoiced. When the outcome of individual contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the reporting date. Pre-contract costs are expensed as incurred until it is virtually certain that a contract will be awarded, from which time further pre-contract costs are recognised as an asset and charged as an expense over the period of the contract.
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
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 of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
50% straight line
Equipment
-
33% straight line
Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. Work in progress is estimated on work completed in the year that relates to contracts secured,but not recognised, until after the year end. This estimation is calculated on the stage of completion of the project as at the year end date, in line with the production of goods and the completion of the contract.
Government grants
The company recognises government grants received relating to the Coronavirus Job Retention Scheme on an accruals basis. The grants are recognised in the Income Statement over the period in which the company recognises the related costs for which the grant is intended to compensate. Government assistance has also been extended by way of provision of guarantees.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially measured at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 21 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
33,725
28,061
Adjustments in respect of prior periods
( 1,097)
( 13,093)
--------
--------
Total current tax
32,628
14,968
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 5,475)
7,445
Impact of change in tax rate
2,715
-------
--------
Total deferred tax
( 5,475)
10,160
--------
--------
Tax on profit
27,153
25,128
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23 %).
2024
2023
£
£
Profit on ordinary activities before taxation
277,367
305,492
---------
---------
Profit on ordinary activities by rate of tax
69,341
70,263
Adjustment to tax charge in respect of prior periods
( 1,097)
( 13,093)
Effect of expenses not deductible for tax purposes
10,916
9,226
Effect of capital allowances and depreciation
5,475
( 6,850)
Effect of different UK tax rates on some earnings
(1,523)
Research and development tax credit
( 52,007)
( 43,055)
Deferred tax movement
( 5,475)
10,160
---------
---------
Tax on profit
27,153
25,128
---------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 November 2023
208,197
23,677
59,194
291,068
Additions
1,401
3,034
4,435
Written off
( 205)
( 974)
( 1,179)
---------
--------
--------
---------
At 31 October 2024
208,197
24,873
61,254
294,324
---------
--------
--------
---------
Depreciation
At 1 November 2023
155,837
17,542
42,663
216,042
Charge for the year
16,436
4,164
5,736
26,336
Written off
( 194)
( 650)
( 844)
---------
--------
--------
---------
At 31 October 2024
172,273
21,512
47,749
241,534
---------
--------
--------
---------
Carrying amount
At 31 October 2024
35,924
3,361
13,505
52,790
---------
--------
--------
---------
At 31 October 2023
52,360
6,135
16,531
75,026
---------
--------
--------
---------
There were no impairments to any tangible fixed assets during the year.
7. Stocks
Stocks for the year are comprised of:
2024
2023
£
£
Childsplay & Cricket
243,338
268,668
Stock Held in Canada
13,238
13,278
Work in Progress
557,516
443,958
---------
---------
814,092
725,904
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
712,020
751,906
Amounts recoverable under contract
81,559
92,931
Other debtors
209,755
254,710
------------
------------
1,003,334
1,099,547
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
125,477
121,882
Trade creditors
545,975
964,706
Amounts owed to group undertakings
171,883
111,032
Corporation tax
33,724
23,559
Social security and other taxes
193,383
267,101
Other creditors
250,771
100,149
------------
------------
1,321,213
1,588,429
------------
------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
104,363
226,383
---------
---------
Bank loans and overdrafts breakdown:
2024 2023
£ £
Bank loans - one to two years 96,908 121,882
Bank loans - three to five years 7,455 104,501
--------- ---------
104,363 226,383
--------- ---------
11. Provisions
Deferred tax (note 12)
£
At 1 November 2023
18,756
Unused amounts reversed
( 5,475)
--------
At 31 October 2024
13,281
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
13,281
18,756
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
13,281
18,756
--------
--------
13. Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
226,279
348,265
---------
---------
Bank loans are secured with a fixed and floating charge over the company assets.
14. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
15. Ultimate controlling party
The ultimate parent company is Notts Sport Group Limited, a company registered in England and Wales.