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COMPANY REGISTRATION NUMBER: 01804724
Notts Sport Group Limited
Filleted Unaudited Financial Statements
31 October 2024
Notts Sport Group Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
7,115
11,004
Investments
8
102
102
-------
--------
7,217
11,106
Current assets
Debtors
9
208,145
111,877
Cash at bank and in hand
3,997
3,988
---------
---------
212,142
115,865
Creditors: amounts falling due within one year
10
5,201
9,852
---------
---------
Net current assets
206,941
106,013
---------
---------
Total assets less current liabilities
214,158
117,119
---------
---------
Capital and reserves
Called up share capital
108,000
108,000
Share premium account
472
472
Capital redemption reserve
5,985
5,985
Profit and loss account
99,701
2,662
---------
---------
Shareholders funds
214,158
117,119
---------
---------
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 Group 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: 01804724
Notts Sport Group Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. Statutory 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 Magna, 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at fair value of consideration received or receivable for services rendered, net of Value Added Tax and represent management charges from related entities.
Income tax
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
Amortised evenly over their useful economic life
Patents, trademarks and licences
-
Amortised evenly over their useful economic life
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
20% straight line
Motor vehicles
-
20% reducing balance
Website development
-
20% straight line
Demonstration area
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax provision
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,646
3,252
-------
-------
Tax provision
1,646
3,252
-------
-------
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 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
205,685
142,427
---------
---------
Profit on ordinary activities by rate of tax
39,080
27,061
Effect of expenses not deductible for tax purposes
171
941
Effect of capital allowances and depreciation
395
1,850
Effect of revenue exempt from tax
( 38,000)
( 26,600)
---------
---------
Tax on profit
1,646
3,252
---------
---------
6. Intangible assets
Development costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
30,000
229,568
259,568
--------
---------
---------
Amortisation
At 1 November 2023
30,000
218,564
248,564
Charge for the year
3,889
3,889
--------
---------
---------
At 31 October 2024
30,000
222,453
252,453
--------
---------
---------
Carrying amount
At 31 October 2024
7,115
7,115
--------
---------
---------
At 31 October 2023
11,004
11,004
--------
---------
---------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Website development
Demonstration area
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023 and 31 Oct 2024
144,700
133,157
17,137
45,416
10,815
351,225
---------
---------
--------
--------
--------
---------
Depreciation
At 1 Nov 2023 and 31 Oct 2024
144,700
133,157
17,137
45,416
10,815
351,225
---------
---------
--------
--------
--------
---------
Carrying amount
At 31 Oct 2024
---------
---------
--------
--------
--------
---------
At 31 Oct 2023
---------
---------
--------
--------
--------
---------
8. Investments
Shares in group undertakings
£
Cost
At 1 November 2023 and 31 October 2024
102
----
Impairment
At 1 November 2023 and 31 October 2024
----
Carrying amount
At 31 October 2024
102
----
At 31 October 2023
102
----
9. Debtors
2024
2023
£
£
Amounts owed by group undertakings
171,883
111,032
Other debtors
36,262
845
---------
---------
208,145
111,877
---------
---------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
90
5,100
Corporation tax
1,646
3,252
Other creditors
3,465
1,500
-------
-------
5,201
9,852
-------
-------
11. Related party transactions
During the year, the company received management fees of £50,000 (2023: £40,000) and dividends of £200,000 (2023: £140,000) from Notts Sport Limited, a subsidiary of the company. As at 31 October 2024, the amount owed from Notts Sport Limited was £171,883 (2023: £111,032).
12. Ultimate controlling party
The company is controlled by Mr. S. Patrick .