Company Registration No. 04007585 (England and Wales)
Jkuk Sports Limited
Unaudited accounts
for the period from 31 July 2023 to 31 July 2024
Jkuk Sports Limited
Unaudited accounts
Contents
Jkuk Sports Limited
Company Information
for the period from 31 July 2023 to 31 July 2024
Company Number
04007585 (England and Wales)
Registered Office
125 Lower Richmond Road
London
London
SW15 1EX
England
Jkuk Sports Limited
Statement of financial position
as at 31 July 2024
Intangible assets
39,900
-
Tangible assets
57,130
35,134
Inventories
430,637
431,583
Cash at bank and in hand
7,232
(47,793)
Creditors: amounts falling due within one year
(386,505)
(321,992)
Net current assets
107,453
135,863
Total assets less current liabilities
204,483
170,997
Creditors: amounts falling due after more than one year
(126,756)
(180,924)
Net assets/(liabilities)
77,727
(9,927)
Called up share capital
165
134
Share premium
300,930
200,961
Capital redemption reserve
95
95
Profit and loss account
(223,463)
(211,117)
Shareholders' funds
77,727
(9,927)
For the period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2024 and were signed on its behalf by
K Giles
Director
Company Registration No. 04007585
Jkuk Sports Limited
Notes to the Accounts
for the period from 31 July 2023 to 31 July 2024
Jkuk Sports Limited is a private company, limited by shares, registered in England and Wales, registration number 04007585. The registered office is 125 Lower Richmond Road, London, London, SW15 1EX, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Period of Lease
Motor vehicles
25% Straight Line
Fixtures & fittings
20% Reducing Balance
Computer equipment
25% Straight Line
Jkuk Sports Limited
Notes to the Accounts
for the period from 31 July 2023 to 31 July 2024
Impairment of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is less than its carrying amount, the carrying amount is reduced to the recoverable amount. This reduction is recognised as an impairment loss. The impairment loss is recognised immediately in profit or loss unless the asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. However, the increased carrying amount of an asset due to a reversal of an impairment loss should not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods.
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current Tax: The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred Tax: Deferred tax liabilities are generally recognised for all timing differences and 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.
Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred
Jkuk Sports Limited
Notes to the Accounts
for the period from 31 July 2023 to 31 July 2024
tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Jkuk Sports Limited
Notes to the Accounts
for the period from 31 July 2023 to 31 July 2024
4
Intangible fixed assets
Other
Charge for the period
2,850
5
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 31 July 2023
45,326
59,029
98,748
43,141
246,244
Additions
-
40,045
2,535
-
42,580
Disposals
-
(59,029)
-
-
(59,029)
At 31 July 2024
45,326
40,045
101,283
43,141
229,795
At 31 July 2023
32,985
49,528
86,845
41,752
211,110
Charge for the period
2,762
4,004
3,346
971
11,083
On disposals
-
(49,528)
-
-
(49,528)
At 31 July 2024
35,747
4,004
90,191
42,723
172,665
At 31 July 2024
9,579
36,041
11,092
418
57,130
At 31 July 2023
12,341
9,501
11,903
1,389
35,134
Amounts falling due within one year
Trade debtors
24,580
33,931
Deferred tax asset
31,509
31,509
Jkuk Sports Limited
Notes to the Accounts
for the period from 31 July 2023 to 31 July 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
62,080
73,026
Trade creditors
170,146
88,565
Taxes and social security
242
8,119
Other creditors
28,920
45,700
Loans from directors
21,513
-
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
126,756
180,924
9
Average number of employees
During the period the average number of employees was 8 (2023: 8).