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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
Page
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Jkuk Sports Limited Company Information for the period from 31 July 2023 to 31 July 2024
Directors
K Giles L Wymer
Company Number
04007585 (England and Wales)
Registered Office
125 Lower Richmond Road London London SW15 1EX England
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Jkuk Sports Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
39,900 
- 
Tangible assets
57,130 
35,134 
97,030 
35,134 
Current assets
Inventories
430,637 
431,583 
Debtors
56,089 
74,065 
Cash at bank and in hand
7,232 
(47,793)
493,958 
457,855 
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)
Capital and reserves
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
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Jkuk Sports Limited Notes to the Accounts for the period from 31 July 2023 to 31 July 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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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
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.
Financial instruments
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.
Taxation
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
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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.
Employee benefits
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.
Pension costs
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.
Leased assets
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
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.
Foreign exchange
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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Jkuk Sports Limited Notes to the Accounts for the period from 31 July 2023 to 31 July 2024
4
Intangible fixed assets
Other 
£ 
Cost
At 31 July 2023
- 
Additions
42,750 
At 31 July 2024
42,750 
Amortisation
At 31 July 2023
- 
Charge for the period
2,850 
At 31 July 2024
2,850 
Net book value
At 31 July 2024
39,900 
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 
Depreciation
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 
Net book value
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 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
24,580 
33,931 
Deferred tax asset
31,509 
31,509 
Other debtors
- 
8,625 
56,089 
74,065 
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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 
VAT
92,986 
104,082 
Trade creditors
170,146 
88,565 
Taxes and social security
242 
8,119 
Other creditors
28,920 
45,700 
Loans from directors
21,513 
- 
Accruals
10,618 
2,500 
386,505 
321,992 
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).
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