Company registration number 07608762 (England and Wales)
PAULREDSPORTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
PAULREDSPORTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Detailed profit and loss account
PAULREDSPORTS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
51,094
36,852
Current assets
Stocks
374,512
359,004
Debtors
6
14,577
19,474
Cash at bank and in hand
8,639
61,236
397,728
439,714
Creditors: amounts falling due within one year
7
(116,870)
(111,246)
Net current assets
280,858
328,468
Total assets less current liabilities
331,952
365,320
Creditors: amounts falling due after more than one year
8
(4,987)
(14,334)
Provisions for liabilities
(12,774)
(7,002)
Net assets
314,191
343,984
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
400
400
Profit and loss reserves
312,791
342,584
Total equity
314,191
343,984

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
P Redfarn
M Fuller
Director
Company Registration No. 07608762
PAULREDSPORTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Paulredsports Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Blacksmiths Yard, Newnham Lane, Burwell, Cambridge, CB25 0EA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance basis
Fixtures, fittings & equipment
20% reducing balance basis
Computer equipment
3 years straight line basis
Motor vehicles

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’, which are measured at amortised costs. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

PAULREDSPORTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
8
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
10,000
Amortisation and impairment
At 1 November 2023 and 31 October 2024
10,000
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
PAULREDSPORTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
52,923
23,541
1,225
-
0
77,689
Additions
-
0
1,761
-
0
20,530
22,291
At 31 October 2024
52,923
25,302
1,225
20,530
99,980
Depreciation and impairment
At 1 November 2023
20,596
19,425
816
-
0
40,837
Depreciation charged in the year
6,465
1,175
409
-
0
8,049
At 31 October 2024
27,061
20,600
1,225
-
0
48,886
Carrying amount
At 31 October 2024
25,862
4,702
-
0
20,530
51,094
At 31 October 2023
32,327
4,116
409
-
0
36,852
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,026
8,290
Other debtors
2,551
11,184
14,577
19,474
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,876
11,550
Trade creditors
49,151
32,248
Other taxation and social security
22,757
41,857
Other creditors
34,086
25,591
116,870
111,246
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,987
14,334
PAULREDSPORTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
12,774
7,002
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