Company registration number 10174795 (England and Wales)
The Online Sports Shop Limited
Annual report and unaudited financial statements
For the year ended 31 May 2024
Pages for filing with registrar
The Online Sports Shop Limited
Contents
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 5
The Online Sports Shop Limited
Director's report
For the year ended 31 May 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company is the sales of sports clothing and equipment.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

A J Bray
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
A J Bray
Director
2 May 2025
The Online Sports Shop Limited
Balance sheet
As at 31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,160
31,681
Current assets
Stocks
44,250
62,500
Debtors
4
11,818
15,579
Cash at bank and in hand
4,097
1,832
60,165
79,911
Creditors: amounts falling due within one year
5
(54,277)
(69,306)
Net current assets
5,888
10,605
Total assets less current liabilities
26,048
42,286
Creditors: amounts falling due after more than one year
6
(22,199)
(28,048)
Provisions for liabilities
(3,830)
(6,019)
Net assets
19
8,219
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(81)
8,119
Total equity
19
8,219

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

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 and signed by the director and authorised for issue on 2 May 2025
A J Bray
Director
Company Registration No. 10174795
The Online Sports Shop Limited
Notes to the financial statements
For the year ended 31 May 2024
- 3 -
1
Accounting policies
Company information

The Online Sports Shop Limited is a private company limited by shares incorporated in England and Wales. The registered office is 156 West Grove, Woodford Green, Essex, IG8 7NW.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.3
Tangible fixed assets

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:

Fixtures and fittings
25% straight line basis
Motor vehicles
25% straight line basis

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

1.4
Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

1.5
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.

The Online Sports Shop Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

Deferred tax 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 tax is charged or credited in the profit and loss account.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

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

2024
2023
Number
Number
Total
2
3
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
6,057
46,082
52,139
Depreciation and impairment
At 1 June 2023
6,057
14,401
20,458
Depreciation charged in the year
-
0
11,521
11,521
At 31 May 2024
6,057
25,922
31,979
Carrying amount
At 31 May 2024
-
0
20,160
20,160
At 31 May 2023
-
0
31,681
31,681
The Online Sports Shop Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,148
4,830
Corporation tax recoverable
-
0
10,089
Prepayments and accrued income
670
660
11,818
15,579
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
5,849
5,849
Trade creditors
8,463
9,774
Corporation tax
4,122
4,037
Other taxation and social security
2,845
5,607
Other creditors
30,998
40,214
Accruals and deferred income
2,000
3,825
54,277
69,306
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
22,199
28,048
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Directors' transactions

Dividends totalling £16,200 (2023 - £18,350) were paid in the year in respect of shares held by the company's directors.

The director's loan account was not overdrawn during the year.

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