Registered number
11259186
GDX SPORTS LTD
Filleted Accounts
31 October 2024
GDX SPORTS LTD
Registered number: 11259186
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 983,206 983,206
Current assets
Debtors 4 93,282 93,282
Cash at bank and in hand 2,241 2,241
95,523 95,523
Creditors: amounts falling due within one year 5 (241,943) (241,943)
Net current liabilities (146,420) (146,420)
Total assets less current liabilities 836,786 836,786
Creditors: amounts falling due after more than one year 6 (465,479) (465,479)
Net assets 371,307 371,307
Capital and reserves
Called up share capital 1,222 1,222
Share premium 299,478 299,478
Profit and loss account 70,607 70,607
Shareholders' funds 371,307 371,307
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Perry Kenneth Hughes
Director
Approved by the board on 28 July 2025
GDX SPORTS LTD
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Product development cost:
Cost
At 1 November 2023 983,206
At 31 October 2024 983,206
Amortisation
At 31 October 2024 -
Net book value
At 31 October 2024 983,206
At 31 October 2023 983,206
4 Debtors 2024 2023
£ £
Other taxes and social security 93,282 93,282
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 3,600 3,600
Director loan account 4,500 4,500
Other creditors 233,843 233,843
241,943 241,943
6 Creditors: amounts falling due after one year 2024 2023
£ £
Trade creditors 465,479 465,479
7 Other information
GDX SPORTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
651a Mauldeth Road West
Chorlton
Manchester
M21 7SA
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