Company registration number 04517781 (England and Wales)
RESPECT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
RESPECT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RESPECT LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
213
284
Current assets
Stocks
63,866
68,363
Debtors
6
5,283
1,841
Cash at bank and in hand
4,369
5,283
73,518
75,487
Creditors: amounts falling due within one year
7
(69,142)
(67,554)
Net current assets
4,376
7,933
Net assets
4,589
8,217
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
4,587
8,215
Total equity
4,589
8,217

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 28 February 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 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 by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
Mr M A Basnett
Director
Company Registration No. 04517781
RESPECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Respect Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Adelphi Street, Radcliffe, Manchester, United Kingdom, M26 4ES.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, being that of the manufacture and supply of martial arts, boxing, and fitness equipment, and is shown net of VAT and other sales related taxes.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Trademarks
10 years
1.5
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
33.33% per annum straight line
Fixtures, fittings & equipment
25% per annum straight line
Motor vehicles
25% per annum reducing balance
RESPECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.

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.

 

The directors have deemed there to be no key accounting estimates present within the financial statements.

3
Employees

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

2024
2023
Number
Number
Total
2
2
4
Intangible fixed assets
Other
£
Cost
At 1 March 2023 and 28 February 2024
2,300
Amortisation and impairment
At 1 March 2023 and 28 February 2024
2,300
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
-
0
RESPECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 28 February 2024
23,128
Depreciation and impairment
At 1 March 2023
22,844
Depreciation charged in the year
71
At 28 February 2024
22,915
Carrying amount
At 28 February 2024
213
At 28 February 2023
284
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,283
1,841
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
1,548
Taxation and social security
300
-
0
Other creditors
68,842
66,006
69,142
67,554
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