Padeltastic Ltd
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Registration number:
Padeltastic Ltd
for the Year Ended 31 December 2024
Padeltastic Ltd
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Padeltastic Ltd
Company Information
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Directors |
R B Taylor S N Champ |
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Registered office |
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Accountants |
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Padeltastic Ltd
(Registration number: 13794324)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Inventories |
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- |
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Receivables |
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Other financial assets |
247,085 |
798,238 |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
64 |
47 |
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Share premium reserve |
3,314,656 |
1,827,266 |
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Shares to be issued reserve |
53,750 |
385,438 |
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Retained earnings |
(1,455,024) |
(728,692) |
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Shareholders' funds |
1,913,446 |
1,484,059 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The financial statements of Padeltastic Ltd were approved and authorised for issue by the
.........................................
Director
Padeltastic Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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General information |
Padeltastic Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
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Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Going concern
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Padeltastic Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
25% straight line |
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Office equipment |
25% straight line |
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Padel courts |
over the term of the lease |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Receivables
Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Padeltastic Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Padeltastic Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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Property, plant and equipment |
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Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Inventories |
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2024 |
2023 |
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Finished goods and goods for resale |
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- |
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Receivables |
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2024 |
2023 |
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Trade receivables |
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- |
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Other receivables |
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Prepayments |
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Padeltastic Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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Payables |
Payables: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade payables |
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Social security and other taxes |
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Other payables |
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Accruals |
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Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Padeltastic Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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64.37 |
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46.55 |
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0.06 |
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0.06 |
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During the year the company issued 891,359 Ordinary shares of £0.00002 each for aggregate consideration of £1,516,802.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.
The shares to be issued reserve represents advance subscriptions for the issue of shares. This reserve forms part of the company's non-distributable reserves.