Quick Play Sport Ltd


Directors	CROSBY, Stephen
	HOLLAND, Allen Keith
	HOLLAND, Lorna Jane
	PARSONS, William George
	SNEDDON, Hugh Naismith


Company Secretary	HOLLAND, Allen


Registered Address	Electric Works
	3 Concourse Way
	Sheffield
	S1 2BJ


Registered Number	06434042 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	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).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably. Turnover from the sale of goods is recognised when the following conditions are satisfied: The Company has transferred the significant risks and rewards of ownership to the buyer; The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; The amount of revenue can be measured reliably; It is probable that the Company will receive the consideration due under the transaction; and The costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Turnover from the sale of goods is recognised when the following conditions are satisfied:
The Company has transferred the significant risks and rewards of ownership to the buyer;
The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
The amount of revenue can be measured reliably;
It is probable that the Company will receive the consideration due under the transaction; and
The costs incurred or to be incurred in respect of the transactions can be measured reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	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.

Deferred tax

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.

	Intangible assets
	Intellectual property assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. They are amortised to the profit and loss account over their estimated economic life of 10 years. Amortisation is included in 'administrative expenses' in the profit and loss account.

Intangible assets

Intellectual property assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. They are amortised to the profit and loss account over their estimated economic life of 10 years. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Research and development
	All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Reducing balance (%)
	Plant and machinery	15
	Fixtures and fittings	15
	Vehicles	25

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other 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.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	15		10

3.	Prior period adjustment
	In the 2024 financial year, the company made a change to the cost methodology applied to stock valuation. In the published, 2023 accounts, stocks and work in progress are valued using the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. In 2024, the First-In-First Out method was utilised. In the 2024 accounts, the prior year stock figures has been disclosed and restated using the First-In-First Out method

Prior period adjustment

In the 2024 financial year, the company made a change to the cost methodology applied to stock valuation.

In the published, 2023 accounts, stocks and work in progress are valued using the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

In 2024, the First-In-First Out method was utilised. In the 2024 accounts, the prior year stock figures has been disclosed and restated using the  First-In-First Out method

4.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	277,865	277,865
At 31 December 24	277,865	277,865
Amortisation and impairment
At 01 January 24	189,226	189,226
Charge for year	19,199	19,199
At 31 December 24	208,425	208,425
Net book value
At 31 December 24	69,440	69,440
At 31 December 23	88,639	88,639

5.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 January 24	238,692	13,699	32,731	285,122
Additions	51,391	-	3,938	55,329
Disposals	(163,174)	-	(30,065)	(193,239)
At 31 December 24	126,909	13,699	6,604	147,212
Depreciation and impairment
At 01 January 24	124,920	571	18,535	144,026
Charge for year	22,080	3,282	2,512	27,874
On disposals	(106,624)	-	(20,139)	(126,763)
At 31 December 24	40,376	3,853	908	45,137
Net book value
At 31 December 24	86,533	9,846	5,696	102,075
At 31 December 23	113,772	13,128	14,196	141,096

6.	Stocks
	FRS 102 Section 10 Accounting Policies, Estimates and Errors requires that entities may only change accounting policies either to a more appropriate policy, resulting in the financial statements providing reliable and more relevant information, or in order to comply with a new accounting standard, see BIM34055.

	2024	2023
	£	£
Finished goods	848,600	522,049
Total	848,600	522,049

7.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	342,848	192,113
Amounts owed by group undertakings	681,486	231,075
Other debtors	19,761	103,123
Prepayments and accrued income	27,531	24,799
Total	1,071,626	551,110

8.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	461,389	221,637
Taxation and social security	192,624	245,705
Other creditors	18,877	8,943
Accrued liabilities and deferred income	2,663	26,444
Total	675,553	502,729

9.	Provisions for liabilities

	2024	2023
	£	£
Other provisions	31,939	57,433
Total	31,939	57,433

10.	Operating lease commitments
	At 31 December 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £Nil (2023 – £30,000)

11.	Related party transactions
	Included within other debtors is an amount owed by an associated company Quick Play Sport B.V of £368,465 (2023: £114,045). This amount is undated, interest free and repayable on demand. Included within other debtors is an amount owed by an associated company Quick Play Sport LLC of £313,022 (2023: £117,029). This amount is undated, interest free and repayable on demand. Small Group Exemption The company has a wholly owned subsidiary, QUICKPLAY Sport B.V., incorporated in the Netherlands. The company has not prepared consolidated financial statements as it qualifies for the small group exemption under section 399 of the Companies Act 2006.

11.

Related party transactions

Included within other debtors is an amount owed by an associated company Quick Play Sport B.V of £368,465 (2023: £114,045). This amount is undated, interest free and repayable on demand. 

Included within other debtors is an amount owed by an associated company Quick Play Sport LLC of £313,022 (2023: £117,029). This amount is undated, interest free and repayable on demand.

Small Group Exemption

The company has a wholly owned subsidiary, QUICKPLAY Sport B.V., incorporated in the Netherlands. The company has not prepared consolidated financial statements as it qualifies for the small group exemption under section 399 of the Companies Act 2006.

12.	Prior period policy changes
	Stocks and work in progress are valued using the First In First Out cost method. In prior years, the cost method used was the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost include all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. The prior year stock figure has been restated using the First In First Our Method.

12.

Prior period policy changes

Stocks and work in progress are valued using the First In First Out cost method. In prior years, the cost method used was the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost include all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

The prior year stock figure has been restated using the First In First Our Method.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	4		69,440		88,639
Tangible assets	5		102,075		141,096
			171,515		229,735
Current assets
Stocks	6	848,600		522,049
Debtors	7	1,071,626		551,110
Cash at bank and on hand		771,483		1,544,596
		2,691,709		2,617,755
Creditors amounts falling due within one year	8	(675,553)		(502,729)
Net current assets (liabilities)			2,016,156		2,115,026
Total assets less current liabilities			2,187,671		2,344,761
Provisions for liabilities	9		(31,939)		(57,433)
Net assets			2,155,732		2,287,328
Capital and reserves
Called up share capital			1,161		1,161
Share premium			359,385		359,385
Profit and loss account			1,795,186		1,926,782
Shareholders' funds			2,155,732		2,287,328