Gaynor Sports Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07118755

GAYNOR SPORTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 January 2025

GAYNOR SPORTS LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2025

	2025		2024
Note	£	£	£

FIXED ASSETS

Intangible assets	5	1,550,000	1,850,000
Tangible assets	6	396,095	310,516
		-------------	-------------
		1,946,095	2,160,516

CURRENT ASSETS

Stocks	7	1,985,471	1,781,916
Debtors	8	2,011,082	1,870,093
Cash at bank and in hand		1,064,705	1,677,616
		-------------	-------------
		5,061,258	5,329,625

CREDITORS: amounts falling due within one year	9	1,009,204		1,353,781
		-------------		-------------
NET CURRENT ASSETS			4,052,054	3,975,844
			-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			5,998,149	6,136,360

PROVISIONS	99,024	77,102
	-------------	-------------
NET ASSETS	5,899,125	6,059,258
	-------------	-------------

GAYNOR SPORTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2025

	2025		2024
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	200	200
Profit and loss account	5,898,925	6,059,058
	-------------	-------------
SHAREHOLDERS FUNDS	5,899,125	6,059,258
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 4 July 2025 , and are signed on behalf of the board by:

P M Gaynor

Director

Company registration number: 07118755

GAYNOR SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st JANUARY 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gaynor Sports Limited, Market Cross, Ambleside, LA22 9BT.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and Buildings	-	20% straight line
Computer Equipment	-	20% straight line
Motor Vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 45 (2024: 51 ).

5. INTANGIBLE ASSETS

	Goodwill
	£

Cost
At 1st February 2024 and 31st January 2025	6,000,000
	-------------
Amortisation
At 1st February 2024	4,150,000
Charge for the year	300,000
	-------------
At 31st January 2025	4,450,000
	-------------
Carrying amount
At 31st January 2025	1,550,000
	-------------
At 31st January 2024	1,850,000
	-------------

6. TANGIBLE ASSETS

Land and buildings	Computer equipment	Motor vehicles	Equipment	Total
£	£	£	£	£

Cost
At 1st February 2024	20,914	51,873	324,034	415,721	812,542
Additions	–	8,625	2,290	168,263	179,178
Disposals	–	–	–	( 5,000)	( 5,000)
	---------	---------	----------	----------	----------
At 31st January 2025	20,914	60,498	326,324	578,984	986,720
	---------	---------	----------	----------	----------
Depreciation
At 1st February 2024	20,914	45,798	170,334	264,980	502,026
Charge for the year	–	3,679	38,998	47,310	89,987
Disposals	–	–	–	( 1,388)	( 1,388)
	---------	---------	----------	----------	----------
At 31st January 2025	20,914	49,477	209,332	310,902	590,625
	---------	---------	----------	----------	----------
Carrying amount
At 31st January 2025	–	11,021	116,992	268,082	396,095
	---------	---------	----------	----------	----------
At 31st January 2024	–	6,075	153,700	150,741	310,516
	---------	---------	----------	----------	----------

7. STOCKS

	2025	2024
	£	£

Stock	1,985,471	1,781,916
	-------------	-------------

8. DEBTORS

	2025	2024
	£	£

Trade debtors	33,780	6,873
Other debtors	1,977,302	1,863,220
	-------------	-------------
	2,011,082	1,870,093
	-------------	-------------

9. CREDITORS: amounts falling due within one year

	2025	2024
	£	£

Trade creditors	626,744	1,100,662
Corporation tax	114,820	8,882
Social security and other taxes	229,864	199,824
Other creditors	37,776	44,413
	-------------	-------------
	1,009,204	1,353,781
	-------------	-------------

10. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£

Not later than 1 year	265,220	230,000
Later than 1 year and not later than 5 years	255,220	480,000
	----------	----------
	520,440	710,000
	----------	----------

11. RELATED PARTY TRANSACTIONS

During the year two of the directors charged the company rent totalling £255,220 (2024: £255,220).

12. CONTROLLING PARTY

The company remained under the control of its directors during the year. There is no single ultimate controlling party.