Sport S Cool Limited - Period Ending 2020-12-31

Sport S Cool Limited - Period Ending 2020-12-31


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Registration number: 06742040

Sport S Cool Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2020

 

Sport S Cool Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Sport S Cool Limited

Company Information

Director

Mr Andrew Charles Preston

Company secretary

Mr Andrew Charles Preston

Registered office

Suite 12
Blackburn Technology Management Centre
Challenge Way
Blackburn
Lancashire
BB1 5QB

 

Sport S Cool Limited

(Registration number: 06742040)
Balance Sheet as at 31 December 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

25

33

Current assets

 

Debtors

5

6,435

5,428

Cash at bank and in hand

 

818

461

 

7,253

5,889

Creditors: Amounts falling due within one year

6

(6,618)

(5,446)

Net current assets

 

635

443

Net assets

 

660

476

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

460

276

Shareholders' funds

 

660

476

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 January 2021
 

.........................................

Mr Andrew Charles Preston
Company secretary and director

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 12
Blackburn Technology Management Centre
Challenge Way
Blackburn
Lancashire
BB1 5QB
Great Britain

These financial statements were authorised for issue by the director on 27 January 2021.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Revenue recognition

Turnover 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. Turnover 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 trade debtors 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.

Trade creditors

Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2019 - 8).

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2020

330

330

At 31 December 2020

330

330

Depreciation

At 1 January 2020

297

297

Charge for the year

8

8

At 31 December 2020

305

305

Carrying amount

At 31 December 2020

25

25

At 31 December 2019

33

33

5

Debtors

2020
£

2019
£

Trade debtors

5,313

3,650

Director loan account

771

-

PAYE and NIC creditor

351

1,778

Total current trade and other debtors

6,435

5,428

6

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Trade creditors

 

-

1,322

Director loan account

-

2,063

Pension creditor

 

888

1,390

Accruals

 

615

217

Corporation tax

 

5,115

454

 

6,618

5,446