Sport S Cool Limited - Period Ending 2022-12-31

Sport S Cool Limited - Period Ending 2022-12-31


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Registration number: 06742040

Sport S Cool Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Sport S Cool Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Sport S Cool Limited

Company Information

Directors

Mr Andrew Charles Preston

Mr Matthew Litt Parker

Mr Lee Anthony Lysons

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 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

11,989

19

Current assets

 

Debtors

5

90,758

55,214

Cash at bank and in hand

 

32,248

65,691

 

123,006

120,905

Creditors: Amounts falling due within one year

6

(65,906)

(46,127)

Net current assets

 

57,100

74,778

Total assets less current liabilities

 

69,089

74,797

Creditors: Amounts falling due after more than one year

6

(12,734)

(14,700)

Provisions for liabilities

(1,150)

-

Net assets

 

55,205

60,097

Capital and reserves

 

Called up share capital

200

200

Retained earnings

55,005

59,897

Shareholders' funds

 

55,205

60,097

For the financial year ending 31 December 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 27 January 2023 and signed on its behalf by:
 

.........................................
Mr Andrew Charles Preston
Company secretary and director

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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 Board on 27 January 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 2022

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2021 - 7).

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

330

-

-

330

Additions

2,269

7,241

4,595

14,105

At 31 December 2022

2,599

7,241

4,595

14,435

Depreciation

At 1 January 2022

311

-

-

311

Charge for the year

162

1,207

766

2,135

At 31 December 2022

473

1,207

766

2,446

Carrying amount

At 31 December 2022

2,126

6,034

3,829

11,989

At 31 December 2021

19

-

-

19

5

Debtors

Current

2022
£

2021
£

Trade debtors

53,100

30,709

Prepayments

2,406

21

Other debtors

35,252

24,484

 

90,758

55,214

 

Sport S Cool Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

4,094

3,300

trade creditors

 

100

523

Director loan account

745

89

Taxation and social security

 

19,547

18,981

Pension creditor

 

2,448

1,031

Accruals

 

1,263

-

Corporation tax

 

37,709

22,203

 

65,906

46,127

Due after one year

 

Loans and borrowings

7

12,734

14,700

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

12,734

14,700

2022
£

2021
£

Current loans and borrowings

Bank borrowings

3,440

3,300

Hire purchase contracts

654

-

4,094

3,300