Foams 4 Sports Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05998994 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Foams 4 Sports Ltd

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

Mr D Burrows

Mr C D Burrows

Mr A Horrocks

Registered office:

Library Chambers

48 Union Street

Hyde

Cheshire

SK14 1ND

Registered number:

05998994 (England and Wales)

Accountants:

Allen Mills Howard & Co

Chartered Certified Accountants

Library Chambers

48 Union Street

Hyde

Cheshire

SK14 1ND

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Foams 4 Sports Ltd for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Foams 4 Sports Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Foams 4 Sports Ltd and state those matters that we have agreed to state to the Board of Directors of Foams 4 Sports Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Foams 4 Sports Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Foams 4 Sports Ltd. You consider that Foams 4 Sports Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Foams 4 Sports Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Allen Mills Howard & Co

Chartered Certified Accountants

Library Chambers

48 Union Street

Hyde

Cheshire

SK14 1ND

11 September 2023

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

95,116

63,844

Investments

6

349,019

497,131

444,135

560,975

Current assets

Stocks

412,625

333,518

Debtors

7

193,899

379,490

Cash at bank and in hand

380,782

485,138

987,306

1,198,146

Creditors

Amounts falling due within one year

8

560,276

816,355

Net current assets

427,030

381,791

Total assets less current liabilities

871,165

942,766

Provisions for liabilities

14,057

11,974

Net assets

857,108

930,792

Capital and reserves

Called up share capital

9

676

676

Capital redemption reserve

(130,876

)

(130,876

)

Retained earnings

987,308

1,060,992

Shareholders' funds

857,108

930,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2023 and were signed on its behalf by:

Mr D Burrows - Director

1.	Statutory information

Foams 4 Sports Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

50% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

15% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 32 (2021 - 29 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2022

and 31 December 2022

28,100

Amortisation

At 1 January 2022

and 31 December 2022

28,100

Net book value

At 31 December 2022

-

At 31 December 2021

-

5.	Tangible fixed assets

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 January 2022

9,971

191,290

58,631

Additions

42,266

34,609

4,664

At 31 December 2022

52,237

225,899

63,295

Depreciation

At 1 January 2022

9,145

147,118

50,649

Charge for year

21,959

20,399

4,514

At 31 December 2022

31,104

167,517

55,163

Net book value

At 31 December 2022

21,133

58,382

8,132

At 31 December 2021

826

44,172

7,982

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2022

23,645

7,381

290,918

Additions

-

4,262

85,801

At 31 December 2022

23,645

11,643

376,719

Depreciation

At 1 January 2022

17,734

2,428

227,074

Charge for year

5,911

1,746

54,529

At 31 December 2022

23,645

4,174

281,603

Net book value

At 31 December 2022

-

7,469

95,116

At 31 December 2021

5,911

4,953

63,844

6.	Fixed asset investments

Listed

investments

£

Cost or valuation

At 1 January 2022

497,131

Additions

769,864

Disposals

(848,458

)

Revaluations

(69,518

)

At 31 December 2022

349,019

Net book value

At 31 December 2022

349,019

At 31 December 2021

497,131

Cost or valuation at 31 December 2022 is represented by:

Listed

investments

£

Valuation in 2022

349,019

7.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

171,355

288,532

Other debtors

22,544

90,958

193,899

379,490

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

20

-

Trade creditors

263,640

345,673

Taxation and social security

223,942

226,228

Other creditors

72,674

244,454

560,276

816,355

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

76

A Ordinary

£1

76

76

100

B Ordinary

£1

100

300

100

C Ordinary

£1

100

100

100

E Ordinary

£1

100

100

100

F Ordinary

£1

100

100

100

G Ordinary

£1

100

-

100

H Ordinary

£1

100

-

676

676

Allotted and issued:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Share capital 7

£1

100

-

100

Share capital 8

£1

100

-

200

-