Sport S Cool Limited - Period Ending 2017-12-31

Sport S Cool Limited - Period Ending 2017-12-31


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Registration number: 06742040

Sport S Cool Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

 

Sport S Cool Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 4

 

Sport S Cool Limited

(Registration number: 06742040)
Balance Sheet as at 31 December 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

59

78

Current assets

 

Debtors

5

27

3,424

Cash at bank and in hand

 

3,971

1,995

 

3,998

5,419

Creditors: Amounts falling due within one year

6

(9,136)

(9,927)

Net current liabilities

 

(5,138)

(4,508)

Total assets less current liabilities

 

(5,079)

(4,430)

Provisions for liabilities

(12)

(16)

Net liabilities

 

(5,091)

(4,446)

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

(5,291)

(4,646)

Total equity

 

(5,091)

(4,446)

For the financial year ending 31 December 2017 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 29 January 2018
 

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

Mr Andrew Charles Preston

Company secretary and director

 

Sport S Cool Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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
UK

The principal place of business is:
Suite 12
Blackburn Technology Management Centre
Challenge Way
Blackburn
Lancashire
BB1 5QB
UK

These financial statements were authorised for issue by the director on 29 January 2018.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

 

Sport S Cool Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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 2 (2016 - 3).

 

Sport S Cool Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2017

330

330

At 31 December 2017

330

330

Depreciation

At 1 January 2017

252

252

Charge for the year

19

19

At 31 December 2017

271

271

Carrying amount

At 31 December 2017

59

59

At 31 December 2016

78

78

5

Debtors

2017
£

2016
£

Trade debtors

-

3,424

Other debtors

27

-

Total current trade and other debtors

27

3,424

6

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

3,432

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

4,977

8,277

Taxation and social security

 

-

997

Other creditors

 

727

653

 

9,136

9,927

7

Related party transactions

Key management personnel

At the balance sheet date the amount owed to the director was £6,077 (2016: £8,277).