Company No:
Contents
Note | 27.03.2022 | 28.03.2021 | ||
£ | £ | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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658,522 | 690,025 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 71,271 | 19,701 | ||
Total assets less current liabilities | 71,271 | 19,701 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of Sells Goalkeeper Products Ltd (registered number:
A D Sells
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Sells Goalkeeper Products Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Other intangible assets |
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Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 29.03.2021 to 27.03.2022 |
Period from 30.03.2020 to 28.03.2021 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 29 March 2021 |
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At 27 March 2022 |
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Accumulated amortisation | |||
At 29 March 2021 |
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At 27 March 2022 |
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Net book value | |||
At 27 March 2022 |
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At 28 March 2021 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 29 March 2021 |
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At 27 March 2022 |
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Accumulated depreciation | |||
At 29 March 2021 |
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At 27 March 2022 |
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Net book value | |||
At 27 March 2022 |
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At 28 March 2021 |
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27.03.2022 | 28.03.2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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27.03.2022 | 28.03.2021 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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27.03.2022 | 28.03.2021 | ||
£ | £ | ||
Bank loans |
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Other creditors |
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27.03.2022 | 28.03.2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Included within other creditors is a balance of £75,740 (2021: £93,250) owed to the director and his family. This balance is unsecured and interest free.