Registration number:
Tribal Sports Nutrition Limited
for the Year Ended 31 October 2022
Tribal Sports Nutrition Limited
(Registration number: 08249901)
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Tribal Sports Nutrition Limited
(Registration number: 08249901)
Company Information
Directors |
V Pataia A L Brouhard C J Martin D C Beck |
Registered office |
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Accountants |
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Tribal Sports Nutrition Limited
(Registration number: 08249901)
Balance Sheet as at 31 October 2022
Note |
2022 |
(As restated) |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Tribal Sports Nutrition Limited
(Registration number: 08249901)
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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.
Tribal Sports Nutrition Limited
(Registration number: 08249901)
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Prior period errors
The accounts have been restated to incorporate the impact of two errors identified in the prior year. The first is in calculating the amounts due to trade creditors and the second relates to the amount of trade debtors reported.
The overall change has resulted in profits available for distribution increasing by £10,537.
This is as a result of a reduction of debtors (trade debtors) of £8,888 and a corresponding decrease to the profit and loss reserve reported in the year to 31 October 2021.
A second adjustment has led to a reduction in creditors (trade creditors) of £19,425 and a corresponding increase to the profit and loss reserve reported in the year to 31 October 2021.
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 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.
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.
Tribal Sports Nutrition Limited
(Registration number: 08249901)
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2022 |
2021 |
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Other stocks |
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Tribal Sports Nutrition Limited
(Registration number: 08249901)
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Debtors |
2022 |
(As restated) |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Tribal Sports Nutrition Limited
(Registration number: 08249901)
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Creditors |
Note |
2022 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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