31/07/2021
2021-07-31
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No description of principal activities is disclosed
2020-02-01
Sage Accounts Production 21.0 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
05797384
2020-02-01
2021-07-31
05797384
2021-07-31
05797384
2020-01-31
05797384
2019-02-01
2020-01-31
05797384
2020-01-31
05797384
core:NetGoodwill
2020-02-01
2021-07-31
05797384
core:LandBuildings
core:ShortLeaseholdAssets
2020-02-01
2021-07-31
05797384
core:PlantMachinery
2020-02-01
2021-07-31
05797384
bus:Director1
2020-02-01
2021-07-31
05797384
core:NetGoodwill
2021-07-31
05797384
core:LandBuildings
core:LongLeaseholdAssets
2020-01-31
05797384
core:PlantMachinery
2020-01-31
05797384
core:WithinOneYear
2021-07-31
05797384
core:WithinOneYear
2020-01-31
05797384
core:LandBuildings
core:LongLeaseholdAssets
2020-02-01
2021-07-31
05797384
core:ShareCapital
2021-07-31
05797384
core:ShareCapital
2020-01-31
05797384
core:RetainedEarningsAccumulatedLosses
2021-07-31
05797384
core:RetainedEarningsAccumulatedLosses
2020-01-31
05797384
core:NetGoodwill
2020-01-31
05797384
core:PlantMachinery
2020-01-31
05797384
bus:Director1
2020-01-31
05797384
bus:Director1
2021-07-31
05797384
bus:Director1
2019-01-31
05797384
bus:Director1
2020-01-31
05797384
bus:Director1
2019-02-01
2020-01-31
05797384
bus:SmallEntities
2020-02-01
2021-07-31
05797384
bus:AuditExemptWithAccountantsReport
2020-02-01
2021-07-31
05797384
bus:FullAccounts
2020-02-01
2021-07-31
05797384
bus:SmallCompaniesRegimeForAccounts
2020-02-01
2021-07-31
05797384
bus:PrivateLimitedCompanyLtd
2020-02-01
2021-07-31
Company registration number:
05797384
No Sweat (Devon) Limited
Unaudited filleted financial statements
31 July 2021
NO SWEAT (DEVON) LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2021
|
|
|
31/07/21
|
|
|
|
31/01/20
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
-
|
|
|
|
-
|
|
|
Tangible assets
|
|
6
|
-
|
|
|
|
7,082
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
-
|
|
|
|
7,082
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
2,582
|
|
|
|
203,155
|
|
|
Debtors
|
|
7
|
445
|
|
|
|
9,376
|
|
|
Cash at bank and in hand
|
|
|
23,670
|
|
|
|
11,199
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
26,697
|
|
|
|
223,730
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
9
|
(
5,333)
|
|
|
|
(
197,113)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
21,364
|
|
|
|
26,617
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
21,364
|
|
|
|
33,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
-
|
|
|
|
(
1,095)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
21,364
|
|
|
|
32,604
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
100
|
|
|
|
100
|
Profit and loss account
|
|
10
|
|
|
21,264
|
|
|
|
32,504
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
21,364
|
|
|
|
32,604
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the period ending 31 July 2021 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 financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
04 January 2022
, and are signed on behalf of the board by:
Mr P Cropper
Director
Company registration number:
05797384
NO SWEAT (DEVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 JULY 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Highways, Down Lane, Braunton, Devon, EX33 2LE.
Principal activity
The principal activity of the company was the retail of clothing, outdoor wear and equipment. The company ceased trading on 31/07/21.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome
.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
12.5 % |
straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Short leasehold property
|
-
|
10 %
|
straight line
|
|
Plant and machinery
|
-
|
20 %
|
straight line
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
4
(2020:
6
).
5.
Intangible assets
|
|
Goodwill
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 February 2020 and 31 July 2021
|
161,785
|
161,785
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 February 2020 and 31 July 2021
|
161,785
|
161,785
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 July 2021
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 January 2020
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property
|
Plant and machinery
|
Total
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 February 2020
|
6,636
|
61,346
|
67,982
|
|
|
|
|
|
Disposals
|
(
6,636)
|
(
61,346)
|
(
67,982)
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31 July 2021
|
-
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 February 2020
|
6,636
|
54,264
|
60,900
|
|
|
|
|
|
Charge for the year
|
-
|
3,112
|
3,112
|
|
|
|
|
|
Disposals
|
(
6,636)
|
(
57,376)
|
(
64,012)
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31 July 2021
|
-
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 July 2021
|
-
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31 January 2020
|
-
|
7,082
|
7,082
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
31/07/21
|
31/01/20
|
|
|
|
£
|
£
|
|
Other debtors
|
|
445
|
9,376
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Cash and cash equivalents
|
|
|
31/07/21
|
31/01/20
|
|
|
|
£
|
£
|
|
Cash at bank and in hand
|
|
23,670
|
11,199
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
31/07/21
|
31/01/20
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
203
|
15,817
|
|
Social security and other taxes
|
|
573
|
28,288
|
|
Other creditors
|
|
4,557
|
153,008
|
|
|
|
_______
|
_______
|
|
|
|
5,333
|
197,113
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses
.
11.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31/07/21
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Directors
|
(
141,344)
|
165,238
|
(
25,228)
|
(
1,334)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Year ended 31/01/20
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the directors
|
Amounts repaid
|
Balance o/standing
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
Directors
|
(
164,409)
|
23,065
|
-
|
(
141,344)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Interest of £9,411 (2020: £9,586) was charged on these loans.
12.
Government grants
During the period the company was the recipient of economic benefits as a result of the Small Business Grant Fund. The total funds received from the UK Government and recognised in other operating profit during the period was £39,143 (2020 £Nil).
13.
Coronavirus Job Retention Scheme
During the period the company was the recipient of economic benefits as a result of participating in the UK Government's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the period was £24,047 (2020: £Nil).