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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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JAKO LIVING SPORTS LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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FOR |
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JAKO LIVING SPORTS LIMITED |
JAKO LIVING SPORTS LIMITED (REGISTERED NUMBER: 09436708) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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JAKO LIVING SPORTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
JAKO LIVING SPORTS LIMITED (REGISTERED NUMBER: 09436708) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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JAKO LIVING SPORTS LIMITED (REGISTERED NUMBER: 09436708) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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1. | GENERAL INFORMATION |
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Jako Living Sports Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The director has a reasonable expectation that the Company has adequate resources to continue in operational |
existence for the foreseeable future. The director regards the foreseeable future as no less than twelve months |
following the publication of its annual financial statements. The director has considered the company's balance |
sheet position as at the year end, its working capital forecasts, the current COVID19 crisis and projections, |
taking account of reasonably possible changes in trading performance and the current state of its operating |
market, and are satisfied that the company's financial position is improving and will enable the company to |
remain in operational existence. In addition, the director and shareholder has agreed to provide continuing |
financial support as and when required to enable the company to continue in operational existence. |
Consequently, the director considers it to be appropriate to prepare the financial statements on the going |
concern basis. |
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Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect |
reported income, expenses, assets and liabilities. Use of available information and application of judgement are |
inherent in formation of estimates, together with past experience and expectations of future events which are |
believed to be reasonable under the circumstances. |
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The following are the key judgements that management have made in the process of applying the Company's |
accounting policies and that have the most significant effect on the amounts recognised in the financial |
statements: |
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a) Provisions: at the year end, the Company evaluates the need for any provisions for impairment of stocks and |
trade debtors which requires management to make judgements. The judgements, estimated and associated |
assumptions necessary to calculate these provisions are based on historical experience, |
expected future cash flows and other reasonable factors. |
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Turnover |
Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax |
and other sales taxes. |
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Revenue is in respect of goods supplied by the Company during the period, recognised at the point of delivery. |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and |
the revenue can be reliably measured. |
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Property, plant and equipment |
Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation |
and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to |
bringing the asset to the location and condition necessary for it to be capable of operating in the manner |
intended by management. |
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Depreciation is provided on the following basis: |
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Fixtures and fittings - 25% straight line |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in profit or loss. |
JAKO LIVING SPORTS LIMITED (REGISTERED NUMBER: 09436708) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Inventories |
Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs |
to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
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At each reporting date, inventories are assessed for impairment. If stock is 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. |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors and loans to and from related parties. |
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Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method, less any impairment. |
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice |
of not more than 3 months. |
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Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair |
value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
method. |
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Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are |
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to |
be paid or received. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when |
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis |
or to realise the asset and settle the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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Operating leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
lease term. |
JAKO LIVING SPORTS LIMITED (REGISTERED NUMBER: 09436708) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
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COST |
At 1 July 2018 |
and 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Operating lease payments of £15,315 (2018 - £15,315) were recognised as an expense during the period. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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JAKO LIVING SPORTS LIMITED (REGISTERED NUMBER: 09436708) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Amounts owed to group and related undertaking are non-interest bearing and repayable on demand. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The immediate parent company is Double A Group Trading Limited. The ultimate parent company is Double A |
Group Limited. |