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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED |
ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED (REGISTERED NUMBER: 06753944) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Sterling House |
27 Hatchlands Road |
Redhill |
Surrey |
RH1 6RW |
ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED (REGISTERED NUMBER: 06753944) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 7 |
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SHAREHOLDERS' FUNDS |
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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 Board of Directors on
were signed on its behalf by: |
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ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED (REGISTERED NUMBER: 06753944) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Ascot International Sports & Footwear Limited is a
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registered in England and Wales. The company's registered number and registered office |
address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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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 balance sheet date. |
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ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED (REGISTERED NUMBER: 06753944) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet 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 balance sheet 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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3. | TANGIBLE FIXED ASSETS |
Office |
improvements |
and | Motor | Computer |
fixtures | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED (REGISTERED NUMBER: 06753944) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Amounts due |
to related parties |
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Accrued expenses |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdraft |
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The letter of credit facilities are secured by way of a fixed and floating charge over all the |
assets of the group both present and future. |
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The company is also subject to an unlimited multilateral guarantee with respect to all fellow |
group companies. |
ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED (REGISTERED NUMBER: 06753944) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2017 |
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Deficit for the year | ( |
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At 31 December 2017 |
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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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ASCOT INTERNATIONAL SPORTS & FOOTWEAR |
LIMITED (REGISTERED NUMBER: 06753944) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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9. | RELATED PARTY DISCLOSURES |
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During the period the company made purchases totalling £4,399,217 (2016: £3,355,739) |
from Atom Limited, a company registered in Hong Kong and controlled by G D Seth. At the |
balance sheet date £2,426,202 (2016: £1,085,469) was owed by the company to Atom |
Limited. Interest of £nil (2016: £nil) was paid to Atom Limited during the year. |
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Management charges of £62,501 (2016: £63,687) were charged to the company by the |
parent company Ascot TM Limited during the year. These charges included the use of the |
trademarks held by Ascot TM Limited. |
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At the balance sheet date, £59,908 (2016: £134,338) was owed to Ascot TM Limited, a |
company registered in England and Wales, in which G D Seth controls. |
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At the balance sheet date, £nil (2016: £158,225) was owed from Aruna Seth Shoes Limited, |
a company registered in England and Wales, in which G D Seth owns 50% of the share |
capital. Management fees of £120,000 (2016: £nil) were charged to the company during the |
year. The outstanding loan of £627,135 was written off at the year end as Aruna Seth |
Shoes Limited is now in liquidation. |
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At the balance sheet date, £1,067,651 (2016: £860,186) was owed from Protein World |
Limited, a company registered in England and Wales, in which G D Seth is a director and |
owns 50% of the share capital. |
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At the balance sheet date, £nil (2016: £197,761) was owed from Aruna Blu Limited, a |
company registered in England and Wales, in which G D Seth is a director and owns 50% of |
the share capital. |
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At the balance sheet date, £6,819 (2016: £190,489) was owed from Good Guru Limited, a |
company registered in England and Wales, in which G D Seth is a director and owns 60% of |
the share capital. |
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At the balance sheet date, £27,034 (2016: £26,717) was owed from Manak Footwear |
Europe Limited, a company registered in England and Wales, in which G D Seth controls. |
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At the balance sheet date, £270 (2016: £270) was owed from Ascot International Footwear |
Limited, a company registered in England and Wales, in which G D Seth controls. |
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10. | ULTIMATE CONTROLLING PARTY |
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Throughout the period the ultimate controlling party was G D Seth. |