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Company registration number: 07454810
Sports Design Concepts Limited
Unaudited filleted financial statements
30 November 2021
Sports Design Concepts Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sports Design Concepts Limited
Directors and other information
Directors Mr R Hughes
Mrs J Watts (Resigned 20 September 2021)
Mr T Keenan
Mr R Watts (Resigned 20 September 2021)
Company number 07454810
Registered office 60C Empress Avenue
Ilford
Essex
IG1 3DD
Business address 60C Empress Avenue
Ilford
Essex
IG1 3DD
Accountant Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Sports Design Concepts Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Sports Design Concepts Limited
Year ended 30 November 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Sports Design Concepts Limited for the year ended 30 November 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Sports Design Concepts Limited, as a body, in accordance with the terms of my engagement letter dated 5 April 2011. My work has been undertaken solely to prepare for your approval the financial statements of Sports Design Concepts Limited and state those matters that we have agreed to state to the board of directors of Sports Design Concepts Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Sports Design Concepts Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Sports Design Concepts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sports Design Concepts Limited. You consider that Sports Design Concepts Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Sports Design Concepts Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
10 June 2022
Sports Design Concepts Limited
Statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 4 249,284 248,999
Investments 5 1 1
_______ _______
249,285 249,000
Current assets
Debtors 6 37,100 37,704
Cash at bank and in hand 117 614
_______ _______
37,217 38,318
Creditors: amounts falling due
within one year 7 ( 312,066) ( 307,629)
_______ _______
Net current liabilities ( 274,849) ( 269,311)
_______ _______
Total assets less current liabilities ( 25,564) ( 20,311)
_______ _______
Net liabilities ( 25,564) ( 20,311)
_______ _______
Capital and reserves
Called up share capital 8 2,272 2,267
Share premium account 182,095 179,101
Profit and loss account ( 209,931) ( 201,679)
_______ _______
Shareholders deficit ( 25,564) ( 20,311)
_______ _______
For the year ending 30 November 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 year 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 10 June 2022 , and are signed on behalf of the board by:
Mr R Hughes
Director
Company registration number: 07454810
Sports Design Concepts Limited
Statement of changes in equity
Year ended 30 November 2021
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 December 2019 2,263 177,004 ( 193,505) ( 14,238)
Loss for the year ( 8,174) ( 8,174)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 8,174) ( 8,174)
Issue of shares 4 2,097 2,101
_______ _______ _______ _______
Total investments by and distributions to owners 4 2,097 - 2,101
_______ _______ _______ _______
At 30 November 2020 and 1 December 2020 2,267 179,100 ( 201,679) (20,312)
Loss for the year ( 8,252) ( 8,252)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 8,252) ( 8,252)
Issue of shares 5 2,995 3,000
_______ _______ _______ _______
Total investments by and distributions to owners 5 2,995 - 3,000
_______ _______ _______ _______
At 30 November 2021 2,272 182,095 ( 209,931) ( 25,564)
_______ _______ _______ _______
Sports Design Concepts Limited
Notes to the financial statements
Year ended 30 November 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 60C Empress Avenue, 60C Empress Avenue, Ilford, Essex, IG1 3DD.
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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2020 248,999 248,999
Additions 285 285
_______ _______
At 30 November 2021 249,284 249,284
_______ _______
Amortisation
At 1 December 2020 and 30 November 2021 - -
_______ _______
Carrying amount
At 30 November 2021 249,284 249,284
_______ _______
At 30 November 2020 248,999 248,999
_______ _______
Development costs will be written off over 5 years once the product is in production.
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2020 and 30 November 2021 1 1
_______ _______
Impairment
At 1 December 2020 and 30 November 2021 - -
_______ _______
Carrying amount
At 30 November 2021 1 1
_______ _______
At 30 November 2020 1 1
_______ _______
Sports Design Concepts Limited owns 100% of the shares in Armourflex Sports Limited.
6. Debtors
2021 2020
£ £
Other debtors 37,100 37,704
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 38,250 34,330
Other creditors 273,816 273,299
_______ _______
312,066 307,629
_______ _______
8. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 0.01 each 227,172 2,272 226,672 2,267
_______ _______ _______ _______
Share movements
No £
Ordinary :
At 1 December 2020 226,672 2,267
Issue of shares 500 5
_______ _______
At 30 November 2021 227,172 2,272
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R Hughes ( 211,109) ( 3,962) 70 ( 215,001)
Mrs J Watts ( 42,830) - 42,830 -
Mr T Keenan ( 3,000) - 3,000 -
_______ _______ _______ _______
( 256,939) ( 3,962) 45,900 ( 215,001)
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R Hughes ( 206,670) ( 4,439) - ( 211,109)
Mrs J Watts ( 42,830) - - ( 42,830)
Mr T Keenan - ( 3,000) - ( 3,000)
_______ _______ _______ _______
( 249,500) ( 7,439) - ( 256,939)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Focus on Kids TV Limited - - - ( 13,210)
_______ _______ _______ _______
The company owes £56,040 to Focus on Kids TV Limited in which Mr R Watts and Mrs J Watts are both directors and shareholders.
11. Controlling party
Mr R Hughes controls the company.
12. Going concern
The funding of the company has been met by the continued support of Robert Hughes, who is a director and shareholder. The director has made a commitment not to seek repayment of the loan until cash flow permits.
13. Group accounts
Sports Design Concepts Limited (the parent company) is exempt from preparing group accounts as it is a small group.