Dark Horses Sports Marketing Limited
Unaudited Financial Statements
For the year ended 31 December 2021
For Filing with Registrar
Company Registration No. 09965721 (England and Wales)
Dark Horses Sports Marketing Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Dark Horses Sports Marketing Limited
Balance Sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
595
Tangible assets
5
26,615
38,787
26,615
39,382
Current assets
Debtors
6
3,823,299
897,010
Cash at bank and in hand
1,642,399
502,210
5,465,698
1,399,220
Creditors: amounts falling due within one year
7
(4,797,613)
(1,073,083)
Net current assets
668,085
326,137
Net assets
694,700
365,519
Capital and reserves
Called up share capital
8
99
99
Capital redemption reserve
12
12
Profit and loss reserves
694,589
365,408
Total equity
694,700
365,519

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Dark Horses Sports Marketing Limited
Balance Sheet (Continued)
As at 31 December 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
S Ellse
Director
Company Registration No. 09965721
Dark Horses Sports Marketing Limited
Statement of Changes in Equity
For the year ended 31 December 2021
Page 3
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
99
12
364,084
364,195
Period ended 31 December 2020:
Profit and total comprehensive income for the period
-
-
1,324
1,324
Balance at 31 December 2020
99
12
365,408
365,519
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
629,181
629,181
Dividends
-
-
(300,000)
(300,000)
Balance at 31 December 2021
99
12
694,589
694,700
Dark Horses Sports Marketing Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 4
1
Accounting policies
Company information

Dark Horses Sports Marketing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 180 Exmouth House, 3-11 Pine Street, London, EC1R 0JH.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have considered the impact that Covid-19 will have on the business and have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors believe that the company will have sufficient funds to settle all of it's liabilities as they fall due for at least 12 months from signing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Dark Horses Sports Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 5

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Work in progress is recognised as costs that have been incurred during the year, where the revenue is to be recognised in the following period as per the revenue recognition policy. Work in progress is stated at the lower of the costs incurred and the estimated amount that is going to be charged as revenue in the following period.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Dark Horses Sports Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Dark Horses Sports Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 7
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
35
39
4
Intangible fixed assets
Other
£
Cost
At 1 January 2021 and 31 December 2021
4,680
Amortisation and impairment
At 1 January 2021
4,085
Amortisation charged for the year
595
At 31 December 2021
4,680
Carrying amount
At 31 December 2021
-
0
At 31 December 2020
595
Dark Horses Sports Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 8
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
84,717
Additions
15,123
At 31 December 2021
99,840
Depreciation and impairment
At 1 January 2021
45,930
Depreciation charged in the year
27,295
At 31 December 2021
73,225
Carrying amount
At 31 December 2021
26,615
At 31 December 2020
38,787
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
886,202
334,768
Other debtors
3,067
207,340
Prepayments and accrued income
2,934,030
354,902
3,823,299
897,010
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
351,788
153,615
Corporation tax
148,688
75,501
Other taxation and social security
138,070
161,189
Dividends payable
300,000
-
0
Other creditors
28,151
66,693
Accruals and deferred income
3,830,916
616,085
4,797,613
1,073,083
Dark Horses Sports Marketing Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 9
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
990
990
99
99
9
Related party transactions

The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.

 

During the year, dividends of £263,636 were paid to directors of the company. At the year end, the company owed £263,636 (2020: £nil) to the directors of the company.

10
Parent company

There is no ultimate controlling party.

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