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Registration number: 04626012

Pure Sports Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Pure Sports Management Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Pure Sports Management Limited

(Registration number: 04626012)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

5,585

9,413

Investments

5

1,587

1,587

 

7,172

11,000

Current assets

 

Debtors

6

98,685

52,449

Cash at bank and in hand

 

13,180

63,044

 

111,865

115,493

Creditors: Amounts falling due within one year

7

(71,957)

(51,608)

Net current assets

 

39,908

63,885

Net assets

 

47,080

74,885

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

47,078

74,883

Shareholders' funds

 

47,080

74,885

For the financial year ending 31 December 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2023 and signed on its behalf by:
 

.........................................
Mrs A J de Jong
Company secretary and director

 

Pure Sports Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Magdalen Centre
1 Robert Robinson Avenue
Oxford
Oxfordshire
OX4 4GA

These financial statements were authorised for issue by the Board on 30 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pure Sports Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% straight line

Furniture and fixtures

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Pure Sports Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Pure Sports Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

10,603

21,964

32,567

Additions

-

563

563

At 31 December 2022

10,603

22,527

33,130

Depreciation

At 1 January 2022

3,614

19,541

23,155

Charge for the year

2,715

1,675

4,390

At 31 December 2022

6,329

21,216

27,545

Carrying amount

At 31 December 2022

4,274

1,311

5,585

At 31 December 2021

6,989

2,424

9,413

5

Investments

2022
£

2021
£

Investments in subsidiaries

1,587

1,587

Subsidiaries

£

Cost or valuation

At 1 January 2022

1,587

Provision

Carrying amount

At 31 December 2022

1,587

At 31 December 2021

1,587

6

Debtors

 

Pure Sports Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Current

Note

2022
£

2021
£

Trade debtors

 

91,924

24,823

Amounts owed by related parties

9

1,964

1,964

Prepayments

 

759

812

Other debtors

 

4,038

24,850

   

98,685

52,449

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

976

611

Taxation and social security

32,711

20,312

Accruals and deferred income

3,888

6,488

Other creditors

34,382

24,197

71,957

51,608

8

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £81,500.00 (2021 - £40,000.00) per each Ordinary share

 

163,000

 

80,000

         
 

Pure Sports Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

Oxford Marketing Group Limited
As at 31st December 2022 Oxford Marketing Group Limited owed Pure Sport Management Limited £1,964 (2021: £1,964).

In2Action Marketing & Media Ltd
During the year, Pure Sport Management Limited was loaned £8,000 (2021: £18,000) by In2Action Marketing & Media Ltd with £6,000 (2021: £nil) repaid. As at 31st December 2022 In2Action Marketing & Media Ltd was owed £20,000 (2021: £18,000).

 

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2