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Registration number: 08956170

Virtus Sport Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Contents

Directors' Report

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 7

 

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

R Calenda

C M Hogan (ceased 1 March 2023)

The following director was appointed after the year end:

N R Hogan (appointed 1 March 2023)

Principal activity

The principal activity of the company is that of management and promotion of football players.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 21 September 2023 and signed on its behalf by:
 

.........................................
N R Hogan
Director

 

(Registration number: 08956170)
Balance Sheet as at 31 December 2022

Note

2022

2021

Fixed assets

 

Tangible assets

4

9

18

Current assets

 

Debtors

5

20,589

15,094

Cash at bank and in hand

 

111,409

47,798

 

131,998

62,892

Creditors: Amounts falling due within one year

6

(136,209)

(62,790)

Net current (liabilities)/assets

 

(4,211)

102

Net (liabilities)/assets

 

(4,202)

120

Capital and reserves

 

Called up share capital

120

120

Retained earnings

(4,322)

-

Shareholders' (deficit)/funds

 

(4,202)

120

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 21 September 2023 and signed on its behalf by:
 

.........................................
N R Hogan
Director

 

Statement of Changes in Equity for the Year Ended 31 December 2022

Share capital

Retained earnings

Total

At 1 January 2022

120

-

120

Loss for the year

-

(4,322)

(4,322)

At 31 December 2022

120

(4,322)

(4,202)

Share capital

Retained earnings

Total

At 1 January 2021

120

927,742

927,862

Profit for the year

-

75,412

75,412

Dividends

-

(1,003,154)

(1,003,154)

At 31 December 2021

120

-

120

 

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 & Wales.

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with terms of the contract.

Interest income is recognised using the effective interest method.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

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

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.

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

Furniture, fitings and equipment

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

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

Financial instruments

Classification
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,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
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 impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

 

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

4

Tangible assets

Fixtures and fittings

Total

Cost or valuation

At 1 January 2022

6,639

6,639

At 31 December 2022

6,639

6,639

Depreciation

At 1 January 2022

6,621

6,621

Charge for the year

9

9

At 31 December 2022

6,630

6,630

Carrying amount

At 31 December 2022

9

9

At 31 December 2021

18

18

5

Debtors

Current

2022

2021

Trade debtors

-

12,096

Other debtors

20,589

2,998

 

20,589

15,094

6

Creditors

Creditors: amounts falling due within one year

2022

2021

Due within one year

Trade creditors

1,520

6,418

Other creditors

134,689

56,372

136,209

62,790

7

Related party transactions

Summary of transactions with other related parties

At the year end, the balance due to the shareholder was €29,564 (2021 - €29,564). The loan is interest free with no set repayment terms.