Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Auctioneers1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-04-011truetrue 05271115 2022-04-01 2023-03-31 05271115 2021-04-01 2022-03-31 05271115 2023-03-31 05271115 2022-03-31 05271115 2021-04-01 05271115 c:CompanySecretary1 2022-04-01 2023-03-31 05271115 c:Director1 2022-04-01 2023-03-31 05271115 c:RegisteredOffice 2022-04-01 2023-03-31 05271115 d:PlantMachinery 2022-04-01 2023-03-31 05271115 d:PlantMachinery 2023-03-31 05271115 d:PlantMachinery 2022-03-31 05271115 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05271115 d:MotorVehicles 2022-04-01 2023-03-31 05271115 d:MotorVehicles 2023-03-31 05271115 d:MotorVehicles 2022-03-31 05271115 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05271115 d:FurnitureFittings 2022-04-01 2023-03-31 05271115 d:FurnitureFittings 2023-03-31 05271115 d:FurnitureFittings 2022-03-31 05271115 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05271115 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05271115 d:CurrentFinancialInstruments 2023-03-31 05271115 d:CurrentFinancialInstruments 2022-03-31 05271115 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05271115 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05271115 d:ShareCapital 2022-04-01 2023-03-31 05271115 d:ShareCapital 2023-03-31 05271115 d:ShareCapital 2021-04-01 2022-03-31 05271115 d:ShareCapital 2022-03-31 05271115 d:ShareCapital 2021-04-01 05271115 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05271115 d:RetainedEarningsAccumulatedLosses 2023-03-31 05271115 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 05271115 d:RetainedEarningsAccumulatedLosses 2022-03-31 05271115 d:RetainedEarningsAccumulatedLosses 2021-04-01 05271115 c:OrdinaryShareClass1 2022-04-01 2023-03-31 05271115 c:OrdinaryShareClass1 2023-03-31 05271115 c:OrdinaryShareClass1 2022-03-31 05271115 c:FRS102 2022-04-01 2023-03-31 05271115 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05271115 c:FullAccounts 2022-04-01 2023-03-31 05271115 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05271115 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05271115










KNIGHTS SPORTING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
KNIGHTS SPORTING LIMITED
 
 
COMPANY INFORMATION


Director
T J Knight 




Company secretary
Mrs C E Knight



Registered number
05271115



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP

12 Church Street

Cromer

Norfolk

NR27 9ER





 
KNIGHTS SPORTING LIMITED
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4 - 5
Notes to the financial statements
 
6 - 10


 
KNIGHTS SPORTING LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KNIGHTS SPORTING LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knights Sporting Limited for the year ended 31 March 2023 which comprise the balance sheet, the statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Knights Sporting Limited in accordance with the terms of our engagement letter dated September 2021Our work has been undertaken solely to prepare for your approval the financial statements of Knights Sporting Limited  and state those matters that we have agreed to state to the director of Knights Sporting Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knights Sporting Limited and its director for our work or for this report. 

It is your duty to ensure that Knights Sporting 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 profit of Knights Sporting Limited. You consider that Knights Sporting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Knights Sporting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
12 Church Street
Cromer
Norfolk
NR27 9ER
14 November 2023
Page 1

 
KNIGHTS SPORTING LIMITED
REGISTERED NUMBER: 05271115

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,657
17,091

  
13,657
17,091

Current assets
  

Debtors: amounts falling due within one year
 5 
280,579
50,914

Cash at bank and in hand
 6 
106,864
124,363

  
387,443
175,277

Creditors: amounts falling due within one year
 7 
(314,516)
(112,187)

Net current assets
  
 
 
72,927
 
 
63,090

Total assets less current liabilities
  
86,584
80,181

  

Net assets
  
86,584
80,181


Capital and reserves
  

Share capital
  
100
100

Profit and loss account
  
86,484
80,081

  
86,584
80,181


Page 2

 
KNIGHTS SPORTING LIMITED
REGISTERED NUMBER: 05271115
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 November 2023.




T J Knight
Director

The notes on pages 6 to 10 form part of these financial statements.

Page 3

 
KNIGHTS SPORTING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
80,081
80,181


Comprehensive income for the year

Profit for the year

-
50,903
50,903


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
50,903
50,903


Contributions by and distributions to owners

Dividends: Equity capital
-
(44,500)
(44,500)


Total transactions with owners
-
(44,500)
(44,500)


At 31 March 2023
100
86,484
86,584


The notes on pages 6 to 10 form part of these financial statements.

Page 4

 
KNIGHTS SPORTING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
100
93,308
93,408


Comprehensive income for the year

Profit for the year

-
16,373
16,373


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
16,373
16,373


Contributions by and distributions to owners

Dividends: Equity capital
-
(29,600)
(29,600)


Total transactions with owners
-
(29,600)
(29,600)


At 31 March 2022
100
80,081
80,181


The notes on pages 6 to 10 form part of these financial statements.

Page 5

 
KNIGHTS SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk. NR1 4DJ.
The Company's principal activities are that of auctioneers of sporting memorabilia.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
KNIGHTS SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7

 
KNIGHTS SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 8

 
KNIGHTS SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
2,646
24,499
13,910
41,055


Additions
-
-
426
426



At 31 March 2023

2,646
24,499
14,336
41,481



Depreciation


At 1 April 2022
2,448
11,750
9,766
23,964


Charge for the year on owned assets
50
2,666
1,144
3,860



At 31 March 2023

2,498
14,416
10,910
27,824



Net book value



At 31 March 2023
148
10,083
3,426
13,657



At 31 March 2022
198
12,749
4,144
17,091


5.


Debtors

2023
2022
£
£


Trade debtors
249,011
-

Other debtors
31,568
50,914

280,579
50,914



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
106,864
124,363

106,864
124,363


Page 9

 
KNIGHTS SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
3,862

Trade creditors
293,221
90,074

Corporation tax
12,812
-

Other taxation and social security
-
7,331

Other creditors
4,403
1,870

Accruals and deferred income
4,080
9,050

314,516
112,187



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



9.


Transactions with directors

At 31 March 2023, the director owed the company £29,969 in respect of an overdrawn directors' loan account. The loan is repayable on demand and are included within other debtors on the balance sheet. Since the balance sheet date the loan has been repaid.

 
Page 10