Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Mr C R Dembicki 06/06/2011 10 November 2023 The principal activity of the Company during the financial year was that of sports coaching. 07658180 2023-06-30 07658180 bus:Director1 2023-06-30 07658180 2022-06-30 07658180 core:CurrentFinancialInstruments 2023-06-30 07658180 core:CurrentFinancialInstruments 2022-06-30 07658180 core:Non-currentFinancialInstruments 2023-06-30 07658180 core:Non-currentFinancialInstruments 2022-06-30 07658180 core:ShareCapital 2023-06-30 07658180 core:ShareCapital 2022-06-30 07658180 core:RetainedEarningsAccumulatedLosses 2023-06-30 07658180 core:RetainedEarningsAccumulatedLosses 2022-06-30 07658180 core:LeaseholdImprovements 2022-06-30 07658180 core:Vehicles 2022-06-30 07658180 core:OfficeEquipment 2022-06-30 07658180 core:LeaseholdImprovements 2023-06-30 07658180 core:Vehicles 2023-06-30 07658180 core:OfficeEquipment 2023-06-30 07658180 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-06-30 07658180 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-06-30 07658180 bus:OrdinaryShareClass1 2023-06-30 07658180 core:WithinOneYear 2023-06-30 07658180 core:WithinOneYear 2022-06-30 07658180 core:BetweenOneFiveYears 2023-06-30 07658180 core:BetweenOneFiveYears 2022-06-30 07658180 2022-07-01 2023-06-30 07658180 bus:FilletedAccounts 2022-07-01 2023-06-30 07658180 bus:SmallEntities 2022-07-01 2023-06-30 07658180 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 07658180 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07658180 bus:Director1 2022-07-01 2023-06-30 07658180 core:LeaseholdImprovements core:TopRangeValue 2022-07-01 2023-06-30 07658180 core:Vehicles 2022-07-01 2023-06-30 07658180 core:OfficeEquipment core:BottomRangeValue 2022-07-01 2023-06-30 07658180 core:OfficeEquipment core:TopRangeValue 2022-07-01 2023-06-30 07658180 2021-07-01 2022-06-30 07658180 core:LeaseholdImprovements 2022-07-01 2023-06-30 07658180 core:OfficeEquipment 2022-07-01 2023-06-30 07658180 core:CurrentFinancialInstruments 2022-07-01 2023-06-30 07658180 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 07658180 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 07658180 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07658180 (England and Wales)

SPORTS HEROES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

SPORTS HEROES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

SPORTS HEROES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
SPORTS HEROES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 144,526 37,701
144,526 37,701
Current assets
Debtors 4 547,443 932,278
Cash at bank and in hand 131,469 81,917
678,912 1,014,195
Creditors: amounts falling due within one year 5 ( 565,878) ( 358,093)
Net current assets 113,034 656,102
Total assets less current liabilities 257,560 693,803
Creditors: amounts falling due after more than one year 6 ( 63,690) 0
Provision for liabilities ( 35,747) ( 9,040)
Net assets 158,123 684,763
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 158,023 684,663
Total shareholder's funds 158,123 684,763

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Sports Heroes Limited (registered number: 07658180) were approved and authorised for issue by the Director on 10 November 2023. They were signed on its behalf by:

Mr C R Dembicki
Director
SPORTS HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
SPORTS HEROES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sports Heroes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
Vehicles 20 % reducing balance
Office equipment 2 - 5.5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 54 34

3. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Total
£ £ £ £
Cost
At 01 July 2022 33,349 15,500 64,775 113,624
Additions 0 122,973 18,602 141,575
Disposals 0 ( 15,500) 0 ( 15,500)
At 30 June 2023 33,349 122,973 83,377 239,699
Accumulated depreciation
At 01 July 2022 26,350 10,421 39,152 75,923
Charge for the financial year 4,122 8,142 17,407 29,671
Disposals 0 ( 10,421) 0 ( 10,421)
At 30 June 2023 30,472 8,142 56,559 95,173
Net book value
At 30 June 2023 2,877 114,831 26,818 144,526
At 30 June 2022 6,999 5,079 25,623 37,701

4. Debtors

2023 2022
£ £
Trade debtors 338,292 432,504
Amounts owed by Group undertakings 197,290 499,109
Amounts owed by fellow subsidiaries 1,019 0
Prepayments 10,842 665
547,443 932,278

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 7,940 6,061
Accruals 69,200 3,660
Corporation tax 232,081 160,395
Other taxation and social security 164,153 127,557
Obligations under finance leases and hire purchase contracts (secured) 5,040 1,550
Other creditors 87,464 58,870
565,878 358,093

Obligations under finance leases and hire purchase contracts due within one year are secured on the assets held under the agreements.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 63,690 0

Obligations under finance leases and hire purchase contracts due after more than one year are secured on the assets held under the agreements.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
- within one year 3,808 1,310
- between one and five years 4,760 0
8,568 1,310

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,254 1,399

9. Related party transactions

The company has taken advantage of the exemption available under Section 1 a.c. 35 of FRS 102 to not disclose transactions within a wholly owned group.