Company Registration No. 12739098 (England and Wales)
All Sports Finance Ltd
Unaudited financial statements
for the year ended 31 December 2022
Pages for filing with the registrar
All Sports Finance Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
All Sports Finance Ltd
Balance sheet
As at 31 December 2022
1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
207,267
113,908
Current assets
Debtors
4
5,955
26,247
Cash at bank and in hand
103,639
95,115
109,594
121,362
Creditors: amounts falling due within one year
5
(254,804)
(150,512)
Net current liabilities
(145,210)
(29,150)
Total assets less current liabilities
62,057
84,758
Creditors: amounts falling due after more than one year
6
(300,000)
-
0
Net (liabilities)/assets
(237,943)
84,758
Capital and reserves
Called up share capital
7
2
2
Share premium account
499,985
-
0
Other reserves
449,007
-
0
Profit and loss reserves
(1,186,937)
84,756
Total equity
(237,943)
84,758

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 2022 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.

All Sports Finance Ltd
Balance sheet (continued)
As at 31 December 2022
2
The financial statements were approved by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
Justin Watkins
Director
Company Registration No. 12739098
All Sports Finance Ltd
Notes to the financial statements
For the year ended 31 December 2022
3
1
Accounting policies
Company information

All Sports Finance Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
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.

 

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 professional 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 it is probable will be recovered.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. The intangible asset is amortised from the moment it is available for use. This is done on the following bases:

Software & platform development costs
5 years straight line
All Sports Finance Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

All Sports Finance Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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
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.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
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.

All Sports Finance Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
6
2
Employees

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

2022
2021
Number
Number
Total
10
2
3
Intangible fixed assets
Software & platform development costs
£
Cost
At 1 January 2022
113,908
Additions
93,359
At 31 December 2022
207,267
Amortisation and impairment
At 1 January 2022 and 31 December 2022
-
0
Carrying amount
At 31 December 2022
207,267
At 31 December 2021
113,908
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
5,955
26,247
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
39,769
68,674
Corporation tax
-
0
21,841
Other creditors
215,035
59,997
254,804
150,512
All Sports Finance Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2022
7
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
300,000
-
0
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.0001p each
2,227,217
2
2
2

On 5 January 2022 the company passed a resolution subdividing the share capital of the company from 2 ordinary shares of £1.00 each to 2,000,000 ordinary shares of £0.000001 each.

 

During the year, the company has issued 227,217 ordinary shares of £0.000001 each for consideration of £0.227217, with a corresponding share premium recognised for £499,985.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
32,081
-
0
9
Reserves

Other reserves relates to subscriptions received awaiting share allotment.

10
Related party transactions

Included in other debtors is a balance of £2 which is due from the directors at 31 December 2022 (2021: £2).

 

Included in creditors falling due within one year is a loan due to a related party through mutual control. The balance due at 31 December 2022 is £9,005 (2021: £14,050). There is no accrued interest due or to be charged on the loan.

11

Ultimate Control

 

The ultimate controlling parties as at 31 December 2022 were the directors.

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