Company registration number 08214183 (England and Wales)
SPARTA PROMOTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
SPARTA PROMOTIONS LIMITED
COMPANY INFORMATION
Director
Mr A O O Joshua
Company number
08214183
Registered office
Churchill House, Suite 112
120 Bunns Lane,
Mill Hill
London
United Kingdom
NW7 2AS
Auditor
Gerald Edelman LLP
73 Cornnill
London
EC3V 3QQ
Business address
20 Saffron Close
London
United Kingdom
NW11 0PY
SPARTA PROMOTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
SPARTA PROMOTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

The director presents the strategic report for the year ended 28 February 2023.

Review of the business

The group has two service divisions: the first service division is the provision of professional boxing services, from which bout income is generated. The second service division, is marketing services for sponsorships and endorsements. The director considers that the key financial performance indicators are those that monitor the performance in respect of each of these divisions. The turnover of the group from the provision of its services analysed by division is as follows:

 

 

£

2023

 

 

£

2022

 

Territory

UK

EU

Non-UK

UK

EU

Non-EU

Bouts

-

-

28,325,018

14,659,694

-

-

Sponsorship

3,440,600

676,346

8,910,682

2,914,285

1,014,687

1,598,980


All divisions showed a significant increase in turnover in 2023 compared to 2022. The bouts division increased due to a territory specific opportunityy and a rematch of a highly anticipated fight. With the end of the pandemic, spectators could return to the stadiums to watch the bouts increase the opportunities and demand to watch high profile bouts. On the back of the rematch, sponsorship income also rose due to the publicity the fight attracted. The rise in turnover across the divisions is in line with the director's expectations.

The group faces a number of risks and uncertainties and the director believes the key business risks are in respect of competition from both within the UK and international markets. In view of this risk and uncertainty, the director is aware that the development of the group may be affected by factors outside its control.

Principal Risks and Uncertainties

 

Risk

 

 

Impact on Group

 

 

Mitigation

Anti-Doping Testing

 

Failure of participation is deemed a doping violation for a fighter and may result in immediate suspension for up to three years and additional fines

 

The group has taken an active approach to anti-doping testing by encouraging and ensuring the fighter to voluntarily take part in random testing. The fighter also ensures that they are always readily available for mandatory testing which occurs without prior notice.

 

Boxing Licence

 

 

If a boxer does not hold a boxing licence or is not under the umbrella of a licenced promoter, then in normal circumstances, the fighter would not be able to compete in a professional fight.

 

 

The group has an agreement in place with a promoter that is licenced by the BBBoC. The promotor is the authorised representative that is obligated to communicate with boxing bodies to obtain appropriate permissions and sanctions for any bout. The promoter is also able to collect a fighter's purse on their behalf.

 

 

SPARTA PROMOTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Principal Risks and Uncertainties (cont)

 

Risk

 

 

Impact on Group

 

 

Mitigation

 

 

 

 

 

 

 

 

 

 

Advertising

 

The group must ensure that the fighter’s image rights are not used in a negative manner.

 

 

The group ensures that it does not enter into contracts that may harm the image of the fighter. The fighter has also built a very good image of themselves to the public through various media outlets such as YouTube and Instagram.

The director has considered the effect of 'Brexit' on the business specifically. Given that the group currently operates within the UK market and its customers are based in the UK, there is no direct or immediate impact envisaged by the director, on the group.

The director does acknowledge that there may be contingent liabilities, such as the potential impact on profitability of non-recoverable VAT for companies which currently incur and recover input VAT in other EU states, the effect upon the availability of EU grants and subsidies and the effect upon available workforce, that may arise from 'Brexit', depending on the dissolution terms to be agreed with the EU.

Development and performance

The director anticipates the business environment will remain competitive. The director believes that the group is in a good financial position and that the risks that have been identified are being well managed. The director is confident in the group's ability to maintain and build on this position, albeit with cautious growth expectations.

The group is currently undertaking research into way to improve its bout income and sponsorship income from the provision of the fighter's professional boxing services and image rights.

 

Key performance indicators

The group predominately uses turnover as it's key performance indicator and further details of the movement has been disclosed in the business review section.

On behalf of the board

Mr A O O Joshua
Director
5 December 2023
SPARTA PROMOTIONS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -

The director presents his annual report and financial statements for the year ended 28 February 2023.

Principal activities

The principal activity of the company and group continued to be that of professional boxing services and marketing services for sponsorships and endorsements.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amount to £6,300,000 (2022: £4,507,500). The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A O O Joshua
Auditor

Gerald Edelman LLP were appointed as auditors during the year and they are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

SPARTA PROMOTIONS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
On behalf of the board
Mr A O O Joshua
Director
5 December 2023
SPARTA PROMOTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPARTA PROMOTIONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Sparta Promotions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

SPARTA PROMOTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPARTA PROMOTIONS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud, is detailed below.

 

Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statement for the year ended 28 February 2023.

 

We planned our audit so that we have reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

SPARTA PROMOTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPARTA PROMOTIONS LIMITED
- 7 -
Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SPARTA PROMOTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPARTA PROMOTIONS LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Grant Lee FCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP
18 January 2024
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
SPARTA PROMOTIONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
41,352,646
20,187,644
Cost of sales
(5,183,704)
(3,132,602)
Gross profit
36,168,942
17,055,042
Administrative expenses
(1,890,133)
(1,083,834)
Operating profit
4
34,278,809
15,971,208
Interest receivable and similar income
7
1,628,403
121,607
Interest payable and similar expenses
8
-
0
(4,999)
Profit before taxation
35,907,212
16,087,816
Tax on profit
9
(6,900,000)
(3,063,315)
Profit for the financial year
18
29,007,212
13,024,501
Profit for the financial year is all attributable to the owners of the parent company.
SPARTA PROMOTIONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 10 -
2023
2022
£
£
Profit for the year
29,007,212
13,024,501
Other comprehensive income
-
-
Total comprehensive income for the year
29,007,212
13,024,501
Total comprehensive income for the year is all attributable to the owners of the parent company.
SPARTA PROMOTIONS LIMITED
GROUP BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1
1
Tangible assets
12
63,632
32,698
Investments
13
479
479
64,112
33,178
Current assets
Debtors
14
25,073,989
18,975,397
Cash at bank and in hand
105,655,064
90,789,617
130,729,053
109,765,014
Creditors: amounts falling due within one year
15
(1,637,009)
(3,349,247)
Net current assets
129,092,044
106,415,767
Net assets
129,156,156
106,448,945
Capital and reserves
Called up share capital
17
86
86
Capital redemption reserve
18
15
15
Profit and loss reserves
18
129,156,055
106,448,844
Total equity
129,156,156
106,448,945

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 5 December 2023
05 December 2023
Mr A O O Joshua
Director
Company registration number 08214183 (England and Wales)
SPARTA PROMOTIONS LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1
1
Tangible assets
12
61,880
29,193
Investments
13
1
1
61,882
29,195
Current assets
Debtors
14
23,931,518
18,616,670
Cash at bank and in hand
72,401,774
67,794,586
96,333,292
86,411,256
Creditors: amounts falling due within one year
15
(157,571)
(3,121,997)
Net current assets
96,175,721
83,289,259
Net assets
96,237,603
83,318,454
Capital and reserves
Called up share capital
17
86
86
Capital redemption reserve
18
15
15
Profit and loss reserves
18
96,237,502
83,318,353
Total equity
96,237,603
83,318,454

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £19,219,150 (2022 - £9,168,247 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved and signed by the director and authorised for issue on 5 December 2023
05 December 2023
Mr A O O Joshua
Director
Company registration number 08214183 (England and Wales)
SPARTA PROMOTIONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2021
86
15
97,931,843
97,931,944
Year ended 28 February 2022:
Profit and total comprehensive income
-
-
13,024,501
13,024,501
Dividends
10
-
-
(4,507,500)
(4,507,500)
Balance at 28 February 2022
86
15
106,448,844
106,448,945
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
29,007,212
29,007,212
Dividends
10
-
-
(6,300,000)
(6,300,000)
Balance at 28 February 2023
86
15
129,156,055
129,156,156
SPARTA PROMOTIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2021
86
15
78,657,606
78,657,707
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
9,168,247
9,168,247
Dividends
10
-
-
(4,507,500)
(4,507,500)
Balance at 28 February 2022
86
15
83,318,353
83,318,454
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
19,219,150
19,219,150
Dividends
10
-
-
(6,300,000)
(6,300,000)
Balance at 28 February 2023
86
15
96,237,502
96,237,603
SPARTA PROMOTIONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
23,627,892
19,168,064
Interest paid
-
0
(4,999)
Income taxes paid
(4,037,535)
(3,785,162)
Net cash inflow from operating activities
19,590,357
15,377,903
Investing activities
Purchase of tangible fixed assets
(53,313)
(22,300)
Interest received
1,628,403
121,607
Net cash generated from investing activities
1,575,090
99,307
Financing activities
Dividends paid to equity shareholders
(6,300,000)
(4,507,500)
Net cash used in financing activities
(6,300,000)
(4,507,500)
Net increase in cash and cash equivalents
14,865,447
10,969,710
Cash and cash equivalents at beginning of year
90,789,617
79,819,907
Cash and cash equivalents at end of year
105,655,064
90,789,617
SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 16 -
1
Accounting policies
Company information

Sparta Promotions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Sparta Promotions Limited and all of its subsidiaries.

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.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Sparta Promotions Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 February 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 18 -
1.5
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.

 

i. Sales – boxing promotion

 

Turnover from the rendering of boxing promotion services is recognised when the service is provided and can be reliably measured.

 

Turnover from boxing services is net of costs, incurred by the promoter, which are outside the group's control.

 

ii. Sales – endorsement and sponsorship deals

 

Turnover from the rendering of endorsement and sponsorship deals is recognised as the contract progresses.

 

Turnover from endorsement and sponsorship income is recognised in accordance with the specific endorsement or sponsorship agreement in place. For each agreement, certain obligations have to be fulfilled and conditions met prior to recognition by reference to stage of completion of an agreement.

 

1.6
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

In accordance with FRS 102 paragraph 18.23, the group assumes a residual value of zero unless there is a commitment by a third party to purchase the asset or there is an active market for the asset and the residual value can be determined by reference to the market and the market will exist at the end of the asset’s useful life.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 19 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
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 current liabilities.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 20 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 21 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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.

1.15
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Loans due after more than one year

The director estimates the market rate of interest to be 2.5%. When using 2.5% as the discount factor to calculate the net present value of the loan, the measurement difference, i.e. the difference between the present value of the loan and the fair value of the loan is not material, hence, the loan has not been discounted.

 

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 23 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Boxing promotion
28,325,018
14,659,692
Endorsements and sponsorship
13,027,628
5,527,952
41,352,646
20,187,644
2023
2022
£
£
Turnover analysed by geographical market
UK
3,440,600
17,573,977
Europe
676,346
1,014,687
Rest of World
37,235,700
1,598,980
41,352,646
20,187,644
2023
2022
£
£
Other revenue
Interest income
1,628,403
121,607
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
267,943
-
Depreciation of owned tangible fixed assets
22,378
11,624
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
55,000
15,000
For other services
Other assurance services
-
70,666
Other taxation services
15,000
-
15,000
70,666
SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 24 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
11
8
5
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
864,460
573,454
288,607
187,684
Social security costs
122,531
90,366
31,782
23,869
Pension costs
11,920
9,147
5,212
3,125
998,911
672,967
325,601
214,678
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
978,403
110,504
Interest receivable from group companies
650,000
-
0
Other interest income
-
11,103
Total income
1,628,403
121,607
8
Interest payable and similar expenses
2023
2022
£
£
Other interest
-
4,999
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
6,900,000
3,063,315
SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
35,907,212
16,087,816
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
6,822,370
3,056,685
Tax effect of expenses that are not deductible in determining taxable profit
-
0
4,421
Permanent capital allowances in excess of depreciation
-
0
2,209
Other permanent differences
77,630
-
0
Taxation charge
6,900,000
3,063,315
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
6,300,000
4,507,500
11
Intangible fixed assets
Group and company
Image rights
£
Cost
At 1 March 2022 and 28 February 2023
1
Amortisation and impairment
At 1 March 2022 and 28 February 2023
-
0
Carrying amount
At 28 February 2023
1
At 28 February 2022
1

Image Rights have been recognised at cost. Image Rights have not been adjusted to fair value given that the asset cannot be measured reliably.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 26 -
12
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 March 2022
69,801
Additions
53,313
At 28 February 2023
123,114
Depreciation and impairment
At 1 March 2022
37,104
Depreciation charged in the year
22,378
At 28 February 2023
59,482
Carrying amount
At 28 February 2023
63,632
At 28 February 2022
32,698
Company
Fixtures and fittings
£
Cost
At 1 March 2022
62,792
Additions
53,313
At 28 February 2023
116,105
Depreciation and impairment
At 1 March 2022
33,599
Depreciation charged in the year
20,626
At 28 February 2023
54,225
Carrying amount
At 28 February 2023
61,880
At 28 February 2022
29,193
SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 27 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
479
479
1
1
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 March 2022 and 28 February 2023
479
Carrying amount
At 28 February 2023
479
At 28 February 2022
479
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 March 2022 and 28 February 2023
1
Carrying amount
At 28 February 2023
1
At 28 February 2022
1
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
505,863
612,108
-
-
0
Corporation tax recoverable
-
0
1,731,417
318,951
1,731,417
Other debtors
12,749,909
5,357,004
12,080,438
5,623,516
Prepayments and accrued income
1,617,252
40,368
1,331,164
27,237
14,873,024
7,740,897
13,730,553
7,382,170
Amounts falling due after more than one year:
Other debtors
10,200,965
11,234,500
10,200,965
11,234,500
Total debtors
25,073,989
18,975,397
23,931,518
18,616,670
SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 28 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
-
0
10,000
-
0
10,000
Corporation tax payable
1,302,849
171,801
-
0
-
0
Other taxation and social security
263,808
2,545,045
116,194
2,525,223
Other creditors
70,352
100,148
41,377
78,944
Accruals and deferred income
-
0
522,253
-
0
507,830
1,637,009
3,349,247
157,571
3,121,997
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,920
9,147

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £2,661 (2022: £2,018) were payable to the fund at the reporting date and are included in creditors.

17
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
86
86
86
86
18
Reserves
Capital redemption reserve

Included in the capital redemption reserve are all the previous buy backs of shares.

Profit and loss reserves

Included in profit and loss reserves are all previous accumulated profits and losses.

SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 29 -
19
Related party transactions

During the year, the company paid dividends of £6,300,000 (2022 - £4,507,500) to the director and sole shareholder of the company.

The company has taken exemptions from disclosing related party transactions between wholly owned entities.

Included within debtors are the following connected company balances:


At the balance sheet date, the group was owed an amount in the sum of £11,279,500 (2022 - £11,304,017) by 258 Investments Limited, a company with a common director and shareholder. The loan is interest free and due on demand. The loan is secured by way of a fixed charge over 258 Investments Limited's property.


At the balance sheet date, the group was owed an amount in the sum of £64,162 (2022 - £47,220) by 258 Merchandise Limited, a company with a common director and shareholder. receivable is repayable on demand and is unsecured.


At the balance sheet date, the group was owed a short term loan of £636,668 (2022: £nil) and a long term loan of £10,200,965 (2022 - £5,000,965) by 258 Equity Limited, a company with a common director and shareholder. Interest of £650,000 (2022: £nil) has been received on this long term loan and that amount is is repayable within five years of the original funds being lent.


At the balance sheet date, the group was owed an amount in the sum of £262,079 (2022 - £201,740) by 258 OMT Limited, a company with a common director and shareholder. The receivable is repayable on demand and is unsecured.

Separately at the balance sheet date, the group owed an amount in the sum of £7,197 (2022 - was owed - £30,061) by 258 Management Limited, a company with a common director and shareholder. The receivable is repayable on demand and is unsecured.

Key management remuneration amounted to £222,918 (2022: £162,428)

20
Controlling party

The ultimate controlling party is Mr A O O Joshua

21
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
29,007,212
13,024,501
Adjustments for:
Taxation charged
6,900,000
3,063,315
Finance costs
-
0
4,999
Investment income
(1,628,403)
(121,607)
Depreciation and impairment of tangible fixed assets
22,378
11,624
Movements in working capital:
(Increase)/decrease in debtors
(7,830,009)
1,302,674
(Decrease)/increase in creditors
(2,843,286)
1,882,558
Cash generated from operations
23,627,892
19,168,064
SPARTA PROMOTIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 30 -
22
Analysis of changes in net funds - group
1 March 2022
Cash flows
28 February 2023
£
£
£
Cash at bank and in hand
90,789,617
14,865,447
105,655,064
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