Sport3 Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing With Registrar
Company Registration No. 12657671 (England and Wales)
Sport3 Limited
Company Information
Directors
P J J Secchi
D J Wylie
Secretary
P J J Secchi
Company number
12657671
Registered office
6th Floor Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
54 Danesfield Close
Walton-On-Thames
KT12 3BP
Sport3 Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Sport3 Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,362
240,000
Investments
4
100,000
Cash at bank and in hand
289,027
276,610
390,389
516,610
Creditors: amounts falling due within one year
5
(3,672)
(126,467)
Net current assets
386,717
390,143
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
385,717
389,143
Total equity
386,717
390,143
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 30 June 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
P J J Secchi
Director
Company Registration No. 12657671
Sport3 Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 2
1
Accounting policies
Company information
Sport3 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 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
Going concern
The company made a loss of £true3,426 (2022: profit of £311,283) and had net assets as at the 30 June of £386,717 (2022: £390,143). These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Cash at bank and in hand
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.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Sport3 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 3
1.7
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
240,000
Corporation tax recoverable
804
Other debtors
558
-
1,362
240,000
4
Current asset investments
2023
2022
£
£
Other investments
100,000
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
346
Corporation tax
73,017
Other taxation and social security
39,500
Other creditors
26
10,950
Accruals and deferred income
3,300
3,000
3,672
126,467
Sport3 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 4
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
7
Related party transactions
As at balance sheet date, the company owed £0 (2022: £10,924) to Crunch Communications Limited, a related party by virtue of common directorship.
As at balance sheet date, the company owed £26 (2022: £26) to its directors.
8
Parent company
There is no ultimate controlling party.