Company registration number 13424655 (England and Wales)
5 STARS SPORT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
5 STARS SPORT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Detailed profit and loss account
5 STARS SPORT LTD
BALANCE SHEET
AS AT
26 NOVEMBER 2023
26 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
25,100
50,200
Tangible assets
4
556
695
25,656
50,895
Current assets
Debtors
5
23,685
144,300
Cash at bank and in hand
436,080
459,765
144,300
Creditors: amounts falling due within one year
6
(224,565)
(75,634)
Net current assets
235,200
68,666
Net assets
260,856
119,561
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
260,756
119,461
Total equity
260,856
119,561
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 26 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 and signed by the director and authorised for issue on 24 August 2024
Mr Fabio Wardley
Director
Company registration number 13424655 (England and Wales)
5 STARS SPORT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
5 Stars Sport Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Sobell Rhodes LLP, The Kinetic Centre, Theobald Street, Elstree, Borehamwood, Hertfordshire, United Kingdom, WD6 4PJ.
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 £.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable from sporting activities provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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:
Plant and equipment
20% straightline basis
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 credited or charged to profit or loss.
1.5
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.
1.6
Financial instruments
5 STARS SPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.7
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.
1.8
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
5 STARS SPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 NOVEMBER 2023
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 27 November 2022 and 26 November 2023
50,200
Amortisation and impairment
At 27 November 2022
Amortisation charged for the year
25,100
At 26 November 2023
25,100
Carrying amount
At 26 November 2023
25,100
At 26 November 2022
50,200
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 27 November 2022 and 26 November 2023
695
Depreciation and impairment
At 27 November 2022
Depreciation charged in the year
139
At 26 November 2023
139
Carrying amount
At 26 November 2023
556
At 26 November 2022
695
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
144,300
Other debtors
23,685
23,685
144,300
5 STARS SPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 26 NOVEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,841
Corporation tax
92,390
46,624
Other taxation and social security
121,334
24,000
Other creditors
7,000
5,010
224,565
75,634
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan
-
22,952
22,952
-
22,952
22,952
8
Prior period adjustment
During the current year, it was noted that the following amounts were incorrectly stated in the prior period accounts:
The financial statements for the prior year have ben restated as a result of the above errors. The recognition of these events has resulted in the re-statement of the Balance Sheet and also the Profit and Loss account. The results are summarised below:
Adjustments to equity
27 May
26 November
2021
2022
£
£
Adjustments to prior year
Prior year adjustment
-
73,013
Analysis of the effect upon equity
Profit and loss reserves
-
73,013