Company registration number 03073078 (England and Wales)
SPORTS PROMOTION CONSULTANCY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPORTS PROMOTION CONSULTANCY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPORTS PROMOTION CONSULTANCY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
46,593
46,593
Creditors: amounts falling due within one year
6
(87,038)
(87,038)
Net current liabilities
(40,445)
(40,445)
Capital and reserves
Called up share capital
20
20
Profit and loss reserves
(40,465)
(40,465)
Total equity
(40,445)
(40,445)
SPORTS PROMOTION CONSULTANCY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

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 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 29 August 2024
Mr G R M Hill
Director
Company Registration No. 03073078
SPORTS PROMOTION CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Sports Promotion Consultancy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 21 Spindlewood Way, Oak Park, Marchwood, Southampton, Hampshire, United Kingdom, SO40 4JZ.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

1.3
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, fittings & equipment
25% on reducing balance
Computer equipment
25% on 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 credited or charged to profit or loss.

1.4
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.

1.5
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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.

SPORTS PROMOTION CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

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.

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.

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.

1.7
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.

1.8
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.

1.9

Accounting history

The signatory signs the 2023 accounts as being correct to the best of his knowledge and belief based on the bank statements, invoices and other documents and information available.

 

However, the signatory does not warrant the accuracy of the amounts carried forward from the 2018 accounts because only limited historical records are available following Mr & Mrs Catcher leaving the UK; Mrs Catcher was Company Secretary. Caroline Catcher signed the full 2003/04 financial statements and the 2003/04 abbreviated accounts on 27 April 2005, despite having left the Board on 17 January 2005. However, the filed copy of the abbreviated accounts was undated.

 

In this way, the 2003/04 accounts were concealed from the Board, as constituted on 27 April 2005, although it is known that Mr Catcher was aware of them and assisted in their preparation. The company has still not received claims for any liabilities arising prior to 30 June 2004.

SPORTS PROMOTION CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

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

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
6,829
Depreciation and impairment
At 1 January 2023 and 31 December 2023
6,829
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1
1
Other debtors
46,592
46,592
46,593
46,593
SPORTS PROMOTION CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,673
20,673
Trade creditors
5,252
5,252
Other creditors
61,113
61,113
87,038
87,038
7
Related party transactions

In addition to Mr Geoff Hill's outstanding loan to the company of £46,704 (Note 8), he is owed £2,627 in unpaid expenses, arising in financial years 2005/2006 to 2008/09, which is included in "Other Creditors" figure. He is owed also fees unclaimed during 2005/2006 to 2008/09 as a result of the company's financial position. These fees are not included in these financial statements.

 

Substantial legal fees have been incurred also as a result of Mr Robert Catcher's unauthorised use of company money. Mr Hill has guaranteed these fees, which have yet to be apportioned between the parties concerned. There is no allowance for such fees included in these financial statements.

 

Mr Hill owns 100% of the issued share capital in Cowes International Cup Ltd and is a director of the company. At the balance sheet date Cowes International Cup Ltd was owed £3,792 in respect of expenses paid and £2,500 in respect of an inter-company debt shown within other creditors.

 

Mr Robert Catcher was appointed a Director on 17 January 2005, prior to which he appears to have acted as a Shadow Director as defined at section 741(2) of the Companies Act 1985 ("CA 1985"). In both capacities he made payments from the company's bank accounts during 2003/04, 2004/05 and 2005/06. There is evidence that these were for private purposes, including personal withdrawals and benefits for him and his family, or for the benefit of other persons and businesses connected to him. Requests to Mr Catcher for documents to justify these payments were ignored and a commitment to return any amounts due or owing was not kept. Such unexplained payments amount to an estimated minimum of £73,388.69 by the end of 2005/06, of which £45,399 is shown as a debt. There is no allowance for the additional sums and other adjustments in these financial statements but further details are contained in Note 8.

 

To avoid confusion, payments that should have apportioned between two or more parties, such as Mr Catcher's home utility bills, are excluded save for any clearly representing misuse of company funds on other grounds (such as payments to a dormant company or goods invoiced to a third party) without prejudice to the signatory's view that they are unlawful.

 

For accounting purposes, £45,399 of the aforementioned benefits and payments to Robert Catcher are detailed as 'directors loans', net of money recovered and without prejudice to the signatory's view that they are unlawful. There is no allowance in these financial statements for the additional sums and adjustments, detailed in Note 4. Mr Catcher's figure includes payments to connected persons and businesses (except Caroline Catcher, who was a director in her own right until 17 January 2005).

 

Return of unlawful property by third parties in previous years does not negate the original alleged offences. The true amount of alleged unauthorised payments received by Robert Catcher for personal benefit (and that of connected persons and businesses) therefore remains an estimated minimum of £73,388.69, excluding the continuing effect these payments are having on bank charges, interest payable and legal expenses, which have not been calculated/apportioned.

 

As a result of losses incurred from his conduct, there is a Judgement in Default against Mr Catcher personally at Tamworth County Court in the sum of £27,872.33 (including interest and costs) in respect of a claim by a creditor of the company. The unauthorised payments and loan figures in these accounts include the capital sum that forms part of this claim.

SPORTS PROMOTION CONSULTANCY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Directors' transactions

The following loans to directors subsisted during the period ended 31 December 2023:

 

G Hill:

Balance outstanding at start of year £46,704 Due from Company

Balance outstanding at end of year £46,704 Due from Company

Maximum balance outstanding during year £46,704 Due from Company

 

Past Directors:

 

R P Catcher:

Balance outstanding at start of year £45,399

Balance outstanding at end of year £45,399

Maximum balance outstanding during year £45,399

 

The above debt includes £2 in respect of previously unpaid share capital.

 

C L Catcher:

Balance outstanding at start of year £162 Due from Company

Balance outstanding at end of year £162 Due from Company

Maximum balance outstanding during year £162 Due from Company

 

The signatory believes that the above loans to R P Catcher were unauthorised and, as shown, is unable to confirm the opening balance and any effect this would have on the 31 December 2023 balance and the maximum outstanding in the year. However, further evidence about SPCL's financial year 2003/04; (along with other adjustments) indicates the unauthorised payments that Catcher received totaled an estimated minimum of £73,388.69 by the end of 2005/06. There is no allowance for these additional sums and other adjustments in these financial statements.

 

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