1 January 2023 v2024.40.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP027439042023-01-012023-12-31027439042023-12-31027439042022-12-3102743904core:WithinOneYear2023-12-3102743904core:WithinOneYear2022-12-3102743904core:AfterOneYear2023-12-3102743904core:AfterOneYear2022-12-3102743904core:ShareCapital2023-12-3102743904core:ShareCapital2022-12-3102743904core:RetainedEarningsAccumulatedLosses2023-12-3102743904core:RetainedEarningsAccumulatedLosses2022-12-3102743904bus:Director12023-01-012023-12-3102743904bus:RegisteredOffice2023-01-012023-12-3102743904core:FurnitureFittingsToolsEquipment2023-01-012023-12-31027439042022-01-012022-12-3102743904core:PlantMachinery2023-01-0102743904core:PlantMachinery2023-01-012023-12-3102743904core:PlantMachinery2023-12-3102743904core:PlantMachinery2022-12-310274390412023-01-012023-12-3102743904countries:EnglandWales2023-01-012023-12-3102743904bus:AuditExemptWithAccountantsReport2023-01-012023-12-3102743904bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102743904bus:SmallEntities2023-01-012023-12-3102743904bus:FullAccounts2023-01-012023-12-31
Company registration number:
02743904
Sportif International Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Sportif International Limited
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
11,994
 
15,509
 
Current assets    
Debtors 6
896,776
 
962,357
 
Cash at bank and in hand
323,728
 
294,642
 
1,220,504
 
1,256,999
 
Creditors: amounts falling due within one year 7
(316,497
)
(299,544
)
Net current assets
904,007
 
957,455
 
Total assets less current liabilities 916,001   972,964  
Creditors: amounts falling due after more than one year 8
(881,834
)
(938,036
)
Provisions for liabilities
(2,999
)
(2,947
)
Net assets
31,168
 
31,981
 
Capital and reserves    
Called up share capital
30,000
 
30,000
 
Profit and loss account
1,168
 
1,981
 
Shareholders funds
31,168
 
31,981
 
For the year ending
31 December 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
5 September 2024
, and are signed on behalf of the board by:
D T Faughnan
Director
Company registration number:
02743904
Sportif International Limited
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Chase Green House
,
42 Chase Side
,
Enfield
,
Middlesex
,
EN2 6NF
, United Kingdom. The business address is PO Box 897, Haywards Heath, West Sussex, RH16 9RR, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue is recognised on the date of departure, with related costs charged to the profit and loss account on the same basis. Client money received in advance by the balance sheet date is included within current liabilities.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
33.33% straight line

Government grants

Government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and loss account.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2022:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
21,963
 
Additions
3,358
 
At
31 December 2023
25,321
 
Depreciation  
At
1 January 2023
6,454
 
Charge
6,873
 
At
31 December 2023
13,327
 
Carrying amount  
At
31 December 2023
11,994
 
At 31 December 2022
15,509
 

6 Debtors

20232022
££
Trade debtors
784,890
 
844,948
 
Other debtors
111,886
 
117,409
 
896,776
 
962,357
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
30,000
 
30,000
 
Trade creditors
240,594
 
233,580
 
Taxation and social security
39,978
 
28,604
 
Other creditors
5,925
 
7,360
 
316,497
 
299,544
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
62,521
 
92,521
 
Other creditors
819,313
 
845,515
 
881,834
 
938,036
 
Included within other creditors are amounts owed to Club Sportif Limited, a company owned and controlled by Mr and Mrs Faughnan. Of amounts owed to Club Sportif Limited, £52,000 is subordinated in favour of the CAA and cannot be withdrawn without their prior consent.

9 Directors' advances, credit and guarantees

At year ended 31st December 2023 the directors owed to the company - D T Faughnan £Nil (2022: £6,378) and J A Faughnan £Nil (2022: £6,378).

11 Controlling party

D T Faughnan and J A Faughnan exercise control over the company by virtue of their ordinary A voting shareholding.