REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2022 TO 30 DECEMBER 2022 |
FOR |
THE SPORTS OFFICE UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2022 TO 30 DECEMBER 2022 |
FOR |
THE SPORTS OFFICE UK LIMITED |
THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 January 2022 to 30 December 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
THE SPORTS OFFICE UK LIMITED |
COMPANY INFORMATION |
for the Period 1 January 2022 to 30 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072) |
STATEMENT OF FINANCIAL POSITION |
30 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 | 2,497 | 2,497 |
Share premium | 9 | 5,096 | 5,096 |
Retained earnings | 9 | (1,474,301 | ) | (168,340 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 January 2022 to 30 December 2022 |
1. | STATUTORY INFORMATION |
The Sports Office UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
During the current and preceding year the company was a wholly owned subsidiary of Kitman Labs Limited and these financial statements cover the company as an individual entity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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. |
Going concern |
The company is reliant on the ongoing financial support of its parent company to support working capital requirements. When assessing the appropriateness of going concern the directors have considered the company's current trading performance together with sales projections and the ability of the company's parent to provide support as required. In making this assessment the directors have considered a period of at least twelve months from the date of approval of the financial statements. Financial projections prepared at group level include some key assumptions which are subject to material uncertainty. Despite these uncertainties the directors are still of the opinion that sufficient support can be provided to ensure that the company can meet its liabilities as they fall due and therefore it is appropriate to continue to prepare the financial statements on a going concern basis. |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for subscription and maintenance services provided and is shown net of VAT. |
Turnover is recognised in accordance with the period that the customer has subscribed for. |
Tangible fixed assets |
Tangible fixed assets are stated cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery etc. - 24 to 80 months on cost. |
THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2022 to 30 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, trade creditors and accruals. |
Financial instruments that are payable or receivable within one year, typically bank accounts, trade debtors trade creditors and accruals, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received. |
Financial instruments repayable in more than one year are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The company is reliant on the parent company to provide financial support to funding working capital requirements. The parent company has been unable to provide evidence that it has sufficient secured funding to provide this support for a period of at least twelve months from the date of approving the accounts. To deal with this risk management have identified sources of additional debt and equity funding and are currently going through the application and due diligence process. This uncertainty casts significant doubt on the entity's ability to continue as a going concern. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2022 to 30 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
At 30 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
At 30 December 2022 |
NET BOOK VALUE |
At 30 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2022 to 30 December 2022 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
100,125 | Ordinary A (new) | 1p | 1,001 | 1,001 |
49,875 | Ordinary B (new) | 1p | 499 | 499 |
75,000 | Ordinary C (new) | 1p | 750 | 750 |
2,250 | 2,250 |
Allotted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
24,739 | Ordinary D | 1p | 247 | 247 |
9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2022 | (168,340 | ) | 5,096 | (163,244 | ) |
Deficit for the period | (1,305,961 | ) | (1,305,961 | ) |
At 30 December 2022 | (1,474,301 | ) | 5,096 | (1,469,205 | ) |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Kitman Labs Limited |
Parent company |
During the reporting period the company received £1,777,411 from Kitman Labs Limited. |
During the reporting period management fees totalling £342,654 were charged to Kitman Labs Limited. |
Included in creditors is £1,456,275 (2021: £21,518) due to Kitman Labs Limited. This balance is unsecured and there are no fixed repayment terms. |
12. | POST BALANCE SHEET EVENTS |
Since the reporting date up to the date of approving the financial statements the company has received loans totalling £5,531,122 from its parent company Kitman Labs Limited. The amounts advanced are unsecured and there are no fixed repayment terms. |
THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 January 2022 to 30 December 2022 |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Kitman Labs Limited, a company registered in the Republic of Ireland. |
Consolidated group financial statements accounts are prepared by Kitman Labs Limited and are available from the company's registered office 4th Floor Block B, Joyce's Court, Talbot Street, D01 C861, Ireland. |