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Registered number: 10913423










GENERAL SPORTS EUROPE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GENERAL SPORTS EUROPE LTD
REGISTERED NUMBER: 10913423

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,218
520

  
8,218
520

Current assets
  

Debtors: amounts falling due within one year
 5 
287,481
612,892

Cash at bank and in hand
 6 
234,259
17,074

  
521,740
629,966

Creditors: amounts falling due within one year
 7 
(2,796,327)
(2,119,847)

Net current liabilities
  
 
 
(2,274,587)
 
 
(1,489,881)

Total assets less current liabilities
  
(2,266,369)
(1,489,361)

Creditors: amounts falling due after more than one year
 8 
(21,594)
(31,567)

  

Net liabilities
  
(2,287,963)
(1,520,928)


Capital and reserves
  

Called up share capital 
  
200
200

Share premium account
  
796,000
796,000

Profit and loss account
  
(3,084,163)
(2,317,128)

  
(2,287,963)
(1,520,928)


Page 1

 
GENERAL SPORTS EUROPE LTD
REGISTERED NUMBER: 10913423
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




Nicholas James Andrews
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GENERAL SPORTS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act
2006 and registered in England and Wales (no. 10913423). The registered office address is 1 Kingsway, London, WC2B 6AN.
These financial statements present information about the company as an individual undertaking. The
principal activity of the company is that of a sports marketing and management agency.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GENERAL SPORTS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
Computer equipment
-
25%
Other fixed assets
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
GENERAL SPORTS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 14).


4.


Tangible fixed assets





Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
675
749
-
1,424


Additions
5,124
832
2,375
8,331



At 31 December 2023

5,799
1,581
2,375
9,755



Depreciation


At 1 January 2023
675
229
-
904


Charge for the year on owned assets
75
296
262
633



At 31 December 2023

750
525
262
1,537



Net book value



At 31 December 2023
5,049
1,056
2,113
8,218



At 31 December 2022
-
520
-
520

Page 5

 
GENERAL SPORTS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
275,254
567,892

Other debtors
7,000
45,000

Prepayments and accrued income
5,227
-

287,481
612,892



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
234,259
17,074

234,259
17,074



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,973
9,727

Payments received on account
41,236
44,239

Trade creditors
142,287
108,160

Amounts owed to group undertakings
2,276,648
1,584,806

Other taxation and social security
303,864
316,865

Other creditors
1,319
1,959

Accruals and deferred income
21,000
54,091

2,796,327
2,119,847



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,594
31,567

21,594
31,567


Page 6

 
GENERAL SPORTS EUROPE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,973
9,727


9,973
9,727


Amounts falling due 2-5 years

Bank loans
21,594
31,567


21,594
31,567


31,567
41,294



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,083 (2022: £9,462).
Contributions totalling £1,319 (2022: £1,959) were payable to the fund at the balance sheet date and are included in creditors.


11.


Controlling party

The controlling party is General Sports Worldwide LLC.

 
Page 7