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Registered number: 11740370














59 ENTERPRISES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
59 ENTERPRISES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
59 ENTERPRISES LIMITED
REGISTERED NUMBER:11740370

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
25,255
27,970

Current assets
  

Debtors: amounts falling due within one year
 5 
369
9,327

Cash at bank and in hand
  
9,351
22,229

  
9,720
31,556

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(11,777)
(25,244)

Net current (liabilities)/assets
  
 
 
(2,057)
 
 
6,312

Total assets less current liabilities
  
23,198
34,282

Provisions for liabilities
  

Deferred tax
 7 
(4,799)
(5,314)

Net assets
  
18,399
28,968


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
18,397
28,966

  
18,399
28,968


Page 1

 
59 ENTERPRISES LIMITED
REGISTERED NUMBER:11740370
    
STATEMENT OF FINANCIAL POSITION (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 11 September 2024.




O J Fisher
Director

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

Page 2

 
59 ENTERPRISES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

59 Enterprises Limited is a private limited liability company registered in England and Wales. Its registered office address is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. 
The principal activity of the company continued to be the collection of endorsement income for sporting personalities.

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

Foreign currency translation

The company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Financial Position.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of endorsement income, exclusive of Value Added Tax.
Endorsement income is recognised straight line over the period of the agreement.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
59 ENTERPRISES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Plant and machinery
-
33%
straight line
Motor vehicles
-
20%
reducing balance

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.

Page 4

 
59 ENTERPRISES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents, and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
59 ENTERPRISES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost


At 1 January 2023
13,280
23,000
36,280


Additions
3,663
23,450
27,113


Disposals
-
(23,000)
(23,000)



At 31 December 2023

16,943
23,450
40,393



Depreciation


At 1 January 2023
7,927
383
8,310


Charge for the year on owned assets
5,648
4,579
10,227


Disposals
-
(3,399)
(3,399)



At 31 December 2023

13,575
1,563
15,138



Net book value



At 31 December 2023
3,368
21,887
25,255



At 31 December 2022
5,353
22,617
27,970


5.


Debtors

2023
2022
£
£


Other debtors
369
5,195

Prepayments and accrued income
-
4,132

369
9,327


Page 6

 
59 ENTERPRISES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,599
8,490

Taxation and social security
-
6,393

Other creditors
153
123

Accruals and deferred income
3,025
10,238

11,777
25,244



7.


Deferred taxation




2023


£






At beginning of year
(5,314)


Charged to profit or loss
515



At end of year
(4,799)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
4,799
5,314


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1 each
2
2


 
Page 7