Company registration number 07118298 (England and Wales)
MINT SPORTS MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MINT SPORTS MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MINT SPORTS MANAGEMENT LIMITED
BALANCE SHEET
AS AT
27 JANUARY 2024
27 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
100,863
44,865
Current assets
Debtors
4
181,115
101,109
Cash at bank and in hand
36,191
78,840
217,306
179,949
Creditors: amounts falling due within one year
5
(133,260)
(31,955)
Net current assets
84,046
147,994
Total assets less current liabilities
184,909
192,859
Creditors: amounts falling due after more than one year
6
-
0
(39,789)
Provisions for liabilities
(25,216)
(172)
Net assets
159,693
152,898
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
159,692
152,897
Total equity
159,693
152,898

For the financial year ended 27 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
Mr D J Naisbitt
Director
Company registration number 07118298 (England and Wales)
MINT SPORTS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Mint Sports Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for agency services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.

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 and fittings
15% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MINT SPORTS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 28 January 2023
3,696
-
0
58,500
62,196
Additions
-
0
337
99,721
100,058
Disposals
-
0
-
0
(58,500)
(58,500)
At 27 January 2024
3,696
337
99,721
103,754
Depreciation and impairment
At 28 January 2023
2,706
-
0
14,625
17,331
Depreciation charged in the year
148
37
10,969
11,154
Eliminated in respect of disposals
-
0
-
0
(25,594)
(25,594)
At 27 January 2024
2,854
37
-
0
2,891
Carrying amount
At 27 January 2024
842
300
99,721
100,863
At 27 January 2023
990
-
0
43,875
44,865
MINT SPORTS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JANUARY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
84,596
-
0
Other debtors
96,519
101,109
181,115
101,109
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
14,261
24,041
Other taxation and social security
16,612
-
0
Other creditors
102,387
7,914
133,260
31,955
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
39,789
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Directors' transactions

Dividends totalling £63,460 (2023 - £42,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
101,109
68,223
(72,813)
96,519
101,109
68,223
(72,813)
96,519
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