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Registration number: 13150318

Sixty Seven Sports Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Sixty Seven Sports Management Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Sixty Seven Sports Management Ltd

Company Information

Director

Mr Shane Byrne

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Sixty Seven Sports Management Ltd

(Registration number: 13150318)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

222

669

Current assets

 

Debtors

5

7,875

1,802

Cash at bank and in hand

 

5,365

18,758

 

13,240

20,560

Creditors: Amounts falling due within one year

6

(4,097)

(8,205)

Net current assets

 

9,143

12,355

Total assets less current liabilities

 

9,365

13,024

Creditors: Amounts falling due after more than one year

6

(20)

(4,170)

Net assets

 

9,345

8,854

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

9,343

8,852

Shareholders' funds

 

9,345

8,854

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

 

Sixty Seven Sports Management Ltd

(Registration number: 13150318)
Balance Sheet as at 31 January 2024

.........................................
Mr Shane Byrne
Director

 

Sixty Seven Sports Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
England

These financial statements were authorised for issue by the director on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

 

Sixty Seven Sports Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sixty Seven Sports Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

 

Sixty Seven Sports Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

708

708

At 31 January 2024

708

708

Depreciation

At 1 February 2023

39

39

Charge for the year

447

447

At 31 January 2024

486

486

Carrying amount

At 31 January 2024

222

222

At 31 January 2023

669

669

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

720

Amounts owed by related parties

9

5,188

-

Other debtors

 

2,687

1,082

   

7,875

1,802

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,710

360

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

639

639

Taxation and social security

 

248

5,706

Accruals and deferred income

 

1,500

1,500

 

4,097

8,205

 

Sixty Seven Sports Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

20

20

Other non-current financial liabilities

 

-

4,150

 

20

4,170

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

20

20

9

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

(443)

(443)

Advanced

453

453

At end of period

10

10

2023

Key management
£

Total
£

At start of period

5,999

5,999

Repaid

(6,442)

(6,442)

At end of period

(443)

(443)

 

Sixty Seven Sports Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Terms of loans from related parties

This loan is on a non-fixed repayment period at 0% interest.