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Company No: 12087877 (England and Wales)

SPORTS PERFORMANCE COMMUNICATION LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

SPORTS PERFORMANCE COMMUNICATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

SPORTS PERFORMANCE COMMUNICATION LIMITED

BALANCE SHEET

As at 31 July 2024
SPORTS PERFORMANCE COMMUNICATION LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,854 5,712
Investments 4 0 21,663
3,854 27,375
Current assets
Debtors 5 32,245 79,126
Cash at bank and in hand 6 652,632 498,263
684,877 577,389
Creditors: amounts falling due within one year 7 ( 83,730) ( 82,506)
Net current assets 601,147 494,883
Total assets less current liabilities 605,001 522,258
Provision for liabilities 0 ( 944)
Net assets 605,001 521,314
Capital and reserves
Called-up share capital 100 100
Profit and loss account 604,901 521,214
Total shareholders' funds 605,001 521,314

For the financial year ending 31 July 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 financial statements of Sports Performance Communication Limited (registered number: 12087877) were approved and authorised for issue by the Director on 04 November 2024. They were signed on its behalf by:

M J Davision
Director
SPORTS PERFORMANCE COMMUNICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
SPORTS PERFORMANCE COMMUNICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sports Performance Communication Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 34 Gayton Road, London, NW3 1TY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 August 2023 3,533 7,593 11,126
Additions 309 0 309
Disposals 0 ( 926) ( 926)
At 31 July 2024 3,842 6,667 10,509
Accumulated depreciation
At 01 August 2023 2,172 3,242 5,414
Charge for the financial year 385 856 1,241
At 31 July 2024 2,557 4,098 6,655
Net book value
At 31 July 2024 1,285 2,569 3,854
At 31 July 2023 1,361 4,351 5,712

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2023 21,663 21,663
At 31 July 2024 21,663 21,663
Provisions for impairment
At 01 August 2023 0 0
Impairment 21,663 21,663
At 31 July 2024 21,663 21,663
Carrying value at 31 July 2024 0 0
Carrying value at 31 July 2023 21,663 21,663

5. Debtors

2024 2023
£ £
Trade debtors 26,250 41,824
Other debtors 5,995 37,302
32,245 79,126

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 652,632 498,263

7. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 80,666 79,659
Other creditors 3,064 2,847
83,730 82,506

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due from/(to) Director 1,323 (11)

During the year the company made advances of £9,217 (2023: £429) and repayments of £7,883 (2023: £10,313). The loan to the director is unsecured, interest free and repayable on demand.