ASM SPORTS CIC

Company limited by guarantee

Company Registration Number:
12457319 (England and Wales)

Unaudited statutory accounts for the year ended 29 February 2024

Period of accounts

Start date: 1 March 2023

End date: 29 February 2024

ASM SPORTS CIC

Contents of the Financial Statements

for the Period Ended 29 February 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

ASM SPORTS CIC

Balance sheet

As at 29 February 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 272 602
Cash at bank and in hand: 2,600 1,030
Total current assets: 2,872 1,632
Creditors: amounts falling due within one year: 4 ( 491 ) ( 342 )
Net current assets (liabilities): 2,381 1,290
Total assets less current liabilities: 2,381 1,290
Total net assets (liabilities): 2,381 1,290
Members' funds
Profit and loss account: 2,381 1,290
Total members' funds: 2,381 1,290

The notes form part of these financial statements

ASM SPORTS CIC

Balance sheet statements

For the year ending 29 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 4 November 2024
and signed on behalf of the board by:

Name: Mr Alexander Stephen Morris
Status: Director

The notes form part of these financial statements

ASM SPORTS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

    Other accounting policies

    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 current liabilities. 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. Basic financial assets. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities. 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. Basic financial liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 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. 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. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Employee benefits. The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ASM SPORTS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 4 4

ASM SPORTS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Debtors

2024 2023
£ £
Other debtors 272 602
Total 272 602

ASM SPORTS CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 89 0
Other creditors 402 342
Total 491 342

COMMUNITY INTEREST ANNUAL REPORT

ASM SPORTS CIC

Company Number: 12457319 (England and Wales)

Year Ending: 29 February 2024

Company activities and impact

The company have primarily delivered Mentoring programmes for those aged 14-16. Our delivery gives children a specialist support mechanism in helping disengaged pupils. This has taken place at 3 Secondary settings. The delivery has helped to provide each pupil with: - An idea of the precursors to their behaviours - Procedures which limit exposure to these behaviours - Short term objectives that act as motivation - Long term plan that complements the pathway

Consultation with stakeholders

John Paul Kendall Nicholas James Marren Kieran James Oakes Alexander Stephen Morris Stakeholders have fortnightly meetings for one hour per/week.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 October 2024

And signed on behalf of the board by:
Name: Mr Alexander Stephen Morris
Status: Director