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Registered number: 13916276
Social Sports Ltd
Unaudited Financial Statements
For the Period 1 March 2023 to 31 July 2024
D S Burge and Co Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13916276
31 July 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,610 2,462
Tangible Assets 5 497,767 871
504,377 3,333
CURRENT ASSETS
Debtors 6 360,846 38,023
Cash at bank and in hand 29,969 24,534
390,815 62,557
Creditors: Amounts Falling Due Within One Year 7 (704,133 ) (407,697 )
NET CURRENT ASSETS (LIABILITIES) (313,318 ) (345,140 )
TOTAL ASSETS LESS CURRENT LIABILITIES 191,059 (341,807 )
NET ASSETS/(LIABILITIES) 191,059 (341,807 )
CAPITAL AND RESERVES
Called up share capital 8 1,350,100 100
Profit and Loss Account (1,159,041 ) (341,907 )
SHAREHOLDERS' FUNDS 191,059 (341,807)
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Page 2
For the period ending 31 July 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 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lars Konstantinov
Director
14/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Social Sports Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13916276 . The registered office is Marathon House, 190 Great Dover Street, London, SE1 4YB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Revenue from the rental of padel courts is recognized when the service is rendered, which occurs at the time the customer uses the court. Turnover from court rentals is measured at the fair value of the consideration received or receivable, net of VAT, discounts, and other applicable reductions.
Where bookings are made in advance, revenue is deferred until the service is provided. Revenue is recognized at the point the rental service is delivered, as this is when the performance obligation is considered fulfilled.
In the case of additional services, such as equipment hire or coaching, revenue is recognized when the respective service is provided to the customer.
Revenue is only recognized to the extent that it is probable that the economic benefits will flow to the company, and where the amount of revenue can be measured reliably.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to 0 on a straight line basis over their expected useful economic lives, 4 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are IP documunts. It is amortised to the profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the life of the lease
Plant & Machinery 3 Years
Fixtures & Fittings 10 Years
Computer Equipment 3 Years
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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3. Average Number of Employees
Average number of employees, including directors, during the period was: 11 (2023: 3)
11 3
4. Intangible Assets
Development Costs Intellectual Property Total
£ £ £
Cost
As at 1 March 2023 2,525 - 2,525
Additions 5,790 835 6,625
As at 31 July 2024 8,315 835 9,150
Amortisation
As at 1 March 2023 63 - 63
Provided during the period 2,463 14 2,477
As at 31 July 2024 2,526 14 2,540
Net Book Value
As at 31 July 2024 5,789 821 6,610
As at 1 March 2023 2,462 - 2,462
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 - - - 929 929
Additions 401,529 30,340 71,313 6,281 509,463
As at 31 July 2024 401,529 30,340 71,313 7,210 510,392
Depreciation
As at 1 March 2023 - - - 58 58
Provided during the period 7,193 2,099 1,783 1,492 12,567
As at 31 July 2024 7,193 2,099 1,783 1,550 12,625
Net Book Value
As at 31 July 2024 394,336 28,241 69,530 5,660 497,767
As at 1 March 2023 - - - 871 871
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Page 5
6. Debtors
31 July 2024 28 February 2023
£ £
Due within one year
Trade debtors 191,084 -
Prepayments and accrued income - 7,823
Other debtors 88,630 -
VAT 81,132 10,200
Net wages - 20,000
360,846 38,023
7. Creditors: Amounts Falling Due Within One Year
31 July 2024 28 February 2023
£ £
Trade creditors 129,579 11,491
Other loans 388,485 -
Other taxes and social security 13,411 16,162
Other creditors 92,830 (2,559 )
Accruals and deferred income 1,714 39,313
Directors' loan accounts 75,862 81,295
Amounts owed to parent undertaking 2,252 261,995
704,133 407,697
8. Share Capital
31 July 2024 28 February 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
Preference Shares
31 July 2024 28 February 2023
Allotted, called up and fully paid £ £
1,350,000 Preference A shares of £ 1.00 each 1,350,000 -
Shares issued during the period: £
1,350,000 Preference A shares of £ 1.00 each 1,350,000
Page 5