Silverfin false false 28/02/2024 01/03/2023 28/02/2024 G A Friend 15/02/2022 K R M Friend 15/02/2022 22 November 2024 The principle activity of the company during the year was that of business support services. 13916934 2024-02-28 13916934 bus:Director1 2024-02-28 13916934 bus:Director2 2024-02-28 13916934 2023-02-28 13916934 core:CurrentFinancialInstruments 2024-02-28 13916934 core:CurrentFinancialInstruments 2023-02-28 13916934 core:ShareCapital 2024-02-28 13916934 core:ShareCapital 2023-02-28 13916934 core:RetainedEarningsAccumulatedLosses 2024-02-28 13916934 core:RetainedEarningsAccumulatedLosses 2023-02-28 13916934 2023-03-01 2024-02-28 13916934 bus:FilletedAccounts 2023-03-01 2024-02-28 13916934 bus:SmallEntities 2023-03-01 2024-02-28 13916934 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 13916934 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 13916934 bus:Director1 2023-03-01 2024-02-28 13916934 bus:Director2 2023-03-01 2024-02-28 13916934 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 13916934 (England and Wales)

GKI SPORTING INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2024
Pages for filing with the registrar

GKI SPORTING INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2024

Contents

GKI SPORTING INVESTMENTS LIMITED

BALANCE SHEET

As at 28 February 2024
GKI SPORTING INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 28 February 2024
2024 2023
£ £
Current assets
Cash at bank and in hand 3,076 1,984
3,076 1,984
Creditors: amounts falling due within one year 3 ( 2,382) ( 1,589)
Net current assets 694 395
Total assets less current liabilities 694 395
Net assets 694 395
Capital and reserves
Called-up share capital 100 100
Profit and loss account 594 295
Total shareholders' funds 694 395

For the financial year ending 28 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GKI Sporting Investments Limited (registered number: 13916934) were approved and authorised for issue by the Board of Directors on 22 November 2024. They were signed on its behalf by:

G A Friend
Director
GKI SPORTING INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2024
GKI SPORTING INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 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

GKI Sporting Investments 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 Fairfield, Old Warwick Road, Lapworth, B94 6JZ, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

Turnover

Turnover is is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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. 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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

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

3. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 70 69
Other creditors 2,312 1,520
2,382 1,589

4. Related party transactions

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 March 2022 the balance was nil. During the year £100 was advanced to the directors, and £600 was repaid by the directors. The balance at 28 February 2023 was £500 in credit.

At 1 March 2023 the balance was £500 in credit. During the year £4,000 was advanced to the directors, and £4,312 was repaid by the directors. The balance at 28 February 2024 was £812 in credit.