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Registered number: 12071336
Latope Sports And Entertainment Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
EAM London Limited
Chartered Tax Accountants
215-221 Borough High Street
London
SE1 1JA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12071336
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,312 13,780
8,312 13,780
CURRENT ASSETS
Debtors 5 104,977 174,367
Cash at bank and in hand 235,607 317,312
340,584 491,679
Creditors: Amounts Falling Due Within One Year 6 (94,734 ) (231,752 )
NET CURRENT ASSETS (LIABILITIES) 245,850 259,927
TOTAL ASSETS LESS CURRENT LIABILITIES 254,162 273,707
NET ASSETS 254,162 273,707
CAPITAL AND RESERVES
Called up share capital 7 100 100
Share premium account 59,980 59,980
Profit and Loss Account 194,082 213,627
SHAREHOLDERS' FUNDS 254,162 273,707
Page 1
Page 2
For the year ending 30 June 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 Mauricio Martinez Caballero
Director
04/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Latope Sports And Entertainment Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12071336 . The registered office is C/O Eam London Ltd, 215-221 Borough High Street, London, SE1 1JA.
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. 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:
Fixtures & Fittings 25% straight line
Computer Equipment 33% straight line
2.4. 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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 3,200 23,376 26,576
Additions - 2,944 2,944
Disposals - (3,022 ) (3,022 )
As at 30 June 2024 3,200 23,298 26,498
Depreciation
As at 1 July 2023 1,133 11,663 12,796
Provided during the period 800 7,612 8,412
Disposals - (3,022 ) (3,022 )
As at 30 June 2024 1,933 16,253 18,186
Net Book Value
As at 30 June 2024 1,267 7,045 8,312
As at 1 July 2023 2,067 11,713 13,780
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 76,505 101,131
Prepayments and accrued income - 18,005
Other debtors 26,388 23,269
VAT - 29,149
Net wages - 331
Directors' loan accounts 2,084 2,482
104,977 174,367
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 66,044 202,523
Corporation tax - 8,937
Other taxes and social security 4,038 1,467
VAT 12,958 -
Other creditors 9,575 17,177
Accruals and deferred income 2,119 1,648
94,734 231,752
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5