Company Registration No. 10272504 (England and Wales)
SPORTQUAKE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
SPORTQUAKE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SPORTQUAKE HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
15,244,566
10,154,524
Current assets
Debtors
4
4,311
3,075
Cash at bank and in hand
1,325,870
3,950,849
1,330,181
3,953,924
Creditors: amounts falling due within one year
5
(13,996,065)
(13,187,669)
Net current liabilities
(12,665,884)
(9,233,745)
Total assets less current liabilities
2,578,682
920,779
Provisions for liabilities
(472,473)
(237,340)
Net assets
2,106,209
683,439
Capital and reserves
Called up share capital
6
2,000
2,000
Profit and loss reserves
2,104,209
681,439
Total equity
2,106,209
683,439
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 January 2025
Mr M House
Director
Company Registration No. 10272504
SPORTQUAKE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Sportquake Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Listed investments are investments in equity instruments, debt and other financial instruments, other than investments in associates, that are traded on a market and in respect of which a quoted price is available. These investments are revalued at year-end based on their market price.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
SPORTQUAKE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.6
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
There were no employees during the current or previous year.
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
Other investments other than loans
15,243,566
10,153,524
15,244,566
10,154,524
The balance sheet position of the wholly owned subsidiary SportQuake Ltd at 31 July 2024 was £10,718,525 (2023: £9,144,144).
SPORTQUAKE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
Investments other than loans
Total
£
£
£
Cost or valuation
At 1 August 2023
1,000
10,153,524
10,154,524
Additions
-
14,941,601
14,941,601
Valuation changes
-
1,915,409
1,915,409
Disposals
-
(11,766,968)
(11,766,968)
At 31 July 2024
1,000
15,243,566
15,244,566
Carrying amount
At 31 July 2024
1,000
15,243,566
15,244,566
At 31 July 2023
1,000
10,153,524
10,154,524
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,311
3,075
Other debtors represents an amount due from the director of the company. This balance has been repaid in full within 9-month of the year end.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
13,789,115
13,183,469
Corporation tax
202,390
Accruals and deferred income
4,560
4,200
13,996,065
13,187,669
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
7
Related party transactions
SPORTQUAKE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Related party transactions
(Continued)
- 5 -
At the year end £13,789,115 (2023: £13,183,469) was owed to SportQuake Ltd by SportQuake Holdings Ltd, a company owned by SportQuake Holdings Ltd.