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OSL Sport Media Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2024

Registration number: 06544860

 

OSL Sport Media Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

OSL Sport Media Limited

Balance Sheet

30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

1

1

Other financial assets

5

1,171,800

1,171,800

 

1,171,801

1,171,801

Current assets

 

Debtors

6

79,302

264,092

Cash at bank and in hand

 

462,854

54,270

 

542,156

318,362

Creditors: Amounts falling due within one year

7

(364,491)

(302,394)

Net current assets

 

177,665

15,968

Net assets

 

1,349,466

1,187,769

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

1,348,466

1,186,769

Shareholders' funds

 

1,349,466

1,187,769

 

OSL Sport Media Limited

Balance Sheet

30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

.........................................
Mr J R C Singer
Director

.........................................
Mr S E Thorp
Director

Company Registration Number: 06544860

 

OSL Sport Media Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
642a Kings Road
London
SW6 2DU

These financial statements were authorised for issue by the Board on 5 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the right to consideration earned for the provision of legal services excluding VAT. All turnover is derived from activities in the UK.

Services provided to clients during the period which at the balance sheet date, have not been invoiced to clients, have been recognised in turnover in accordance with Applicable Accounting Standards and UK GAAP.

Turnover recognised is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the Company. Unbilled revenue is included within debtors.

 

OSL Sport Media Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initally recorded at the functional currency rate prevailing at the date of the transaction. Moneyary assets and libailities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retransalted at the rate on the date when the fair value is re-measured.

Non-monetary items in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line

Computer equipment

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

OSL Sport Media Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

OSL Sport Media Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

4

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 May 2023

1

Provision

Carrying amount

At 30 April 2024

1

At 30 April 2023

1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

OSL Ventures Limited

England & Wales

Ordinary

100%

100%

Subsidiary undertakings

OSL Ventures Limited

The principal activity of OSL Ventures Limited is Dormant.

 

OSL Sport Media Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

1,171,800

1,171,800

At 30 April 2024

1,171,800

1,171,800

Carrying amount

At 30 April 2024

1,171,800

1,171,800

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

11,000

27,261

Amounts owed by group undertakings and undertakings in which the company has a participating interest

30,802

217,791

Other debtors

 

37,500

19,040

 

79,302

264,092

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,839

9,839

Corporation tax

47,676

41,759

Other creditors

306,975

250,795

Accruals and deferred income

1

1

364,491

302,394