Ceefox Sports Consultancy Limited |
Strategic Report |
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Review of Business |
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Key financial and other indicators between this financial period and last year are as follows: |
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|
2024 |
2023 |
£ |
£ |
Turnover |
11,263,058 |
10,738,175 |
Gross profit |
2,502,614 |
2,357,260 |
Operating profit |
2,235,380 |
2,083,310 |
Shareholders' funds |
12,192 |
13,665 |
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The directors are satisfied with the results of the company and believe the company is in a strong position to continue to operate successfully having renegotiated ongoing contracts to secure advertising revenue in the next financial year, |
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Principal risks and uncertainties |
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As with any business, the company faces a variety of risks and uncertainties in the normal course of its activities, but it aims to minimise any possible adverse effects on operations through the effective implementation of risk management procedures. The board produce and review regular management information which mimimises any potential risk to the company's business activities. The principal risks and uncertainties that the company faces and which management believes could have a material and adverse impact on operations include the following: |
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Market risks |
The market in which the company operates continues to be highly competitive and this competitiveness can vary and impact on profitability and efficiencies. However the company is well placed to mitigate against these risks to remain competitive at all times. The company has built strong relationships with all customers and always to take a longer term view in dealings with them. This is evidenced by the continuing renewal of the advertising contracts. |
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Financial risks |
The company extends credit to its customers in the normal course of business and accordingly is exposed to the risks associated with this practice. The company, however, maintains close working relationships with all customers and wherever possible the appropriate key decision makers in order to monitor their ongoing credit worthiness. The maintenance of sufficient levels of cash liquidity and working capital are essential to the success of any business and the company has more than adequate working capital to meet both its short and longer term requirements |
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This report was approved by the board on 27 January 2025 and signed on its behalf. |
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Carol Foxcroft |
Director |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
Ceefox Sports Consultancy Limited |
Statement of Cash Flows |
for the year ended 30 June 2024 |
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Notes |
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2024 |
|
2023 |
£ |
£ |
Operating activities |
Profit for the financial year |
1,673,527 |
|
1,664,042 |
|
Adjustments for: |
Loss on sale of fixed assets |
1,267 |
|
983 |
Interest receivable |
- |
|
(10,253) |
Tax on profit on ordinary activities |
560,586 |
|
428,538 |
Depreciation |
2,750 |
|
3,282 |
(Increase)/decrease in debtors |
(188,432) |
|
128,239 |
Increase/(decrease) in creditors |
89,481 |
|
(84,957) |
|
|
|
2,139,179 |
|
2,129,874 |
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Interest received |
- |
|
10,253 |
Corporation tax paid |
(498,538) |
|
(461,341) |
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Cash generated by operating activities |
1,640,641 |
|
1,678,786 |
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Investing activities |
Payments to acquire tangible fixed assets |
(3,404) |
|
(8,705) |
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Cash used in investing activities |
(3,404) |
|
(8,705) |
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|
|
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Financing activities |
Equity dividends paid |
(1,675,000) |
|
(1,664,200) |
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Cash used in financing activities |
(1,675,000) |
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(1,664,200) |
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Net cash (used)/generated |
Cash generated by operating activities |
1,640,641 |
|
1,678,786 |
Cash used in investing activities |
(3,404) |
|
(8,705) |
Cash used in financing activities |
(1,675,000) |
|
(1,664,200) |
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Net cash (used)/generated |
(37,763) |
|
5,881 |
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Cash and cash equivalents at 1 July |
277,278 |
|
271,397 |
Cash and cash equivalents at 30 June |
239,515 |
|
277,278 |
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Cash and cash equivalents comprise: |
Cash at bank |
239,515 |
|
277,278 |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Critical accounting estimates and judgements |
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The directors consider that there are no critical accounting estimates and judgements which could result in a significant impact on the financial statements. ) |
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3 |
Analysis of turnover |
2024 |
|
2023 |
£ |
£ |
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Sale of services |
11,263,058 |
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10,738,175 |
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By geographical market: |
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UK |
11,263,058 |
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10,738,175 |
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4 |
Operating profit |
2024 |
|
2023 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
2,750 |
|
3,282 |
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Auditors' remuneration for audit services |
7,500 |
|
7,000 |
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Key management personnel compensation (including directors' emoluments) |
|
40,000 |
|
47,000 |
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|
5 |
Directors' emoluments |
2024 |
|
2023 |
£ |
£ |
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|
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Company contributions to defined contribution pension plans |
40,000 |
|
40,000 |
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Number of directors to whom retirement benefits accrued: |
2024 |
|
2023 |
Number |
Number |
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Defined contribution plans |
1 |
|
1 |
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6 |
Staff costs |
2024 |
|
2023 |
£ |
£ |
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Wages and salaries |
9,000 |
|
34,500 |
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Social security costs |
- |
|
- |
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Other pension costs |
40,000 |
|
40,000 |
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49,000 |
|
74,500 |
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Average number of employees during the year |
Number |
Number |
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Administration |
5 |
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5 |
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5 |
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5 |
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7 |
Taxation |
2024 |
|
2023 |
£ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
560,586 |
|
428,538 |
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Tax on profit on ordinary activities |
560,586 |
|
428,538 |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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2024 |
|
2023 |
£ |
£ |
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Profit on ordinary activities before tax |
2,234,113 |
|
2,092,580 |
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Standard rate of corporation tax in the UK |
25% |
|
19% |
|
£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
558,528 |
|
397,590 |
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Effects of: |
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Expenses not deductible for tax purposes |
(826) |
|
4,899 |
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Capital allowances for period in excess of depreciation |
2,884 |
|
(6,399) |
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Change in tax rates |
- |
|
32,448 |
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Current tax charge for period |
560,586 |
|
428,538 |
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Factors that may affect future tax charges |
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None |
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|
8 |
Intangible fixed assets |
£ |
|
Goodwill: |
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Cost |
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At 1 July 2023 |
1 |
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At 30 June 2024 |
1 |
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Amortisation |
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At 30 June 2024 |
- |
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Carrying amount |
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At 30 June 2024 |
1 |
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At 30 June 2023 |
1 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
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9 |
Tangible fixed assets |
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Fixtures, fittings, tools and equipment |
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At cost |
£ |
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Cost or valuation |
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At 1 July 2023 |
14,778 |
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Additions |
3,404 |
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Disposals |
(4,174) |
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At 30 June 2024 |
14,008 |
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Depreciation |
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At 1 July 2023 |
5,914 |
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Charge for the year |
2,750 |
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On disposals |
(2,907) |
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At 30 June 2024 |
5,757 |
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Carrying amount |
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At 30 June 2024 |
8,251 |
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At 30 June 2023 |
8,864 |
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10 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
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Trade debtors |
1,200,000 |
|
1,200,000 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,100,635 |
|
946,045 |
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Prepayments and accrued income |
39,649 |
|
5,807 |
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|
2,340,284 |
|
2,151,852 |
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11 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
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Trade creditors |
9,476 |
|
125 |
|
Corporation tax |
280,586 |
|
218,538 |
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Other taxes and social security costs |
194,598 |
|
95,967 |
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Other creditors |
2,091,200 |
|
2,109,700 |
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Accruals and deferred income |
(1) |
|
- |
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|
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|
2,575,859 |
|
2,424,330 |
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12 |
Share capital |
Nominal |
|
2024 |
|
2024 |
|
2023 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
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13 |
Profit and loss account |
2024 |
|
2023 |
£ |
£ |
|
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At 1 July |
13,565 |
|
13,723 |
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Profit for the financial year |
1,673,527 |
|
1,664,042 |
|
Dividends |
(1,675,000) |
|
(1,664,200) |
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At 30 June |
12,092 |
|
13,565 |
|
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|
|
|
|
|
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14 |
Dividends |
2024 |
|
2023 |
£ |
£ |
|
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Dividends on ordinary shares (note 13) |
1,675,000 |
|
1,664,200 |
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15 |
Related party transactions |
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During the period the company entered into a consultancy agreement with Lucy Foxcroft-Gall Marketing Consultancy for £9,424 (2023 £32,308) with L Foxcroft-Gall a director of the company. All transactions were at arm's length and on normal commercial terms |
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16 |
Controlling party |
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The company is controlled by Ceefox Holdings Limited, a company incorporated in England & Wales. The ultimate ontrolling party is Mrs Carol Foxcroft by virtue of her holding 100% of the issued share capital of the parent company. |
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17 |
Presentation currency |
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The financial statements are presented in Sterling. |
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18 |
Legal form of entity and country of incorporation |
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Ceefox Sports Consultancy Limited is a private company limited by shares and incorporated in England. |
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19 |
Principal place of business |
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The address of the company's principal place of business and registered office is: |
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8 Adelaide Row |
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Seaham |
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Co.Durham |
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SR7 7EF |