Company registration number 02390410 (England and Wales)
SPORTWISE MARKETING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SPORTWISE MARKETING LIMITED
COMPANY INFORMATION
Director
Mr D C Morgan
Secretary
Mrs L P Morgan
Company number
02390410
Registered office
142 Derby Road
Borrowash
Derby
DE72 3HB
Accountants
HSKS Greenhalgh Ltd
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
Business address
142 Derby Road
Borrowash
Derby
DE72 3HB
SPORTWISE MARKETING LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
SPORTWISE MARKETING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SPORTWISE MARKETING LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sportwise Marketing Limited for the year ended 30 June 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Sportwise Marketing Limited, as a body, in accordance with the terms of our engagement letter dated 31 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Sportwise Marketing Limited and state those matters that we have agreed to state to the board of directors of Sportwise Marketing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sportwise Marketing Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Sportwise Marketing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sportwise Marketing Limited. You consider that Sportwise Marketing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sportwise Marketing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HSKS Greenhalgh Ltd
HSKS Greenhalgh Ltd is part of the Dains Group
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
6 March 2025
SPORTWISE MARKETING LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,072
9,744
Investment property
5
600,000
600,000
608,072
609,744
Current assets
Debtors falling due after more than one year
27,278
31,425
Debtors falling due within one year
20,798
18,180
Cash at bank and in hand
8,051
11,459
56,127
61,064
Creditors: amounts falling due within one year
(90,140)
(72,477)
Net current liabilities
(34,013)
(11,413)
Total assets less current liabilities
574,059
598,331
Creditors: amounts falling due after more than one year
6
(167,336)
(191,851)
Provisions for liabilities
(42,264)
(42,581)
Net assets
364,459
363,899
Capital and reserves
Called up share capital
7
100
100
Other reserves
332,294
332,294
Profit and loss reserves
32,065
31,505
Total equity
364,459
363,899
SPORTWISE MARKETING LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 3 -
For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 26 February 2025
Mr D C Morgan
Director
Company registration number 02390410 (England and Wales)
SPORTWISE MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Sportwise Marketing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 142 Derby Road, Borrowash, Derby, DE72 3HB.
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts derived from the renting of investment properties after deducting value added tax, where appropriate. All rental income is accounted for on a straight line basis over the period of the lease.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SPORTWISE MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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 current liabilities.
1.7
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 income statement 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 income statement, 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.
SPORTWISE MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
SPORTWISE MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Tangible fixed assets
Total
£
Cost
At 1 July 2023
51,192
Disposals
(1,745)
At 30 June 2024
49,447
Depreciation and impairment
At 1 July 2023
41,448
Depreciation charged in the year
1,424
Eliminated in respect of disposals
(1,497)
At 30 June 2024
41,375
Carrying amount
At 30 June 2024
8,072
At 30 June 2023
9,744
5
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
600,000
The director has considered the value of investment property and considers that it is included in the financial statements at fair value, which is based upon his knowledge of similar properties in the area.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
226,976
226,976
Accumulated depreciation
(117,408)
(112,868)
Carrying amount
109,568
114,108
6
Creditors: amounts falling due after more than one year
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
35,261
24,373
SPORTWISE MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
8
Financial commitments, guarantees and contingent liabilities
The aggregate of secured liabilities is £186,180 (2023: £200,352).
NatWest Bank PLC, have secured a fixed and floating debenture charge over all property and assets, present and future.
NatWest Bank PLC have a fixed charge over the companies property.
9
Directors' transactions
Dividends totalling £1,000 (2023 - £20,000) were paid in the year in respect of shares held by the company's director.
During the year the director held a loan with the company. The amount owed by the company at the year end was £39,161 (2023: £15,121). The amount owed to the director at the year end is included within creditors and is repayable on demand.
2024-06-302023-07-01falsefalsefalse06 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr D C MorganMrs L P Morgan023904102023-07-012024-06-3002390410bus:Director12023-07-012024-06-3002390410bus:CompanySecretary12023-07-012024-06-3002390410bus:RegisteredOffice2023-07-012024-06-30023904102024-06-30023904102023-06-3002390410core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3002390410core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3002390410core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3002390410core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002390410core:ShareCapital2024-06-3002390410core:ShareCapital2023-06-3002390410core:OtherMiscellaneousReserve2024-06-3002390410core:OtherMiscellaneousReserve2023-06-3002390410core:RetainedEarningsAccumulatedLosses2024-06-3002390410core:RetainedEarningsAccumulatedLosses2023-06-3002390410core:PlantMachinery2023-07-012024-06-3002390410core:FurnitureFittings2023-07-012024-06-3002390410core:MotorVehicles2023-07-012024-06-30023904102022-07-012023-06-30023904102023-06-3002390410bus:PrivateLimitedCompanyLtd2023-07-012024-06-3002390410bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3002390410bus:FRS1022023-07-012024-06-3002390410bus:AuditExemptWithAccountantsReport2023-07-012024-06-3002390410bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP