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REGISTERED NUMBER: 08272193 (England and Wales)















VIP Sports Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






VIP Sports Ltd (Registered number: 08272193)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VIP Sports Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: J Thomas





REGISTERED OFFICE: Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR





REGISTERED NUMBER: 08272193 (England and Wales)





ACCOUNTANTS: Xeinadin South Wales & West Limited
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

VIP Sports Ltd (Registered number: 08272193)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 700
Tangible assets 5 39,183 53,095
39,183 53,795

CURRENT ASSETS
Stocks - 5,000
Debtors 6 288,016 697,889
Cash at bank and in hand 26,658 96,436
314,674 799,325
CREDITORS
Amounts falling due within one year 7 156,854 468,108
NET CURRENT ASSETS 157,820 331,217
TOTAL ASSETS LESS CURRENT
LIABILITIES

197,003

385,012

CREDITORS
Amounts falling due after more than one year 8 (44,702 ) (66,172 )

PROVISIONS FOR LIABILITIES (9,795 ) (10,088 )
NET ASSETS 142,506 308,752

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 142,406 308,652
SHAREHOLDERS' FUNDS 142,506 308,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2025 and were signed by:




J Thomas - Director


VIP Sports Ltd (Registered number: 08272193)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

VIP Sports Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 the work performed to date to the total estimated contract costs.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

VIP Sports Ltd (Registered number: 08272193)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 April 2023 700
Revaluations (700 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 700

Cost or valuation at 31 March 2024 is represented by:

Other
intangible
assets
£   
Valuation in 2024 (700 )
Valuation in 2021 (2,884 )
Cost 3,584

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 23,525 43,870 30,702 98,097
DEPRECIATION
At 1 April 2023 16,839 11,652 16,511 45,002
Charge for year 1,771 8,054 4,087 13,912
At 31 March 2024 18,610 19,706 20,598 58,914
NET BOOK VALUE
At 31 March 2024 4,915 24,164 10,104 39,183
At 31 March 2023 6,686 32,218 14,191 53,095

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 6,694 343,477
Amounts owed by group undertakings 205,283 205,283
Other debtors 76,039 149,129
288,016 697,889

VIP Sports Ltd (Registered number: 08272193)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 41,811 21,469
Trade creditors 1,500 -
Taxation and social security 98,151 127,159
Other creditors 15,392 319,480
156,854 468,108

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 44,702 66,172

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
J Thomas
Balance outstanding at start of year 149,128 281,539
Amounts advanced 79,632 167,048
Amounts repaid (152,722 ) (299,459 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 76,038 149,128

The loans are repayable on demand and accrue interest at 2.5%.