Company registration number 14971864 (England and Wales)
Global Sports Education Group Limited
unaudited financial statements
for the period ended 31 July 2024
Pages for filing with registrar
Global Sports Education Group Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Global Sports Education Group Limited
Balance sheet
as at 31 July 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investments
4
1,246,859
Current assets
Cash at bank and in hand
220,464
Net current assets
220,464
Net assets
1,467,323
Capital and reserves
Called up share capital
6
599
Share premium account
7
1,458,558
Profit and loss reserves
8
8,166
Total equity
1,467,323
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period 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 by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
Ms S R Friedman
Director
Company registration number 14971864 (England and Wales)
Global Sports Education Group Limited
Notes to the financial statements
for the period ended 31 July 2024
- 2 -
1
Accounting policies
Company information
Global Sports Education Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Arch View House, 16 First Way, Wembley, HA9 0AF.
1.1
Reporting period
The company was incorporated on 30 June 2023 and so these financial statements present the results for the first financial period for the 13 months to 31 July 2024.
1.2
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. The principal accounting policies adopted are set out below.
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group financial statements.
The company has taken advantage of the exemption under Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
1.4
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.
Global Sports Education Group Limited
Notes to the financial statements (continued)
for the period ended 31 July 2024
1
Accounting policies (continued)
- 3 -
1.5
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 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.
Global Sports Education Group Limited
Notes to the financial statements (continued)
for the period ended 31 July 2024
1
Accounting policies (continued)
- 4 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investments carrying value
Investments are assessed at each reporting date for any indication of impairment. If any such indication exists, the entity determines the recoverable amount of the investment. In such cases, the calculation of recoverable amount involves use of significant estimates and assumptions which includes turnover and earnings multiples, growth rates and new margins used to calculate projected future cash flows, risk-adjusted discount rate, future economic and market conditions.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
Global Sports Education Group Limited
Notes to the financial statements (continued)
for the period ended 31 July 2024
- 5 -
4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
1,246,859
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 30 June 2023
-
Additions
1,246,859
At 31 July 2024
1,246,859
Carrying amount
At 31 July 2024
1,246,859
5
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of shares held
% Held
Direct
Global Institute of Sport Limited
England
Ordinary
75
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Global Institute of Sport Limited
1,322,535
(1,296,248)
Global Sports Education Group Limited
Notes to the financial statements (continued)
for the period ended 31 July 2024
- 6 -
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
59,919
599
On incorporation, the company issued one £1 ordinary share at par value.
On 5 January 2024, the one £1 ordinary share was subdivided into 100 ordinary shares of £0.01 each and a further 58,819 ordinary shares were issued during the year for a total consideration of £1,459,156.
The ordinary shares have full rights in the company with respect to voting, dividends and distributions.
7
Share premium account
The share premium account records the amount above the nominal value received for shares issued, less transaction costs.
8
Profit and loss reserves
The profit and loss reserve includes all current period retained profits and losses.
9
Parent company
The ultimate controlling party is Shari Rebeka Friedman.