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Registration number: 07404760

Rush Sports Marketing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024
 

 

Rush Sports Marketing Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Rush Sports Marketing Limited

(Registration number: 07404760)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

127,782

119,922

Current assets

 

Debtors

6

469,028

705,236

Cash at bank and in hand

 

2,128,542

1,782,441

 

2,597,570

2,487,677

Creditors: Amounts falling due within one year

7

(1,029,101)

(1,822,396)

Net current assets

 

1,568,469

665,281

Total assets less current liabilities

 

1,696,251

785,203

Provisions for liabilities

(31,843)

(29,981)

Net assets

 

1,664,408

755,222

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,663,408

754,222

Shareholders' funds

 

1,664,408

755,222

For the financial year ending 31 July 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

.........................................
Thomas Jeffrey Potter
Director

 

Rush Sports Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
10a Bank Chambers
Hart Street
Henley-On-Thames
Oxfordshire
RG9 2AU

These financial statements were authorised for issue by the Board on 24 March 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

Rush Sports Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities 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 retranslated at the rate on the date when the fair value is re-measured.

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

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

 

Rush Sports Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Office equipment

33.33% reducing balance

Other property, plant and equipment

33.33% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for 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.

 

Rush Sports Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Borrowings

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

41,268

20,537

 

Rush Sports Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 August 2023

84,507

56,090

21,728

162,325

Additions

-

-

49,128

49,128

At 31 July 2024

84,507

56,090

70,856

211,453

Depreciation

At 1 August 2023

6,688

23,570

12,145

42,403

Charge for the year

25,937

10,839

4,492

41,268

At 31 July 2024

32,625

34,409

16,637

83,671

Carrying amount

At 31 July 2024

51,882

21,681

54,219

127,782

At 31 July 2023

77,819

32,520

9,583

119,922

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

220,752

134,338

Amounts owed by related parties

9

58,514

58,234

Prepayments

 

133,924

468,675

Other debtors

 

55,838

43,989

   

469,028

705,236

 

Rush Sports Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

250,837

340,485

Taxation and social security

318,338

84,623

Accruals and deferred income

455,389

1,383,712

Other creditors

4,537

13,576

1,029,101

1,822,396

Creditors: amounts falling due after more than one year

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

900

900

900

900

B Ordinary shares of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

9

Related party transactions

Summary of transactions with parent

Rush Group Limited:- Parent company registered in Hong Kong.
 Loans from group companies are interest free and repayable on damand.
 

 

Rush Sports Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

9

Related party transactions (continued)

Loans to related parties

2024

Rush Group Ltd
£

At start of period

38,234

Advanced

280

At end of period

38,514

2023

Parent
£

Total
£

At start of period

38,234

38,234

At end of period

38,234

38,234

10

Parent and ultimate parent undertaking

The company's immediate parent is Rush Group Limited, incorporated in Hong Kong .

 The ultimate controlling party is Thomas Potter.