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Registered Number: 03747182
England and Wales

 

 

 

IGNITE SPORT UK LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2023

End date: 31 August 2024
Directors Darryl EALES
Justin MERRITT
Registered Number 03747182
Registered Office The Community Arena Oxford City Football Club
Marsh Lane
Oxford
Oxfordshire
OX3 0NQ
Accountants Cypher
Monkswell
Little Baldon
Oxford
OX44 9PU
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 125,512    156,721 
Investments 4 175,749    175,499 
301,261    332,220 
Current assets      
Stocks 5 79,080    77,597 
Debtors 6 1,060,110    733,729 
Cash at bank and in hand (14,682)   76,282 
1,124,508    887,608 
Creditors: amount falling due within one year 7 (568,328)   (433,721)
Net current assets 556,180    453,887 
 
Total assets less current liabilities 857,441    786,107 
Creditors: amount falling due after more than one year 8 (427,067)   (433,755)
Provisions for liabilities 9 (3,949)   (3,942)
Net assets 426,425    348,410 
 

Capital and reserves
     
Called up share capital 10 160    160 
Share premium account 11 149,975    149,975 
Profit and loss account 276,290    198,275 
Shareholders' funds 426,425    348,410 
 


For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 May 2025 and were signed on its behalf by:


-------------------------------
Justin MERRITT
Director
2
General Information
Ignite Sport UK Limited is a private company, limited by shares, registered in England and Wales, registration number 03747182, registration address The Community Arena Oxford City Football Club, Marsh Lane, Oxford, Oxfordshire, OX3 0NQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 25% Straight Line
Improvements to property 10% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 30 (2023 : 32).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Improvements to property   Total
  £   £   £   £   £   £
At 01 September 2023 16,755    56,288    4,088    44,049    121,154    242,334 
Additions 2,167      817    1,819      4,803 
Disposals          
At 31 August 2024 18,922    56,288    4,905    45,868    121,154    247,137 
Depreciation
At 01 September 2023 9,512    6,567    613    24,691    44,231    85,614 
Charge for year 2,172    9,944    644    11,136    12,115    36,011 
On disposals          
At 31 August 2024 11,684    16,511    1,257    35,827    56,346    121,625 
Net book values
Closing balance as at 31 August 2024 7,238    39,777    3,648    10,041    64,808    125,512 
Opening balance as at 01 September 2023 7,243    49,721    3,475    19,358    76,924    156,721 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 September 2023 175,499    175,499 
Additions 250    250 
Transfer to/from tangible fixed assets  
Disposals  
At 31 August 2024 175,749    175,749 

5.

Stocks

2024
£
  2023
£
Stocks 79,080    77,597 
79,080    77,597 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 36,829    130,856 
Prepayments & Accrued Income 153,213    107,403 
Other Debtors 853,948    495,470 
VAT 16,120   
1,060,110    733,729 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 159,867    81,161 
Bank Loans & Overdrafts 127,371    77,706 
Corporation Tax 40,474    34,542 
PAYE & Social Security 101,068    41,963 
Accrued Expenses & Deferred Income 77,605    79,491 
Other Creditors 50,499    50,499 
Obligations under HP/Financial Leases 10,303    22,194 
Wages & Salaries Control Account   43,659 
Directors' Current Accounts 1,141    2,471 
VAT   35 
568,328    433,721 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 73,502    83,755 
Other Creditors 350,000    350,000 
Obligations Under HP/Financial Leases 3,565   
427,067    433,755 

9.

Provisions for liabilities

2024
£
  2023
£
Pension Provisions 3,949    3,942 
3,949    3,942 

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
75 Class A shares of £1.00 each 75    75 
60 Class B shares of £1.00 each 60    60 
25 Class C shares of £1.00 each 25    25 
160    160 

11.

Share premium account

2024
£
  2023
£
Equity Share Premium b/fwd 149,975    149,975 
149,975    149,975 

3