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REGISTERED NUMBER: 06214496 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Leicester Basketball Limited

Leicester Basketball Limited (Registered number: 06214496)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Leicester Basketball Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: R G Levenston
K T Routledge





REGISTERED OFFICE: Mattioli Arena
12 Memory Lane
Leicester
Leicestershire
LE1 3UL





REGISTERED NUMBER: 06214496 (England and Wales)





ACCOUNTANTS: torr waterfield
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Leicester Basketball Limited (Registered number: 06214496)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 200,000 200,000
Tangible assets 5 37,339 49,775
Investments 6 775,000 775,000
1,012,339 1,024,775

CURRENT ASSETS
Stocks 4,512 3,798
Debtors 7 74,057 153,312
Cash at bank and in hand 9,520 160
88,089 157,270
CREDITORS
Amounts falling due within one year 8 (1,001,330 ) (587,710 )
NET CURRENT LIABILITIES (913,241 ) (430,440 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

99,098

594,335

CREDITORS
Amounts falling due after more than one
year

9

(330,419

)

(341,034

)
NET (LIABILITIES)/ASSETS (231,321 ) 253,301

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 27,258 27,258
Retained earnings (259,579 ) 225,043
SHAREHOLDERS' FUNDS (231,321 ) 253,301

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

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

The directors acknowledge their 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.

Leicester Basketball Limited (Registered number: 06214496)

Balance Sheet - continued
31 May 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:





K T Routledge - Director


Leicester Basketball Limited (Registered number: 06214496)

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

1. STATUTORY INFORMATION

Leicester Basketball Limited 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.

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.

Going concern
The financial statements have been prepared on a going concern basis. The company is reliant on funding provided by the directors who have confirmed that they will not withdraw their support in the foreseeable future. The directors therefore believe that the company will continue to have sufficient funds to pay all liabilities as they fall due.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are either measured at cost less any accumulated amortisation or at valuation.

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 - 5% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 33 1/3% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Leicester Basketball Limited (Registered number: 06214496)

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

2. ACCOUNTING POLICIES - continued

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.

Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Hire purchase and leasing commitments
Assets obtained under the hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Franchise
£   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 200,000
NET BOOK VALUE
At 31 May 2024 200,000
At 31 May 2023 200,000

Leicester Basketball Limited owns the exclusive rights to operate a professional basketball franchise, and all associated intellectual property, in Leicestershire. The licence was awarded by The Basketball League Limited which has the exclusive right to operate a professional basketball league in England, Scotland and Wales.

Following successful negotiations by The Basketball League Limited to secure a 10 year licence, the directors have now valued this franchise at £200,000 which they believe is a reasonable and conservative valuation. The valuation has been reviewed by the directors and they have deemed that no adjustment is necessary for 2023.

Cost or valuation at 31 May 2024 is represented by:

Franchise
£   
Valuation in 2024 200,000

Leicester Basketball Limited (Registered number: 06214496)

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

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 24,889 35,862 28,858 89,609
DEPRECIATION
At 1 June 2023 8,683 7,880 23,271 39,834
Charge for year 810 6,995 4,631 12,436
At 31 May 2024 9,493 14,875 27,902 52,270
NET BOOK VALUE
At 31 May 2024 15,396 20,987 956 37,339
At 31 May 2023 16,206 27,982 5,587 49,775

6. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 775,000
NET BOOK VALUE
At 31 May 2024 775,000
At 31 May 2023 775,000

Cost or valuation at 31 May 2024 is represented by:

Interest
in other
participating
interests
£   
Valuation in 2020 64,982
Valuation in 2022 710,000
Cost 18
775,000

As at 31st May 2024, Leicester Basketball Limited owns 20 B Ordinary Shares in the BBL which have been valued by the directors at £775,000 (2023: £775,000) and is, therefore, included in the balance sheet at this valuation.

Leicester Basketball Limited (Registered number: 06214496)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 5,957 45,951
Other debtors 68,100 107,361
74,057 153,312

Other debtors includes prepayments and accrued income of £2,100 (2023: £51,214).

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 10,254 12,533
Hire purchase contracts 5,605 5,244
Trade creditors 411,530 135,088
Taxation and social security 287,219 212,586
Other creditors 286,722 222,259
1,001,330 587,710

Other creditors includes accruals and deferred income of £42,000 (2023: £2,654).

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 15,597 25,851
Hire purchase contracts 15,195 20,800
Other creditors 299,627 294,383
330,419 341,034

Amounts falling due in more than five years:

Repayable by instalments
Other loans - Repayable in
more than 5 years 96,034 87,964
96,034 87,964

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 20,800 26,044

Hire purchase liabilities are secured on the individual assets being so acquired.