Company No:
Contents
| Note | 31.08.2024 | 14.11.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 7,517 | 7,830 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 515,212 | 305,864 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 104,774 | 85,045 | ||
| Total assets less current liabilities | 112,291 | 92,875 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Sport in Schools Limited (registered number:
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J O'Connor
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
Sport in Schools Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 51 Ennerdale Drive, Watford, WD25 0NG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
| Other intangible assets |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| Land and buildings |
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| Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
| Period from 15.11.2023 to 31.08.2024 |
Period from 01.04.2023 to 14.11.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the company during the period, including directors |
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| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 15 November 2023 |
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| At 31 August 2024 |
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| Accumulated amortisation | |||
| At 15 November 2023 |
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| At 31 August 2024 |
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| Net book value | |||
| At 31 August 2024 |
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| At 14 November 2023 |
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| Land and buildings | Plant and machinery etc. | Total | |||
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| Cost | |||||
| At 15 November 2023 |
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| Additions |
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| Disposals |
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| At 31 August 2024 |
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| Accumulated depreciation | |||||
| At 15 November 2023 |
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| Charge for the financial period |
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| Disposals |
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| At 31 August 2024 |
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| Net book value | |||||
| At 31 August 2024 |
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| At 14 November 2023 |
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| 31.08.2024 | 14.11.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by group undertakings |
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| Other debtors |
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| 31.08.2024 | 14.11.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Included within other debtors is a balance of £341,374 (2023: £23,774) owed by The Elms Group Ltd and Haygreen Ltd. This balance is unsecured with no fixed repayment terms. This loan is repayable on demand.