Avid Sports And Entertainment Group Limited
Unaudited Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 11145456 (England and Wales)
Avid Sports and Entertainment Group Limited
Avid Sports And Entertainment Group Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Avid Sports And Entertainment Group Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,899
3,871
Current assets
Debtors
4
188,895
258,910
Cash at bank and in hand
723,930
1,445,023
912,825
1,703,933
Creditors: amounts falling due within one year
5
(737,494)
(1,311,119)
Net current assets
175,331
392,814
Net assets
178,230
396,685
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
178,130
396,585
Total equity
178,230
396,685
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 year 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 and signed by the director and authorised for issue on 27 June 2025
D J Baldwin
Director
Company Registration No. 11145456
Avid Sports And Entertainment Group Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 2
1
Accounting policies
Company information
Avid Sports and Entertainment Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
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 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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% straight line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Avid Sports And Entertainment Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 3
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and at bank.
1.7
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.8
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.
1.9
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.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Avid Sports And Entertainment Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
67,729
Additions
218
At 30 June 2024
67,947
Depreciation and impairment
At 1 July 2023
63,858
Depreciation charged in the year
1,190
At 30 June 2024
65,048
Carrying amount
At 30 June 2024
2,899
At 30 June 2023
3,871
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
80,161
151,088
Corporation tax recoverable
96,850
96,850
Other debtors
3,759
2,847
Prepayments and accrued income
8,125
8,125
188,895
258,910
Avid Sports And Entertainment Group Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 5
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
58,988
81,194
Corporation tax
24,621
24,621
Other taxation and social security
168,945
137,566
Other creditors
387,899
995,527
Accruals and deferred income
97,041
72,211
737,494
1,311,119
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100