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Company registration number:
08726605
Project Sport Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2024
G&T Accountancy Services Limited
Chartered Certified Accountants
Unit 1b Denby Dale Bus Park, Wakefield Road, Huddersfield, West Yorkshire, HD8 8QH, United Kingdom
Project Sport Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Project Sport Limited
Year ended
31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Project Sport Limited
for the year ended
31 December 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
Project Sport Limited
, as a body, in accordance with the terms of our engagement letter dated 5 January 2024. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Project Sport Limited
and state those matters that we have agreed to state to the Board of Directors of
Project Sport Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Project Sport Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Project Sport Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Project Sport Limited
. You consider that
Project Sport Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Project Sport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
G&T Accountancy Services Limited
Chartered Certified Accountants
Unit 1b Denby Dale Bus Park
Wakefield Road
Huddersfield
West Yorkshire
HD8 8QH
United Kingdom
Date:
2 September 2025
Project Sport Limited
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Investments 7
200,000
 
200,000
 
Current assets    
Debtors 8
11,037
 
19,084
 
Cash at bank and in hand
504,828
 
353,528
 
515,865
 
372,612
 
Creditors: amounts falling due within one year 9
(243,872
 )
(131,043
 )
Net current assets
271,993
 
241,569
 
Total assets less current liabilities 471,993   441,569  
Capital and reserves    
Called up share capital
102
 
102
 
Profit and loss account
471,891
 
441,467
 
Shareholders funds
471,993
 
441,569
 
For the year ending
31 December 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These
financial statements
were approved by the board of directors and authorised for issue on
2 September 2025
, and are signed on behalf of the board by:
Mr A Leech
Director
Company registration number:
08726605
Project Sport Limited
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 1b Denby Dale Industrial Park, Wakefield Road
,
Denby Dale
,
Huddersfield
,
West Yorkshire
,
HD8 8QH
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
20% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
33% straight line

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
6
(2023:
5.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 January 2024
and
31 December 2024
30,000
 
Amortisation  
At
1 January 2024
and
31 December 2024
30,000
 
Carrying amount  
At
31 December 2024
 -  
At 31 December 2023 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2024
and
31 December 2024
2,718
 
Depreciation  
At
1 January 2024
and
31 December 2024
2,718
 
Carrying amount  
At
31 December 2024
 -  
At 31 December 2023 -  

7 Investments

Other investments other than loans
£
Cost  
At
1 January 2024
200,000
 
At
31 December 2024
200,000
 
Impairment  
At
1 January 2024
and
31 December 2024
 -  
Carrying amount  
At
31 December 2024
200,000
 
At 31 December 2023
200,000
 

8 Debtors

20242023
££
Trade debtors
11,037
 
13,649
 
Other debtors -  
5,435
 
11,037
 
19,084
 

9 Creditors: amounts falling due within one year

20242023
££
Trade creditors
395
 
284
 
Taxation and social security
51,547
 
50,101
 
Other creditors
191,930
 
80,658
 
243,872
 
131,043
 

11 Controlling party

The company was not under the control of any one individual throughout the current and previous year.