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Registered number: 05271115 KNIGHTS SPORTING LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
KNIGHTS SPORTING LIMITED COMPANY INFORMATION
Director | T J Knight
Company secretary | Mrs C E Knight
Registered number | 05271115
Registered office | 7 The Close
| Norwich
| Norfolk
| NR1 4DJ
Accountants | MA Partners LLP
| 12 Church Street
| Cromer
| Norfolk
| NR27 9ER
KNIGHTS SPORTING LIMITED CONTENTS
| Page
Accountants' report | 1
Balance sheet | 2 - 3
Statement of changes in equity | 4 - 5
Notes to the financial statements | 6 - 10
KNIGHTS SPORTING LIMITED CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KNIGHTS SPORTING LIMITED FOR THE YEAR ENDED 31 MARCH 2025 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Knights Sporting Limited for the year ended 31 March 2025 which comprise the balance sheet, the statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the director of Knights Sporting Limited in accordance with the terms of our engagement letter dated 16 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Knights Sporting Limited and state those matters that we have agreed to state to the director of Knights Sporting Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Knights Sporting Limited and its director for our work or for this report. It is your duty to ensure that Knights Sporting 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 loss of Knights Sporting Limited. You consider that Knights Sporting Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Knights Sporting 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. MA Partners LLP 12 Church Street Cromer Norfolk NR27 9ER 8 December 2025 Page 1
KNIGHTS SPORTING LIMITED REGISTERED NUMBER: 05271115 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 9,478 |  | 12,055
|  |  | 9,478 |  | 12,055
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 162,595 |  | 288,683 |
Cash at bank and in hand |  | 42,916 |  | 65,518 |
|  | 205,511 |  | 354,201 |
Creditors: amounts falling due within one year | 6 | (150,311) |  | (218,184) |
Net current assets |  |  | 55,200 |  | 136,017
Total assets less current liabilities |  |  | 64,678 |  | 148,072
Net assets |  |  | 64,678 |  | 148,072
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 100 |  | 100
Profit and loss account |  |  | 64,578 |  | 147,972
|  |  | 64,678 |  | 148,072
Page 2
KNIGHTS SPORTING LIMITED REGISTERED NUMBER: 05271115 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025.
T J Knight
Director
The notes on pages 6 to 10 form part of these financial statements. Page 3
KNIGHTS SPORTING LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2024 | 100 | 147,972 | 148,072
Comprehensive income for the year |  |  |
Loss for the year | - | (21,394) | (21,394)
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | (21,394) | (21,394)
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (62,000) | (62,000)
Total transactions with owners | - | (62,000) | (62,000)
At 31 March 2025 | 100 | 64,578 | 64,678
| The notes on pages 6 to 10 form part of these financial statements.
Page 4
KNIGHTS SPORTING LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 100 | 86,484 | 86,584
Comprehensive income for the year |  |  |
Profit for the year | - | 91,488 | 91,488
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 91,488 | 91,488
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (30,000) | (30,000)
Total transactions with owners | - | (30,000) | (30,000)
At 31 March 2024 | 100 | 147,972 | 148,072
| The notes on pages 6 to 10 form part of these financial statements.
Page 5
KNIGHTS SPORTING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
The Company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk. NR1 4DJ. The Company's principal activities are that of auctioneers of sporting memorabilia. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 6
KNIGHTS SPORTING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | reducing balance
|  |  |  | Motor vehicles | - | 20% | reducing balance
|  |  |  | Fixtures and fittings | - | 25% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 7
KNIGHTS SPORTING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 8
KNIGHTS SPORTING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 2,646 | 24,499 | 16,201 | 43,346
| Additions | - | - | 142 | 142
| At 31 March 2025 | 2,646 | 24,499 | 16,343 | 43,488
| Depreciation |  |  |  |
| At 1 April 2024 | 2,535 | 16,519 | 12,237 | 31,291
| Charge for the year on owned assets | 28 | 1,661 | 1,030 | 2,719
| At 31 March 2025 | 2,563 | 18,180 | 13,267 | 34,010
| Net book value |  |  |  |
| At 31 March 2025 | 83 | 6,319 | 3,076 | 9,478
| At 31 March 2024 | 111 | 7,980 | 3,964 | 12,055
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 135,401 | 244,894
| Other debtors | 27,194 | 43,789
|  | 162,595 | 288,683
Page 9
KNIGHTS SPORTING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 143,360 | 183,150
| Corporation tax | - | 28,141
| Other taxation and social security | 1,453 | 1,273
| Other creditors | 866 | 1,017
| Accruals and deferred income | 4,632 | 4,603
|  | 150,311 | 218,184
7. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
8. | Transactions with directors
At 31 March 2025, the director owed the company £22,634 in respect of an overdrawn directors' loan account. The loan is repayable on demand and are included within other debtors on the balance sheet. Since the balance sheet date the loan has been repaid.
Page 10