Corporate Sports International Limited Filleted accounts for Companies House (small and micro)

CORPORATE SPORTS INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05766827

Corporate Sports International Limited

Filleted Financial Statements

31 March 2019

Corporate Sports International Limited

Statement of Financial Position

31 March 2019

	2019	2018
Note	£	£

Current assets

Debtors	5	46,675	1,096,856
Cash at bank and in hand		117,009	27,655
		---------	------------
		163,684	1,124,511

Creditors: amounts falling due within one year	6	93,803	1,050,716
		---------	------------
Net current assets		69,881	73,795
		--------	--------
Total assets less current liabilities		69,881	73,795
		--------	--------
Net assets		69,881	73,795
		--------	--------

Capital and reserves

Called up share capital	250	250
Profit and loss account	69,631	73,545
	--------	--------
Shareholders funds	69,881	73,795
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 26 November 2019 , and are signed on behalf of the board by:

Mr T O Pearson

Director

Company registration number: 05766827

Corporate Sports International Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The Tower Building, 11 York Road, London, SE1 7NX, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2018: 6 ).

5. Debtors

	2019	2018
	£	£
Trade debtors	11,340	39,804
Amounts owed by group undertakings and undertakings in which the company has a participating interest	23,190	1,045,867
Other debtors	12,145	11,185
	--------	------------
	46,675	1,096,856
	--------	------------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	13,901	86,517
Amounts owed to group undertakings and undertakings in which the company has a participating interest	78,233	567,535
Other creditors	669	396,664
Other creditors	1,000	–
	--------	------------
	93,803	1,050,716
	--------	------------

7. Summary audit opinion

The auditor's report for the year dated 26 November 2019 was unqualified.

The senior statutory auditor was James Harper , for and on behalf of Harper Sheldon Limited .