Sportquake Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05889933 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

FOR

SPORTQUAKE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

S P Bamber

M House

REGISTERED OFFICE:

Floor 4 New Derwent House

69 - 73 Theobalds Road

London

WC1X 8TA

REGISTERED NUMBER:

05889933 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Property, plant and equipment

4

116,386

90,418

Investments

5

1

1

116,387

90,419

CURRENT ASSETS

Debtors

6

774,366

856,004

Cash at bank

4,313,458

3,901,505

5,087,824

4,757,509

CREDITORS

Amounts falling due within one year

7

2,035,885

2,351,856

NET CURRENT ASSETS

3,051,939

2,405,653

TOTAL ASSETS LESS CURRENT LIABILITIES

3,168,326

2,496,072

PROVISIONS FOR LIABILITIES

24,000

17,600

NET ASSETS

3,144,326

2,478,472

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

3,143,326

2,477,472

SHAREHOLDERS' FUNDS

3,144,326

2,478,472

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors on 20 November 2019 and were signed on its behalf by:

M House - Director

1.	STATUTORY INFORMATION

Sportquake Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Sportquake Limited as an individual company and do not contain

consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the

Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and

assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The

estimates and associated assumptions are based on historical experience and other factors that are considered to be

relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of

the revision and future periods where the revision affects both current and future periods. There are no significant

judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the

revenue can only 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

let 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 state or 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.

Property, plant and equipment

Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.

Such cost included costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated

residual value over their expected useful lives, on the following basis:

Long-term leasehold property

20% on straight line basis

Motor Vehicles

25% on straight line basis

Office Equipment

33% on straight line basis

The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances

indicate the carrying value may not be recoverable.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairments.

Financial instruments

Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured

at transaction price including transaction costs and are subsequently carried at amortised cost using the effective

interest method 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. Financial assets classified as receivable

within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement

of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately

due to their size or incidence.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 15 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Long

Office

Motor

leasehold

Equipment

vehicles

Totals

£

£

£

£

COST

At 1 August 2018

62,426

68,505

28,599

159,530

Additions

21,623

58,016

-

79,639

Disposals

(14,422

)

(7,305

)

(28,599

)

(50,326

)

At 31 July 2019

69,627

119,216

-

188,843

DEPRECIATION

At 1 August 2018

24,971

28,407

15,734

69,112

Charge for year

12,485

20,893

4,766

38,144

Eliminated on disposal

(8,653

)

(5,646

)

(20,500

)

(34,799

)

At 31 July 2019

28,803

43,654

-

72,457

NET BOOK VALUE

At 31 July 2019

40,824

75,562

-

116,386

At 31 July 2018

37,455

40,098

12,865

90,418

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2018

and 31 July 2019

1

NET BOOK VALUE

At 31 July 2019

1

At 31 July 2018

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

456,301

707,608

Amounts owed by group undertakings

-

948

Other debtors

318,065

147,448

774,366

856,004

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

116,011

112,226

Amounts owed to group undertakings

333,241

-

Taxation and social security

267,708

548,130

Other creditors

1,318,925

1,691,500

2,035,885

2,351,856

8.	OTHER FINANCIAL COMMITMENTS

The company had commitments at the balance sheet date of £219,336 for rent payable over the term of the lease.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with

wholly owned subsidiaries within the group.