Key Sports Holdings Limited Filleted accounts for Companies House (small only)

Key Sports Holdings Limited Filleted accounts for Companies House (small only)

KEY SPORTS HOLDINGS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10727004
Key Sports Holdings Limited
Filleted Unaudited Financial Statements
30 June 2019
Key Sports Holdings Limited
Consolidated Statement of Financial Position
30 June 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
4,429,733
4,488,994
Current assets
Debtors
6
348,034
300,545
Cash at bank and in hand
1,528,727
1,733,260
------------
------------
1,876,761
2,033,805
Creditors: amounts falling due within one year
7
3,689,983
4,155,471
------------
------------
Net current liabilities
1,813,222
2,121,666
------------
------------
Total assets less current liabilities
2,616,511
2,367,328
Creditors: amounts falling due after more than one year
8
936,339
1,383,342
------------
------------
Net assets
1,680,172
983,986
------------
------------
Capital and reserves
Called up share capital
955,090
955,090
Share premium account
50
50
Profit and loss account
725,032
28,846
------------
---------
Shareholders funds
1,680,172
983,986
------------
---------
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 consolidated income statement has not been delivered.
For the year ending 30 June 2019 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 .
Key Sports Holdings Limited
Consolidated Statement of Financial Position (continued)
30 June 2019
These financial statements were approved by the board of directors and authorised for issue on 30 September 2019 , and are signed on behalf of the board by:
Mr M Y Michael
Director
Company registration number: 10727004
Key Sports Holdings Limited
Company Statement of Financial Position
30 June 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
4,180,075
4,180,075
Current assets
Debtors
6
22,550
59,775
Cash at bank and in hand
160,346
498,613
---------
---------
182,896
558,388
Creditors: amounts falling due within one year
7
2,651,169
2,684,880
------------
------------
Net current liabilities
2,468,273
2,126,492
------------
------------
Total assets less current liabilities
1,711,802
2,053,583
Creditors: amounts falling due after more than one year
8
688,714
1,097,907
------------
------------
Net assets
1,023,088
955,676
------------
------------
Capital and reserves
Called up share capital
954,990
954,990
Profit and loss account
68,098
686
------------
---------
Shareholders funds
1,023,088
955,676
------------
---------
The profit for the financial year of the parent company was £ 784,310 (2018: £ 1,985,267 ).
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'.
For the year ending 30 June 2019 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 .
Key Sports Holdings Limited
Company Statement of Financial Position (continued)
30 June 2019
These financial statements were approved by the board of directors and authorised for issue on 30 September 2019 , and are signed on behalf of the board by:
Mr M Y Michael
Director
Company registration number: 10727004
Key Sports Holdings Limited
Notes to the Financial Statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Metal Box Factory, Unit 002, 30 Great Guildford Street, London, SE1 0HS.
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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Key Sports Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor Vehicles
-
33% straight line
Equipment
-
33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2018: 15 ).
5. Tangible assets
Group
Motor vehicles
Equipment
Investments
Total
£
£
£
£
Cost
At 1 July 2018
343,243
–
4,180,075
4,523,318
Additions
–
10,561
–
10,561
---------
--------
------------
------------
At 30 June 2019
343,243
10,561
4,180,075
4,533,879
---------
--------
------------
------------
Depreciation
At 1 July 2018
34,324
–
–
34,324
Charge for the year
68,649
1,173
–
69,822
---------
--------
------------
------------
At 30 June 2019
102,973
1,173
–
104,146
---------
--------
------------
------------
Carrying amount
At 30 June 2019
240,270
9,388
4,180,075
4,429,733
---------
--------
------------
------------
At 30 June 2018
308,919
–
4,180,075
4,488,994
---------
--------
------------
------------
Company
Investments
Total
£
£
Cost
At 1 July 2018 and 30 June 2019
4,180,075
4,180,075
------------
------------
Depreciation
At 1 July 2018 and 30 June 2019
–
–
------------
------------
Carrying amount
At 30 June 2019
4,180,075
4,180,075
------------
------------
At 30 June 2018
4,180,075
4,180,075
------------
------------
6. Debtors
Group
Company
2019
2018
2019
2018
£
£
£
£
Trade debtors
293,182
205,570
–
–
Other debtors
54,852
94,975
22,550
59,775
---------
---------
--------
--------
348,034
300,545
22,550
59,775
---------
---------
--------
--------
7. Creditors: amounts falling due within one year
Group
Company
2019
2018
2019
2018
£
£
£
£
Bank loans and overdrafts
409,194
435,595
409,194
435,595
Trade creditors
54,968
56,525
–
5,465
Amounts owed to group undertakings
–
535
2,236,575
2,237,110
Accruals and deferred income
2,642,123
3,184,160
–
–
Corporation tax
371,642
306,234
–
–
Social security and other taxes
159,905
118,833
5,400
–
Obligations under finance leases and hire purchase contracts
49,071
44,844
–
–
Other creditors
3,080
8,745
–
6,710
------------
------------
------------
------------
3,689,983
4,155,471
2,651,169
2,684,880
------------
------------
------------
------------
8. Creditors: amounts falling due after more than one year
Group
Company
2019
2018
2019
2018
£
£
£
£
Bank loans and overdrafts
688,714
1,097,907
688,714
1,097,907
Obligations under finance leases and hire purchase contracts
247,625
285,435
–
–
---------
------------
---------
------------
936,339
1,383,342
688,714
1,097,907
---------
------------
---------
------------