Sportlight Technology Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09655770 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

SPORTLIGHT TECHNOLOGY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R Keustermans

H J Kraft

S Loudon

Dr M P Mellor

REGISTERED OFFICE:

Stapleton House, Block A

2nd Floor

110 Clifton Street

London

EC2A 4HT

REGISTERED NUMBER:

09655770 (England and Wales)

ACCOUNTANTS:

Horizon Accounts Ltd

Stapleton House Second Floor

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Tangible assets

5

6,266

6,337

CURRENT ASSETS

Debtors

6

218,814

148,666

Cash at bank

258,182

867,914

476,996

1,016,580

CREDITORS

Amounts falling due within one year

7

20,214

9,435

NET CURRENT ASSETS

456,782

1,007,145

TOTAL ASSETS LESS CURRENT LIABILITIES

463,048

1,013,482

CAPITAL AND RESERVES

Called up share capital

8

772

772

Share premium

1,593,721

1,593,721

Share option reserve

213,028

75,120

Retained earnings

(1,344,473

)

(656,131

)

SHAREHOLDERS' FUNDS

463,048

1,013,482

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 14 April 2020 and were signed on its behalf by:

R Keustermans - Director

1.	STATUTORY INFORMATION

Sportlight Technology Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

There are no significant judgements or estimates applied to the numbers contained within these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the

cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Computer equipment - 3 years

Office equipment - 5 years

Taxation

Taxation for the year comprises current 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 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.

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.

Financial instruments

The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial

paper, are initially recognised at transaction price, 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. Such

assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of

impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present

value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in the Income Statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the

impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying

amount would have been had the impairment not previously been recognised. The impairment reversal is recognised

in the Income Statement.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Income

Statement, except that investments in equity instruments that are not publicly traded and whose fair values cannot be

measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or

(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control

of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an

unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow Group companies that are classified

as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where

the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they

are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently

measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Going concern

The financial statements have been prepared on a going concern basis. The company has incurred losses during the

period and the directors are aware that the statement of financial position shows negative net assets. However the

directors have been successful in attracting further investment after the year end which will continue to support the

company to meet its obligations, if and when, they become due. The directors are therefore of the opinion that they

should continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes

in value.

Share based payments

The company operates an equity-settled compensation plan for its employees. The fair value of the employee

services received in exchange for the grant of the options is recognised as an expense in the relevant entity. The total

amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at

the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales

growth targets). Non-market vesting conditions are included in assumptions about the number of options that are

expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options

that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the relevant income

statement. The credit entry is taken to reserves because the share options are equity-settled.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2019

1,344

6,132

7,476

Additions

-

2,733

2,733

At 31 December 2019

1,344

8,865

10,209

DEPRECIATION

At 1 January 2019

181

958

1,139

Charge for year

269

2,535

2,804

At 31 December 2019

450

3,493

3,943

NET BOOK VALUE

At 31 December 2019

894

5,372

6,266

At 31 December 2018

1,163

5,174

6,337

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Other debtors

218,814

148,666

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

-

580

Taxation and social security

14,580

8,855

Other creditors

5,634

-

20,214

9,435

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

33,179

A Ordinary share

£0.01

332

332

44,044

Ordinary shares

£0.01

440

440

772

772

The Ordinary shareholders have the full rights to voting but there is no rights to receive dividends and capital

distribution (on winding up).

The A Ordinary shares have the full rights to voting, dividends and capital distribution (on winding up).

9.	POST BALANCE SHEET EVENTS

After the year end, but before the signing of this report, the company has raised £1.3m.

10.	ULTIMATE CONTROLLING PARTY

During the period there is no ultimate controlling party.

11.	SHARE-BASED PAYMENT TRANSACTIONS

The company operates an EMI qualifying share option scheme for employees. As at the date of the Statement of

Financial Position, the company had granted 17,256 EMI qualifying share options to six employees with exercise

price of £3.657 per share. As at the year end 3,767 share options had vested, no share options had lapsed and no

share options were exercised. Share options vest under varying terms as set out in the agreements over a period

ranging from 23 to 46 months from the date of grant, with no cliff.