Onesport (UK) Limited

ONESPORT (UK) LIMITED - Company Information

2021-01-012022-03-312022-03-31false08336209Onesport (UK) 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Registered Number
08336209
(England and Wales)

Unaudited Financial Statements for the Period Ended
31 March 2022

Onesport (UK) Limited

Company Information
for the period from 1 January 2021 to 31 March 2022


Directors	Anthony James Clark


Registered Address	4 Mason Court Gillan Way
	Penrith 40 Business Park
	Penrith
	CA11 9GR


Registered Number	08336209 (England and Wales)

Onesport (UK) Limited

Statement of Financial Position
31 March 2022

	Notes	31 Mar 2022		31 Dec 2020
		£	£	£	£
Fixed assets
Tangible assets	9		1,971		2,464
			1,971		2,464
Current assets
Stocks	12	9,000		14,000
Debtors	13	14,626		6,231
Cash at bank and on hand		3,679		9,898
		27,305		30,129
Creditors amounts falling due within one year	14	(16,316)		(8,158)
Net current assets (liabilities)			10,989		21,971
Total assets less current liabilities			12,960		24,435
Creditors amounts falling due after one year	15		(8,229)		(11,483)
Net assets			4,731		12,952
Capital and reserves
Called up share capital			100		100
Profit and loss account			4,631		12,852
Shareholders' funds			4,731		12,952

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Director on 30 June 2022, and are signed on its behalf by:

Anthony James Clark
Director
Registered Company No. 08336209

Onesport (UK) Limited

Notes to the Financial Statements
for the period ended 31 March 2022

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	CHANGE IN REPORTING PERIOD AND IMPACT ON COMPARABILITY
	The company's accounting period has been extended to the 31 March to align with the parent company's accounting year end. Therefore the current period is 15 months and not entirely comparable with the previous years figures.

4.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

5.	ACCOUNTING POLICIES

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	20

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Taxation policy
	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.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Government grants and other government assistance policy

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

	Valuation of financial instruments policy
	The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Valuation of financial instruments policy

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

6.	CRITICAL ESTIMATES AND JUDGEMENTS
	The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

CRITICAL ESTIMATES AND JUDGEMENTS

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

7.	SOURCES OF ESTIMATION UNCERTAINTY
	Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

8.	EMPLOYEE INFORMATION


		2022		2020
	Average number of employees during the year	-		-

9.	PROPERTY, PLANT AND EQUIPMENT

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 January 21	3,408	3,408
At 31 March 22	3,408	3,408
Depreciation and impairment
At 01 January 21	944	944
Charge for year	493	493
At 31 March 22	1,437	1,437
Net book value
At 31 March 22	1,971	1,971
At 31 December 20	2,464	2,464

10.	PROVISIONS FOR IMPAIRMENT OF TANGIBLE 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.

11.	FURTHER INFORMATION REGARDING THE COMPANY'S FINANCIAL POSITION
	The parent company is Goalkeeper.com Limited (Registration Number 12819700). The registered address is 4 Mason Court, Gillan Way, Penrith 40 Business Park, Penrith, CA11 9GR. The group is exempt from preparing group accounts on the basis it is a small group.

12.	STOCKS

	2022	2020
	£	£
Other stocks	9,000	14,000
Total	9,000	14,000

13.	DEBTORS

	2022	2020
	£	£
Trade debtors / trade receivables	-	6,231
Amounts owed by group undertakings	14,516	-
Other debtors	110	-
Total	14,626	6,231


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

14.	CREDITORS WITHIN ONE YEAR

	2022	2020
	£	£
Bank borrowings and overdrafts	2,604	1,517
Taxation and social security	1,373	3,270
Other creditors	11,139	2,171
Accrued liabilities and deferred income	1,200	1,200
Total	16,316	8,158


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

15.	CREDITORS AFTER ONE YEAR

	2022	2020
	£	£
Bank borrowings and overdrafts	8,229	11,483
Total	8,229	11,483