ACCOUNTS - Final Accounts preparation

SUPPORT IN SPORT GROUP LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-3132021-01-01Activities of other holding companies not elsewhere classifiedfalse3truetrue 04235291 2021-01-01 2021-12-31 04235291 2021-12-31 04235291 2020-01-01 2020-12-31 04235291 2020-12-31 04235291 c:Director1 2021-01-01 2021-12-31 04235291 d:CurrentFinancialInstruments 2021-12-31 04235291 d:CurrentFinancialInstruments 2020-12-31 04235291 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04235291 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 04235291 d:ShareCapital 2021-12-31 04235291 d:ShareCapital 2020-12-31 04235291 d:SharePremium 2021-12-31 04235291 d:SharePremium 2020-12-31 04235291 d:RetainedEarningsAccumulatedLosses 2021-12-31 04235291 d:RetainedEarningsAccumulatedLosses 2020-12-31 04235291 c:FRS102 2021-01-01 2021-12-31 04235291 c:Audited 2021-01-01 2021-12-31 04235291 c:FullAccounts 2021-01-01 2021-12-31 04235291 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 04235291 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 04235291 2 2021-01-01 2021-12-31 04235291 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Company Registration Number 04235291

	SUPPORT IN SPORT GROUP LIMITED

	FINANCIAL STATEMENTS

	31 DECEMBER 2021

SUPPORT IN SPORT GROUP LIMITED

REGISTERED NUMBER: 04235291

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Investments			12,375		12,375
			12,375		12,375
Current assets
Debtors: amounts falling due within one year	4	291,709		617,002
Cash at bank and in hand	5	1,167,943		1,166,891
		1,459,652		1,783,893
Creditors: amounts falling due within one year	6	(8,000)		(335,036)
Net current assets			1,451,652		1,448,857
Total assets less current liabilities			1,464,027		1,461,232

Net assets			1,464,027		1,461,232

Capital and reserves
Called up share capital	45,250	45,250
Share premium account	103,241	103,241
Profit and loss account	1,315,536	1,312,741
	1,464,027	1,461,232

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr G A Mullan

Director

Date: 28 September 2022

The notes on pages 2 to 5 form part of these financial statements.

Page 1

SUPPORT IN SPORT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

Support In Sport Group Limited is primarily engaged in the manufacture, sale and installation of high quality synthetic turf for the sport and leisure industry.
Support In Sport Group Limited is a company limited by shares incorporated in England. Its registered office is Tavistock Works, Glasson Industrial Estate, Maryport, Cumbria, CA15 8NT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

2.3

Going concern

At the balance sheet date, the company has net current assets of £1,451,652 and net assets of £1,464,027 following a profit before tax in the period of £2,800. The company has no borrowings to date and has a closing cash position of £1,167,943.
The company also has the backing of the wider group, should it need any support to pay liabilities as they fall due. The directors produce detailed cashflow forecasts, and believe that the company will continue to trade as a going concern for at least 12 months from the date of signature.

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans

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SUPPORT IN SPORT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.7

Financial instruments (continued)

and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

SUPPORT IN SPORT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

Debtors

					2021	2020
					£	£


Amounts owed by group undertakings	271,259	253,400
Other debtors	15,450	363,602
Prepayments and accrued income	5,000	-
	291,709	617,002

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	1,167,943	1,166,891
	1,167,943	1,166,891

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to group undertakings	-	327,036
Accruals and deferred income	8,000	8,000
	8,000	335,036

Related party transactions

At the balance sheet date, the following balances were owed to the company by other group companies:
£ £
2021 2020
SISGRASS B.V. 63,892 Nil
SIS International Limited 222,779 Nil
Support in Sport (UK) Limited 5,553 99,156
Support in Sport (Manufacturing) (20,966) creditor (4,868) creditor
During the year, total management charges of £186,099 (2020 - £174,949) were received from group undertakings for management services provided during the year.

Page 4

SUPPORT IN SPORT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

8.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 29 September 2022 by Joanna Gray (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

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