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Company registration number: 06496731
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FOR THE YEAR ENDED
31 DECEMBER 2020
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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EXECUTIVE SPORT LIMITED
REGISTERED NUMBER:06496731
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 income and retained earnings 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:
The notes on pages 2 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Executive Sport Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06496731 and the registered office address is Tuition House, 27-37 St George's Road, Wimbledon, SW19 4EU.
The financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons outlined below.
During the year the company made a loss after tax of £847,295 (2019: profit of £161,803). At the balance sheet date, it held cash of £1,721,684 (2019: £3,392,387) and net assets amounted to £1,745,045 (2019: £3,807,757).
Since March 2020, the spread of Coronavirus (COVID-19) has severely impacted many countries, including the UK. The effects of the pandemic have directly impacted the company due to the nature of its business and operations.
The cash balance at 31 August 2021 amounted to £1.5 million. The directors have prepared monthly cash flow forecasts for the period up to 31 December 2022 to manage the operational liquidity. The company has no debt and the forecasts do not include any new funding from shareholders. The directors have taken account of severe but plausible downsides where sales are impacted by a worsening economic environment due to the impact of COVID-19, including the impact of further lockdowns during months of January 2022 and February 2022. A severe but plausible downside scenario takes into consideration no income during these months and reduced attendance rates during following months in case social distancing is required and fewer attendees are allowed at the events than in normal times. The forecasts indicate that, considering severe but plausible downside scenarios, the company will have sufficient funds, to meet its liabilities as they fall due during the forecast period.
The directors continue to prepare monthly cash flow forecasts. Based on these forecasts, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 16 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
3.Accounting policies
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Basis of preparation of financial statements
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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:
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
3.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
3.Accounting policies (continued)
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 39 (2019 - 43).
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Corporation tax recoverable
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Minimum lease payments under non-cancellable operating leases in relation to office premises fall due as follows:
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The parent of the smallest group for which the consolidated financial statements are drawn up is Leaders Group Holdings LLC. The company's registed office is 120 West Morehead Street, Suite 400, Charlotte, North Carolina, USA.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on 30 September 2021 by Lynton Richmond (Senior Statutory Auditor) on behalf of KPMG LLP.
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