ACCOUNTS - Final Accounts

SPORTYSTUFFTV LIMITED - Company Information

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Registered number:07572543

SPORTYSTUFFTV LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

TWP ACCOUNTING LLP

Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE

SPORTYSTUFFTV LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPORTYSTUFFTV LIMITED

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion

We have audited the financial statements of SportyStuffTV Limited (the 'Company') for the year ended 31 December 2022, which comprise the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.2 in the financial statements, which indicates the Company's ability to continue as a going concern is dependent on the continued support of the Company's shareholders. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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SPORTYSTUFFTV LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPORTYSTUFFTV LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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SPORTYSTUFFTV LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPORTYSTUFFTV LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.

∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.

∙Enquire of management and those charged with governance around actual and potential litigation and claims.

∙Reviewing minutes of meetings of those charged with governance.

∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.

∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.

∙Perform cut off tests on a sample of transactions to ensure income have been accounted for in the correct period.

∙Review of after year end information to ensure expenditure have been accounted for in the correct period.

∙Perform analytical review procedures to identify any irregularities and investigation thereon.

∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

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SPORTYSTUFFTV LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPORTYSTUFFTV LIMITED (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Munk FCA FCCA (Senior Statutory Auditor)

for and on behalf of

TWP Accounting LLP

Chartered Accountants & Statutory Auditors

Church Street

Weybridge

Surrey

KT13 8DE

27 November 2023

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SPORTYSTUFFTV LIMITED

REGISTERED NUMBER: 07572543

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		62,339		100,396
			62,339		100,396
Current assets
Debtors: amounts falling due within one year	5	2,036,002		2,451,622
Cash at bank and in hand	6	118,400		13,897
		2,154,402		2,465,519
Creditors: amounts falling due within one year	7	(2,157,129)		(2,411,133)
Net current (liabilities)/assets			(2,727)		54,386
Total assets less current liabilities			59,612		154,782

Net assets			59,612		154,782

Capital and reserves
Called up share capital	8	7,001	7,001
Share premium account	9	588,000	588,000
Profit and loss account	9	(535,389)	(440,219)
		59,612	154,782

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 on 27 November 2023.

................................................

K Moretti

Director

The notes on pages 6 to 9 form part of these financial statements.

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SPORTYSTUFFTV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

SportyStuffTV Limited is a private company limited by shares, registered in England and Wales. The principal activity of the company in the year under review was television programme production activities.
The company's registered office address can be found on the Company Information page.

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

Going concern

The company made a loss for the financial year of £95,170 (2021: £42,115), and at the balance sheet date, its net assets had reduced from £154,782 to £59,612.
The company’s shareholders, who generate the income of the company, are currently in negotiations to provide their financial support of the company for the foreseeable future to ensure that the company has adequate resources to be able to pay its debts as they fall due. Without the continued support of the company’s shareholders, there is uncertainty regarding the ability of the company to continue as a going concern.

2.3

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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SPORTYSTUFFTV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.4

Revenue

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Tangible fixed assets

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.

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:

Plant and machinery

33%

straight line

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.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.7

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.

2.8

Creditors

Short-term creditors are measured at the transaction price.

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SPORTYSTUFFTV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2022	2021
	No.	No.

Employees	1	1

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 January 2022	473,631
	Additions	11,531
	At 31 December 2022	485,162
	Depreciation
	At 1 January 2022	373,235
	Charge for the year on owned assets	49,588
	At 31 December 2022	422,823
	Net book value
	At 31 December 2022	62,339
	At 31 December 2021	100,396

Debtors

					2022	2021
					£	£


Trade debtors	650,125	817,984
Other debtors	736,935	591,738
Called up share capital not paid	1	1
Prepayments and accrued income	648,941	1,041,899
	2,036,002	2,451,622

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SPORTYSTUFFTV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	118,400	13,897
	118,400	13,897

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	955,092	701,702
Other creditors	1,697	898
Accruals and deferred income	1,200,340	1,708,533
	2,157,129	2,411,133

8.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

7,000 (2021 - 7,000) Ordinary - A shares of £1.00 each	7,000	7,000
1 (2021 - 1) Ordinary - B share of £1.00	1	1

	7,001	7,001

Reserves

Share premium account

The share premium reserve represents cumulative amounts paid in excess of the issued share capital above par.

Profit and loss account

The profit and loss account represents cumulative profits and losses.

10.	Controlling party

In the opinion of the directors, there is no ultimate or immediate controlling party.

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