Sportlight Technology Ltd

Sportlight Technology Ltd

SPORTLIGHT TECHNOLOGY LTD - Company Information

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Ltd2024-03-26iso4217:GBPxbrli:pure096557702023-01-01096557702023-12-31096557702023-01-012023-12-31096557702022-01-01096557702022-12-31096557702022-01-012022-12-3109655770bus:SmallEntities2023-01-012023-12-3109655770bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3109655770bus:FullAccounts2023-01-012023-12-3109655770bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109655770core:WithinOneYear2023-12-3109655770core:AfterOneYear2023-12-3109655770core:WithinOneYear2022-12-3109655770core:AfterOneYear2022-12-3109655770core:ShareCapital2023-12-3109655770core:SharePremium2023-12-3109655770core:RevaluationReserve2023-12-3109655770core:OtherReservesSubtotal2023-12-3109655770core:RetainedEarningsAccumulatedLosses2023-12-3109655770core:ShareCapital2022-12-3109655770core:SharePremium2022-12-3109655770core:RevaluationReserve2022-12-3109655770core:OtherReservesSubtotal2022-12-3109655770core:RetainedEarningsAccumulatedLosses2022-12-3109655770core:LandBuildings2023-12-3109655770core:PlantMachinery2023-12-3109655770core:Vehicles2023-12-3109655770core:FurnitureFittings2023-12-3109655770core:OfficeEquipment2023-12-3109655770core:NetGoodwill2023-12-3109655770core:IntangibleAssetsOtherThanGoodwill2023-12-3109655770core:ListedExchangeTraded2023-12-3109655770core:UnlistedNon-exchangeTraded2023-12-3109655770core:LandBuildings2022-12-3109655770core:PlantMachinery2022-12-3109655770core:Vehicles2022-12-3109655770core:FurnitureFittings2022-12-3109655770core:OfficeEquipment2022-12-3109655770core:NetGoodwill2022-12-3109655770core:IntangibleAssetsOtherThanGoodwill2022-12-3109655770core:ListedExchangeTraded2022-12-3109655770core:UnlistedNon-exchangeTraded2022-12-3109655770core:LandBuildings2023-01-012023-12-3109655770core:PlantMachinery2023-01-012023-12-3109655770core:Vehicles2023-01-012023-12-3109655770core:FurnitureFittings2023-01-012023-12-3109655770core:OfficeEquipment2023-01-012023-12-3109655770core:NetGoodwill2023-01-012023-12-3109655770core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109655770core:ListedExchangeTraded2023-01-012023-12-3109655770core:UnlistedNon-exchangeTraded2023-01-012023-12-3109655770core:MoreThanFiveYears2023-01-012023-12-3109655770core:Non-currentFinancialInstruments2023-12-3109655770core:Non-currentFinancialInstruments2022-12-3109655770dpl:CostSales2023-01-012023-12-3109655770dpl:DistributionCosts2023-01-012023-12-3109655770core:LandBuildings2023-01-012023-12-3109655770core:PlantMachinery2023-01-012023-12-3109655770core:Vehicles2023-01-012023-12-3109655770core:FurnitureFittings2023-01-012023-12-3109655770core:OfficeEquipment2023-01-012023-12-3109655770dpl:AdministrativeExpenses2023-01-012023-12-3109655770core:NetGoodwill2023-01-012023-12-3109655770core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3109655770dpl:GroupUndertakings2023-01-012023-12-3109655770dpl:ParticipatingInterests2023-01-012023-12-3109655770dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3109655770core:ListedExchangeTraded2023-01-012023-12-3109655770dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3109655770core:UnlistedNon-exchangeTraded2023-01-012023-12-3109655770dpl:CostSales2022-01-012022-12-3109655770dpl:DistributionCosts2022-01-012022-12-3109655770core:LandBuildings2022-01-012022-12-3109655770core:PlantMachinery2022-01-012022-12-3109655770core:Vehicles2022-01-012022-12-3109655770core:FurnitureFittings2022-01-012022-12-3109655770core:OfficeEquipment2022-01-012022-12-3109655770dpl:AdministrativeExpenses2022-01-012022-12-3109655770core:NetGoodwill2022-01-012022-12-3109655770core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3109655770dpl:GroupUndertakings2022-01-012022-12-3109655770dpl:ParticipatingInterests2022-01-012022-12-3109655770dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3109655770core:ListedExchangeTraded2022-01-012022-12-3109655770dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3109655770core:UnlistedNon-exchangeTraded2022-01-012022-12-3109655770core:NetGoodwill2023-12-3109655770core:IntangibleAssetsOtherThanGoodwill2023-12-3109655770core:LandBuildings2023-12-3109655770core:PlantMachinery2023-12-3109655770core:Vehicles2023-12-3109655770core:FurnitureFittings2023-12-3109655770core:OfficeEquipment2023-12-3109655770core:AfterOneYear2023-12-3109655770core:WithinOneYear2023-12-3109655770core:ListedExchangeTraded2023-12-3109655770core:UnlistedNon-exchangeTraded2023-12-3109655770core:ShareCapital2023-12-3109655770core:SharePremium2023-12-3109655770core:RevaluationReserve2023-12-3109655770core:OtherReservesSubtotal2023-12-3109655770core:RetainedEarningsAccumulatedLosses2023-12-3109655770core:NetGoodwill2022-12-3109655770core:IntangibleAssetsOtherThanGoodwill2022-12-3109655770core:LandBuildings2022-12-3109655770core:PlantMachinery2022-12-3109655770core:Vehicles2022-12-3109655770core:FurnitureFittings2022-12-3109655770core:OfficeEquipment2022-12-3109655770core:AfterOneYear2022-12-3109655770core:WithinOneYear2022-12-3109655770core:ListedExchange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Sportlight Technology Ltd

Registered Number
09655770
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Sportlight Technology Ltd
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

R Keustermans
H J Kraft
S Loudon
M P Mellor

Registered Address

Unit E14 Telford Road
Bicester
OX26 4LD

Registered Number

09655770 (England and Wales)
Sportlight Technology Ltd
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets482,09389,809
82,09389,809
Current assets
Debtors344,591398,565
Cash at bank and on hand718,1732,057,298
1,062,7642,455,863
Creditors amounts falling due within one year6(100,890)(57,815)
Net current assets (liabilities)961,8742,398,048
Total assets less current liabilities1,043,9672,487,857
Net assets1,043,9672,487,857
Capital and reserves
Called up share capital1,4691,413
Share premium7,528,0406,893,245
Other reserves327,930286,785
Profit and loss account(6,813,472)(4,693,586)
Shareholders' funds1,043,9672,487,857
  • 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 Directors acknowledge 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 Board of Directors on 26 March 2024, and are signed on its behalf by:
R Keustermans
Director
Registered Company No. 09655770
Sportlight Technology Ltd
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Sportlight Technology Ltd 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.
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the year, however, the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the statement of financial position date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Share-based payments as set out in the notes to the financial statements have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated with the use of a Black-Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input into the model. There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the transaction providing that; the amount of revenue associated with the transaction can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, the stage of completion of the transaction can be measured reliably and the costs incurred or to be incurred in respect of completing the transaction can be measured reliably.
Operating leases
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Share-based payments
The company operates an equity-settled compensation plan. The fair value of the services received in exchange for the grant of the options is recognised as an expense in the income statement except when it is considered immaterial to the financial statements. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, 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 income statement. The credit entry is taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current 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. Tax credits shown on the income statement represent tax credits received or receivable from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred. The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit. Tax credits received or receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Plant and machinery5
Vehicles5
Office Equipment3
Trade and other debtors
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
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.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments 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 non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans 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 financed at a rate of interest that is not a market rate or in case of an outright short term loan, not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Staff Costs
The company operates an EMI qualifying share option scheme and during the year the company granted 2,600 (2022: 23,126) EMI qualifying share options to employees at an average weighted exercise price of £20.02 per share (2022: £20.02). At the statement of financial position date, 19,316 share options vested (2022: 18,093). No share options had lapsed (2022: 320) nor exercised. An amount of £41,145 (2022: £60,866) has been charged to the income statement in respect of the EMI qualifying share options. The share options vest over a period ranging from 23 to 48 months from the date of grant and are exercisable over the company's Ordinary shares.
3.Average number of employees

20232022
Average number of employees during the year2419
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 January 2374,21817,28933,217124,724
Additions17,866-2,70320,569
At 31 December 2392,08417,28935,920145,293
Depreciation and impairment
At 01 January 2314,7282,40617,78134,915
Charge for year17,2113,4587,61628,285
At 31 December 2331,9395,86425,39763,200
Net book value
At 31 December 2360,14511,42510,52382,093
At 31 December 2259,49014,88315,43689,809
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables27,600-
Other debtors274,835358,902
Prepayments and accrued income42,15639,663
Total344,591398,565
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables2,51622,872
Taxation and social security49,27234,942
Other creditors11,2541
Accrued liabilities and deferred income37,848-
Total100,89057,815
7.Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year : £21,000 (2022: £10,500)