Insignia Sports International Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07720186 (England and Wales)

Financial Statements for the Year Ended 31 December 2023

for

Insignia Sports International Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S A Auteri

T E Harwood

E N Tolchard

J Poysden

P Roberts

P Weston

REGISTERED OFFICE:

Box 36, The Bedser Stand

The Kia Oval, Kennington Oval

London

SE11 5SS

REGISTERED NUMBER:

07720186 (England and Wales)

AUDITORS:

Brewers Chartered Accountants

Bourne House

Queen Street

Gomshall

Surrey

GU5 9LY

FIXED ASSETS

Intangible assets

5

-

25,000

Tangible assets

6

21,238

28,181

21,238

53,181

CURRENT ASSETS

Debtors

7

2,302,780

1,243,453

Cash at bank

617,347

1,223,361

2,920,127

2,466,814

CREDITORS

Amounts falling due within one year

8

1,512,759

1,674,054

NET CURRENT ASSETS

1,407,368

792,760

TOTAL ASSETS LESS CURRENT LIABILITIES

1,428,606

845,941

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,428,605

845,940

SHAREHOLDERS' FUNDS

1,428,606

845,941

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:

E N Tolchard - Director

1.	STATUTORY INFORMATION

Insignia Sports International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

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.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2023

25,000

Disposals

(25,000

)

At 31 December 2023

-

NET BOOK VALUE

At 31 December 2023

-

At 31 December 2022

25,000

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2023

13,880

1,862

25,500

41,242

Additions

1,026

274

-

1,300

At 31 December 2023

14,906

2,136

25,500

42,542

DEPRECIATION

At 1 January 2023

12,119

411

531

13,061

Charge for year

1,351

517

6,375

8,243

At 31 December 2023

13,470

928

6,906

21,304

NET BOOK VALUE

At 31 December 2023

1,436

1,208

18,594

21,238

At 31 December 2022

1,761

1,451

24,969

28,181

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

1,785,597

1,139,722

Other debtors

439,289

45,711

Prepayments and accrued income

77,894

58,020

2,302,780

1,243,453

Included within Other Debtors is an amount owing from one of the Directors of £421,789 (2022:£Nil). This amount has been repaid in full, by the Director to the company, prior to the date of this report but after the year end 31 December 2023.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade creditors

1,151,652

1,270,985

Tax

173,129

97,890

Social security and other taxes

-

38,309

VAT

60,337

23,233

Other creditors

5,681

8,842

Accrued expenses

121,960

234,795

1,512,759

1,674,054

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

The company was eligible for audit exemption for the comparative period ended 31 December 2022. Accordingly, the financial statements for that year, which are the corresponding figures for the period to 31 December 2023, were not subject to audit.

Andrew Skilton, ACA (Senior Statutory Auditor)

for and on behalf of Brewers Chartered Accountants

10.	POST BALANCE SHEET EVENTS

100% of the entity's share capital was purchased by TLA Worldwide Limited, company number 09358242, which is registered in the UK, on 19th January 2024.