Sports Branding Limited - Period Ending 2016-12-31

Registration number: 08613790

Sports Branding Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

D C Accounting Solutions Ltd
Chartered Accountants and Business Advisers
Heron House
39 - 41 Higher Bents Lane
Bredbury
Stockport
Cheshire
SK6 1EE

Sports Branding Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 9

Sports Branding Limited

Company Information

Directors

Dr Peter Anthony Gleeson Mr Glyn Andrew Winterbottom Mr Emanuele Acatti Mr Jean Jacques Alexandre Doassans

Company secretary

Mr Glyn Andrew Winterbottom

Registered office

Hulley Road Hurdsfield Industrial Estate Macclesfield Cheshire SK10 2LP

Accountants

D C Accounting Solutions Ltd Chartered Accountants and Business Advisers Heron House 39 - 41 Higher Bents Lane Bredbury Stockport Cheshire SK6 1EE

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sports Branding Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sports Branding Limited for the year ended 31 December 2016 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Sports Branding Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sports Branding Limited and state those matters that we have agreed to state to the Board of Directors of Sports Branding Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sports Branding Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sports Branding Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sports Branding Limited. You consider that Sports Branding Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sports Branding Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

D C Accounting Solutions Ltd
Chartered Accountants and Business Advisers
Heron House
39 - 41 Higher Bents Lane
Bredbury
Stockport
Cheshire
SK6 1EE

3 August 2017

Page 2

Sports Branding Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016 £	2015 £
Profit for the year		205,750	130,841
Total comprehensive income for the year		205,750	130,841

The notes on pages 7 to 9 form an integral part of these financial statements.

Page 3

Sports Branding Limited

(Registration number: 08613790)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Investments	3	219,670	219,670
Current assets
Cash at bank and in hand		37	28
Creditors: Amounts falling due within one year	4	(10,660)	(6,178)
Net current liabilities		(10,623)	(6,150)
Total assets less current liabilities		209,047	213,520
Creditors: Amounts falling due after more than one year	4	(163,567)	(86,338)
Net assets		45,480	127,182
Capital and reserves
Called up share capital		10	2
Profit and loss account		45,470	127,180
Total equity		45,480	127,182

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 7 to 9 form an integral part of these financial statements.

Page 4

Sports Branding Limited

(Registration number: 08613790)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 2 August 2017 and signed on its behalf by:
 

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

Dr Peter Anthony Gleeson

Director

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

Mr Glyn Andrew Winterbottom

Company secretary and director

The notes on pages 7 to 9 form an integral part of these financial statements.

Page 5

Sports Branding Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	2	127,180	127,182
Profit for the year	-	205,750	205,750
Total comprehensive income	-	205,750	205,750
Dividends	-	(287,460)	(287,460)
New share capital subscribed	8	-	8
At 31 December 2016	10	45,470	45,480

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	2	7,348	7,350
Profit for the year	-	130,841	130,841
Total comprehensive income	-	130,841	130,841
Dividends	-	(11,009)	(11,009)
At 31 December 2015	2	127,180	127,182

The notes on pages 7 to 9 form an integral part of these financial statements.

Page 6

Sports Branding Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Hulley Road
Hurdsfield Industrial Estate
Macclesfield
Cheshire
SK10 2LP

These financial statements were authorised for issue by the Board on 2 August 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 7

Sports Branding Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Investments

	2016 £	2015 £
Investments in subsidiaries	219,670	219,670

Subsidiaries	£
Cost or valuation
At 1 January 2016	219,670
Provision
Carrying amount
At 31 December 2016	219,670
At 31 December 2015	219,670

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2016	2015
Subsidiary undertakings
Elms Marketing Limited	Hulley Road, Hurdsfield Ind Est, Macclesfield, SK10 2LP	Ordinary shares	100%	100%

Page 8

Sports Branding Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

The principal activity of Elms Marketing Limited is The branding od sportswear and the wholesale and decoration of garments.

4

Creditors

	Note	2016 £	2015 £
Due within one year
Other creditors		10,660	6,178
Due after one year
Other non-current financial liabilities		163,567	86,338

5

Dividends

The directors are proposing a final dividend of £22,000.00 (2015 - £28,746.00) per share totalling £220,000.00 (2015 - £287,460.00). This dividend has not been accrued in the Balance Sheet.

Final dividends paid

	2016 £	2015 £
Final dividend of £28,746 (2015 - £5,504.50) per each Ordinary share	287,460	11,009.00

6	Parent and ultimate parent undertaking

The ultimate controlling party is Flexdev SAS - a company registered in France.

7	Transition to FRS 102

The implementation of FRS102 has resulted in no amendments to any of the figures.

Page 9