Beyond Sport Limited
Unaudited Financial Statements
For the year ended 31 December 2022
For Filing with Registrar
Company Registration No. 06578851 (England and Wales)
Beyond Sport Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Beyond Sport Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Current assets
Cash at bank and in hand
15,400
Creditors: amounts falling due within one year
4
(495,608)
(511,008)
Net current liabilities
(495,608)
(495,608)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(495,609)
(495,609)
Total equity
(495,608)
(495,608)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 July 2023
N Keller
Director
Company Registration No. 06578851
Beyond Sport Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 2
1
Accounting policies
Company information
Beyond Sport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 110 High Holborn, London, WC1V 6JS.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at the 31 December 202true2, the company had net liabilities of £495,608 (2021: £495,608) which included creditors due to the parent company and related entities of £495,608 (2021: £494,289).
The group has indicated that it will continue to support the company in order to enable it to fund its working capital requirements and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and will not seek repayment of the amount due until at least twelve months from that date. As such, the company continues to prepare its accounts on the going concern basis.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development costs
4 years Straight Line
Trademarks
10 years Straight Line
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand and at bank. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Beyond Sport Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 3
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022 and 31 December 2022
111,139
Amortisation and impairment
At 1 January 2022 and 31 December 2022
111,139
Carrying amount
At 31 December 2022
At 31 December 2021
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
6,828
Amounts owed to group undertakings
495,608
494,289
Other creditors
9,891
495,608
511,008
Beyond Sport Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 4
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
6
Related party transactions
The company has taken advantage of the exemption available in FRS 102 Section 33.1A not to disclose transactions with fellow wholly owned subsidiaries.
7
Control
The company's immediate parent is Benchmark Sport Holdings Limited, registered at 110 High Holborn, 5th Floor, London, WC1V 6JS, by virtue of its 100% shareholding of the company.
The ultimate controlling party is N Keller by virtue of his majority shareholding of the parent company.