Year Ended
Registration number:
Bristol Sport Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Bristol Sport Limited
Company Information
Chairman |
J S Lansdown |
Directors |
G T Marshall M R Kelly L C Knights Hume |
Company secretary |
G T Marshall |
Registered office |
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Auditors |
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Bristol Sport Limited
Balance Sheet
31 May 2022
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2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Deferred income |
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Provisions for liabilities |
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- |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' deficit |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 07881103
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Group accounts not prepared
Going concern
Notwithstanding the net liabilities of £579,397 (2021 - £758,644), the directors are satisfied, having made all necessary enquiries, that the going concern basis of preparation remains appropriate. In forming their opinion, the directors have identified the following:
- Undertakings have been received from the parent company that support will continue to be received from the wider group.
- The net liabilities position includes deferred income of £902,025 (2021 - £1,532,076) which the directors expect will be released to the profit and loss account as revenue in the 12 months following the balance sheet date. The directors, whilst confident that the entire balance will be recognised as revenue, acknowledge that there may be uncertainty as to the precise timing of the future release of deferred income should there be any further impact of pandemic restrictions on the schedule of sporting and other events.
In forming their opinion as to the going concern status the directors have also considered the known, likely and potential impacts of the ongoing Coronavirus pandemic and its economic aftermath on the various sports and professional sports clubs which the company provides its services to. The directors are satisfied that, whilst there can be no certainty as to the specific implications for the relevant sports clubs and therefore the revenue streams for the company, there are no material uncertainties in respect of the going concern status of the company.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions 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 key judgement that has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.
The key estimates that has a significant effect on the amounts recognised in the financial statements are described below:
Deferred income
Deferred income has been recognised in respect of commission income on season ticket sales for the 22/23 season. Income is released daily over the period of the season. The directors expect this will be released to the profit and loss account as revenue in the 12 months following the balance sheet date. The directors, whilst confident that the entire balance will be recognised as revenue, acknowledge that there is uncertainty as to the precise timing of the future release of deferred income which is dependent upon the pandemic impacted schedule of sporting and other events, and the presence of crowds at those events. The carrying amount is £902,025 (2021 - £1,532,076).
Intercompany debtors
The recoverable value of intercompany debtors requires estimation by management as to the amount of any provision required against the debt. The carrying amount of intercompany debtors net of provision is £656,224 (2021 - £718,525).
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Commercial income is recognised on a receivable basis. Commission on ticket sales is deferred and recognised when the related matches are played.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets in respect of tax losses carried forward are not recognised as they do not meet the recognition criteria set out in FRS 102 given there is no certainty as to when the losses will be utilised.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and any subsequent accumulated impairment losses. Intangible assets consist of software costs in respect of the company's systems and trademarks.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks |
10 years straight line |
Software |
4 years straight line |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
4-7 years straight line |
Investments
Investments in subsidiaries where the shares are not publicly traded and where fair value cannot be reliably measured are stated at historical cost less provision for any diminution in value.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Short term loans and other borrowing; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company during the year was
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Intangible assets |
Trademarks |
Computer software |
Total |
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Cost or valuation |
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At 1 June 2021 |
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Additions acquired separately |
- |
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At 31 May 2022 |
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Amortisation |
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At 1 June 2021 |
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Amortisation charge |
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At 31 May 2022 |
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Carrying amount |
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At 31 May 2022 |
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At 31 May 2021 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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Depreciation |
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At 1 June 2021 |
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Charge for the year |
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At 31 May 2022 |
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Carrying amount |
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At 31 May 2022 |
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At 31 May 2021 |
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Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2021 |
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Carrying amount |
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At 31 May 2022 |
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At 31 May 2021 |
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Details of undertakings
Details of the investments 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 |
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2022 |
2021 |
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Subsidiary undertakings |
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Ashton Gate Stadium,
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Ordinary |
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Subsidiary undertakings |
Bristol Flyers Limited The principal activity of Bristol Flyers Limited is |
Stock |
2022 |
2021 |
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Goods for resale |
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Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Debtors |
2022 |
2021 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Loans and borrowings |
Note |
2022 |
2021 |
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Current loans and borrowings |
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Other borrowings |
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The other borrowings are amounts due the immediate parent company which are interest free, unsecured and due on demand.
Deferred income |
2022 |
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At 1 June 2021 |
1,532,076 |
Released during the year |
(1,369,269) |
Received during the year |
902,025 |
Refunds issued during the year |
(162,807) |
At 31 May 2022 |
902,025 |
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Audit report |