TOPSCORE SPORTS LIMITED
Notes to the financial statements
For the Year Ended 30 June 2019
Topscore Sports Limited is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The Company's registered office address is 2nd Floor, 130 Shaftesbury Avenue, London W1D 5EU.
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Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The accounts have been prepared on a going concern basis as the director has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.
Turnover is recognised when the company has the right to consideration following completion of the player transfer.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument 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 and loans to related parties.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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