TOPSCORE SPORTS LIMITED
Notes to the financial statements
For the Year Ended 30 June 2023
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.
2.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.
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 has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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