Sports Mavericks Limited
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Notes to the Accounts |
for the period from 15 May 2019 to 31 May 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and on the going concern basis which assumes continued financial support in the form of loans from the company's shareholders.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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2 |
Employees |
2020 |
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Number |
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Average number of persons employed by the company |
3 |
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3 |
Creditors: amounts falling due within one year |
2020 |
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£ |
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Other creditors |
50,000 |
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4 |
Other information |
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Sports Mavericks Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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26 Buttercup Close |
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Corby |
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Northants |
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NN18 8LB |