Company registration number 13252719 (England and Wales)
SPORT OF KINGS INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
SPORT OF KINGS INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
SPORT OF KINGS INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
Notes
£
£
Fixed assets
Investments
3
6,390,712
Current assets
Cash at bank and in hand
334,997
Net current assets
334,997
Net assets
6,725,709
Capital and reserves
Called up share capital
4
5,244,000
Other reserves
1,493,484
Profit and loss reserves
(11,775)
Total equity
6,725,709
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period 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 by the board of directors and authorised for issue on 6 March 2023 and are signed on its behalf by:
R Marshall
Director
Company Registration No. 13252719
SPORT OF KINGS INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 8 March 2021
Period ended 31 March 2022:
Loss and total comprehensive income for the period
-
-
(11,775)
(11,775)
Issue of share capital
4
5,244,000
-
-
5,244,000
Other reserves
-
1,493,484
1,493,484
Balance at 31 March 2022
5,244,000
1,493,484
(11,775)
6,725,709
SPORT OF KINGS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Sport of Kings Investments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Cloister Court, 22-26 Farringdon Lane, London, England, EC1R 3AJ.
1.1
Reporting period
The company was incorporated on 8 March 2021. These are the first financial statements for the company.
1.2
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
SPORT OF KINGS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
3
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
5,244,000
Loans to group undertakings and participating interests
1,146,712
6,390,712
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 8 March 2021
-
-
-
Additions
5,244,000
1,146,712
6,390,712
At 31 March 2022
5,244,000
1,146,712
6,390,712
Carrying amount
At 31 March 2022
5,244,000
1,146,712
6,390,712
During the period, the company acquired the entire share capital of Racingbreaks.com Limited for consideration of 5,144,000 shares in the company. The shares were deemed to have a value at par of £1 each.
SPORT OF KINGS INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 5 -
4
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
5,244,000
5,244,000
During the period, the company issued 5,144,000 Ordinary shares with a nominal value of £1 as consideration for the acquisition of the entire share capital of the subsidiary Racingbreaks.com Limited.
During the period, the company issued 100,000 Ordinary shares with a nominal value of £1 for consideration of £100,000.
5
Equity reserve
Other reserves £1,493,484 relates to cash received in advance of shares issued and was converted into shares during April 2022.
6
Events after the reporting date
After the reporting period, the company issued 1,618,484 Ordinary shares with a nominal value of £1 at par. The company also cancelled 1,812,484 shares already in issue.