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Esportif International (UK) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2018

Registration number: 05294295

Esportif International (UK) Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Esportif International (UK) Ltd

Company Information

Directors

Mr R L Parsons Mr D Sandlant Mr R Constable Mr M Spoors

Company secretary

Miss E Geddie

Registered office

Oriel House 26 The Quadrant Richmond-Upon-Thames London TW9 1DL

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Page 1

Esportif International (UK) Ltd

Balance Sheet

30 June 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	5	9,506	-
Tangible assets	6	15,075	20,486
Investments	7	802	-
		25,383	20,486
Current assets
Debtors	8	638,069	343,052
Cash at bank and in hand		82,599	97,310
		720,668	440,362
Creditors: Amounts falling due within one year	9	(740,465)	(444,115)
Net current liabilities		(19,797)	(3,753)
Total assets less current liabilities		5,586	16,733
Provisions for liabilities		(4,179)	(3,483)
Net assets		1,407	13,250
Capital and reserves
Called up share capital		200	200
Profit and loss account		1,207	13,050
Total equity		1,407	13,250

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Esportif International (UK) Ltd

Balance Sheet

30 June 2018

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 11 December 2018 and signed on its behalf by:
 

......................................... Mr R L Parsons Director

Company Registration Number: 05294295

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Esportif International (UK) Ltd

Notes to the Financial Statements

Year Ended 30 June 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Oriel House
26 The Quadrant
Richmond-Upon-Thames
London
TW9 1DL

These financial statements were authorised for issue by the Board on 11 December 2018.

2	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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the value, net of value added tax and discounts, of goods and services provided to customers and work carried out in respect of services provided to customers.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

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, other than land and properties under construction over their estimated useful lives, as follows:

Page 4

Esportif International (UK) Ltd

Notes to the Financial Statements

Year Ended 30 June 2018

Asset class	Depreciation method and rate
Leasehold improvements	25% straight line
Office equipment	25% straight line
Computer equipment	25% straight line

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
Computer software	25% straight line

Investments

Fixed asset investments are stated at historical cost.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Short term intra-group debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2017 - 10).

Page 5

Esportif International (UK) Ltd

Notes to the Financial Statements

Year Ended 30 June 2018

4

Taxation

Tax charged/(credited) in the profit and loss account

	2018  £	2017  £
Current taxation
Corporation tax charge	4,554	40,543
Group relief payable/(receivable)	-	(1,481)
(Over)/under provision in previous year	5	(2,222)
	4,559	36,840
Deferred taxation
Arising from origination and reversal of timing differences	696	3,483
Tax expense in the income statement	5,255	40,323

Page 6

Esportif International (UK) Ltd

Notes to the Financial Statements

Year Ended 30 June 2018

5	Intangible assets

	Computer software  £	Total £
Cost or valuation
Additions	12,675	12,675
At 30 June 2018	12,675	12,675
Amortisation
Amortisation charge	3,169	3,169
At 30 June 2018	3,169	3,169
Carrying amount
At 30 June 2018	9,506	9,506