Company registration number 02119016 (England and Wales)
SABRELEAGUE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SABRELEAGUE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
SABRELEAGUE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
819
1,076
Investment property
4
40,000,000
40,000,000
Investments
5
1,199
1,199
40,002,018
40,002,275
Current assets
Debtors
6
11,626,474
11,456,866
Cash at bank and in hand
1,342,093
1,387,749
12,968,567
12,844,615
Creditors: amounts falling due within one year
7
(9,169,075)
(9,458,052)
Net current assets
3,799,492
3,386,563
Total assets less current liabilities
43,801,510
43,388,838
Creditors: amounts falling due after more than one year
9
(1,500,000)
(1,500,000)
Provisions for liabilities
(6,309,048)
(6,309,048)
Net assets
35,992,462
35,579,790
Capital and reserves
Called up share capital
48
48
Revaluation reserve
28,149,655
28,149,655
Profit and loss reserves
7,842,759
7,430,087
Total equity
35,992,462
35,579,790
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 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.
The members have not required the company to obtain an audit of its financial statements for the year 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.
SABRELEAGUE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
C D Schlaff
Director
Company registration number 02119016 (England and Wales)
SABRELEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Sabreleague Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.
1.1
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is measured at the fair value of consideration receivable and represents rent receivable, net of value added tax. Income is recognised on a straight-line basis over the term of the rental agreement.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on reducing balance
Office Equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Investment in subsidiary undertakings are recognised at cost less provision for impairment.
SABRELEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SABRELEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
3
Tangible fixed assets
Fixtures and fittings
Office Equipment
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
19,232
5,270
24,502
Depreciation and impairment
At 1 April 2022
18,982
4,444
23,426
Depreciation charged in the year
50
207
257
At 31 March 2023
19,032
4,651
23,683
Carrying amount
At 31 March 2023
200
619
819
At 31 March 2022
250
826
1,076
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
40,000,000
SABRELEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Investment property
(Continued)
- 6 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,199
1,199
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
127,304
20,519
Amounts owed by group undertakings
3,289,738
3,226,238
Other debtors
8,209,432
8,210,109
11,626,474
11,456,866
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8
2,482,455
2,842,220
Trade creditors
84,255
42,145
Amounts owed to group undertakings
3,578,808
3,646,437
Corporation tax
88,711
154,387
Other creditors
2,679,242
2,637,369
Accruals and deferred income
255,604
135,494
9,169,075
9,458,052
8
Loans and overdrafts
2023
2022
£
£
Bank loans
2,381,866
2,731,866
Bank overdrafts
100,589
110,354
2,482,455
2,842,220
Payable within one year
2,482,455
2,842,220
SABRELEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Loans and overdrafts
(Continued)
- 7 -
Bank loans are secured by way of a fixed charge over the property of the Company,
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,500,000
1,500,000
10
Related party disclosures
Other debtors and other creditors include amounts relating to companies which are under common control. These are amounts are interest free and repayable on demand.
11
Reserves
Retained earning includes all current and prior year period retained profits and loss, all of which are distributable reserves. Amounts totalling £28,149,655 (2022 - £28,149,655) included within the fair value reserve are not distributable.