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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Sports Gaming Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Sports Gaming Limited |
Sports Gaming Limited (Registered number: 04328588) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Sports Gaming Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Oak Apple House |
North Street |
Milborne Port |
Sherborne |
DT9 5EW |
Sports Gaming Limited (Registered number: 04328588) |
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Statement of Financial Position |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Sports Gaming Limited (Registered number: 04328588) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Sports Gaming Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Intangible assets |
Intangible fixed assets (including purchased domain names) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives, not to exceed ten years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. |
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Tangible fixed assets |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Sports Gaming Limited (Registered number: 04328588) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Finance leases |
Assets purchased by the company that are subject to finance leases are disclosed in the financial statements as debtors receivable at an amount equal to the net investment in the lease. The net investment is calculated as the gross investment ( minimum lease payments receivable by the lessor plus any unguaranteed residual value accruing to the lessor) discounted for the interest rate implicit in the lease. |
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Finance income is recognised in the income statement as a constant periodic rate of return on the lessor's net investment in the finance lease. |
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Going concern |
When preparing these financial statements, the management have made an assessment of the entity's ability to continue as a going concern, An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. In assessing whether the going concern assumption is appropriate, management have taken into account all available information about the future, which is, at least, but is not limited to, twelve months from the date when the financial statements are authorised for issue. Based upon the continued support of the Director in providing working capital to the company and the intention to continue to trade with expectation of improved results in the future, management believe that the going concern basis for preparation of the accounts remains appropriate. |
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The arrival of Covid19 in March 2020 has impacted significantly on trade for the year ending 31 December 2020. The announcement of government trading restrictions and cancellation of contracts resulted in a temporary restriction of trading. Once the restrictions are eased, the directors believe the company will return to full trading and will continue to be profitable. The directors will continue to support the company through this period and believe that the business is a going concern. In making this assessment, the directors have considered the likely trading conditions for a period of 12 months from the date of approval of these accounts. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Sports Gaming Limited (Registered number: 04328588) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Domain |
name |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
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Amortisation for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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Sports Gaming Limited (Registered number: 04328588) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Social security and other taxes |
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Other creditors |
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Pensions creditor | 1,750 | 1,750 |
Directors' loan accounts | 1,291,930 | 1,072,622 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | 10p | 10,000 | 10,000 |