Registration number:
Dreamsport Limited
for the Year Ended 31 March 2019
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ
Dreamsport Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Dreamsport Limited
Company Information
Directors |
Mr M A Hay Mr R W Bradley Mr J W R Clayfield Mr A J Dyer Mr J Middleton |
Registered office |
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Accountants |
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Page 1 |
Dreamsport Limited
(Registration number: 06666195)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
266 |
241 |
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Share premium reserve |
8,663,107 |
7,377,843 |
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Profit and loss account |
(12,212,947) |
(9,437,831) |
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Total equity |
(3,549,574) |
(2,059,747) |
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
General information |
The company changed its name from Playerlayer Limited by special resolution on 5th July 2018.
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
37 Canal Street
Nottingham
NG1 7EG
These financial statements were authorised for issue by the
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The financial statements have been prepared on a going concern basis, despite having net liabilities of £3,549,574, as the directors have indicated their willingness to support the company over the next twelve months. The company has successfully completed a significant equity raise in 2018/19 to support the ongoing growth of the business.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 3 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Foreign currency transactions and balances
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
Asset class |
Depreciation method and rate |
Leasehold property |
Over the period of the lease |
Equipment, fixtures and fittings |
25% straight line |
Plant and machinery |
25% straight line |
Computer equipment |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 4 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.
Research expenditure is written off againt profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasbility can be demonstrated.
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 |
Website |
25% straight line |
Development expenditure |
25% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Exceptional items |
During the year £377,818 (2018: £345,730) of expenditure of exceptional size or incidence were recorded.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions acquired separately |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Tangible assets |
Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
- |
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At 31 March 2018 |
- |
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Included within the net book value of land and buildings above is £Nil (2018 - £Nil) in respect of short leasehold land and buildings.
Page 7 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2018 |
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Provision |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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England and Wales |
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Subsidiary undertakings |
PlayerLayer Limited The principal activity of PlayerLayer Limited is |
Stocks |
2019 |
2018 |
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Finished goods and goods for resale |
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Page 8 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Page 9 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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Other borrowings |
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Secured Liabilities
Included within borrowings is £338,755 (2018: £238,455) which is secured against the company's trade debtors.
Loans, borrowings and other creditors of £2,529,133 (2018: £2,909,595) are secured by a fixed and floating charge over the company's assets.
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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266.36 |
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240.58 |
New shares allotted
During the year |
Page 10 |
Dreamsport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Shares reserved for issue
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
The company remunerates the directors with a combination of salary and pension contributions, all of which are deemed to be within the normal course of business.
Parent and ultimate parent undertaking |
The ultimate controlling party is
Page 11 |