Company Registration No. 09928450 (England and Wales)
PM Sports Management Ltd
Unaudited financial statements
for the year ended 31 December 2020
Pages for filing with the Registrar
PM Sports Management Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
PM Sports Management Ltd
Statement of financial position
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
548,363
564,974
Current assets
Debtors
4
11,854,883
12,825,574
Cash at bank and in hand
11,824,990
6,544,226
23,679,873
19,369,800
Creditors: amounts falling due within one year
5
(1,700,833)
(1,276,732)
Net current assets
21,979,040
18,093,068
Total assets less current liabilities
22,527,403
18,658,042
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
22,527,402
18,658,041
Total equity
22,527,403
18,658,042
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
PM Sports Management Ltd
Statement of financial position (continued)
As at 31 December 2020
Page 2
The financial statements were approved and signed by the director and authorised for issue on 5 May 2021
Paul Martin
Director
Company Registration No. 09928450
PM Sports Management Ltd
Notes to the financial statements
For the year ended 31 December 2020
Page 3
1
Accounting policies
Company information
PM Sports Management Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Foxton Mews, 48b Friars Stile Road, Richmond, TW10 6BS.
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 a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
represents amounts receivable for goods and services net of VAT and trade discounts.
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, fittings & equipment
25% straight line
Motor vehicles
25% straight line
Artwork
Nil
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
PM Sports Management Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 4
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
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, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PM Sports Management Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 5
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
paymen
ts 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.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
PM Sports Management Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 6
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
3
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Artwork
Total
£
£
£
£
Cost
At 1 January 2020 and 31 December 2020
26,050
40,387
524,731
591,168
Depreciation and impairment
At 1 January 2020
11,049
15,145
-
26,194
Depreciation charged in the year
6,514
10,097
-
16,611
At 31 December 2020
17,563
25,242
-
42,805
Carrying amount
At 31 December 2020
8,487
15,145
524,731
548,363
At 31 December 2019
15,001
25,242
524,731
564,974
PM Sports Management Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 7
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
222,191
8,800
Other debtors
11,632,692
12,816,774
11,854,883
12,825,574
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
4,061
22,463
Corporation tax
389,128
372,406
Other taxation and social security
1,283,525
834,671
Other creditors
24,119
47,192
1,700,833
1,276,732
6
Related party transactions
Transactions with related parties
At 31 December 2020, PM Property Management Limited owed the company £5,000 (2019: £3,000), a company related by virtue of a common director and shareholder.
7
Directors' transactions
Advances o
r
credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan account
-
6,546,178
2,928,164
(6,900,000)
2,574,342
6,546,178
2,928,164
(6,900,000)
2,574,342