Digital Sports Group Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06789563 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2022

for

Digital Sports Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

J D Richardson

P M O'Brien

REGISTERED OFFICE:

29a Crown Street

Brentwood

Essex

CM14 4BA

REGISTERED NUMBER:

06789563 (England and Wales)

ACCOUNTANTS:

Moulton Johnson Limited

Chartered Accountants

29a Crown Street

Brentwood

Essex

CM14 4BA

FIXED ASSETS

Intangible assets

4

-

30,667

Tangible assets

5

1,158,328

944,089

Investments

6

204

204

1,158,532

974,960

CURRENT ASSETS

Stocks

18,946

13,892

Debtors

7

151,072

184,104

Cash at bank

2,436,222

2,107,499

2,606,240

2,305,495

CREDITORS

Amounts falling due within one year

8

2,943,174

2,577,423

NET CURRENT LIABILITIES

(336,934

)

(271,928

)

TOTAL ASSETS LESS CURRENT LIABILITIES

821,598

703,032

CREDITORS

Amounts falling due after more than one year

9

(182,441

)

(192,165

)

PROVISIONS FOR LIABILITIES

(148,608

)

(135,188

)

NET ASSETS

490,549

375,679

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

490,449

375,579

SHAREHOLDERS' FUNDS

490,549

375,679

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st December 2022 and were signed on its behalf by:

J D Richardson - Director

P M O'Brien - Director

1.	STATUTORY INFORMATION

Digital Sports Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Turnover comprises of income from agency commissions receivable in relation to products and services derived from the company's various website activities during the year, excluding value added tax.

Sales of non-transferrable gift vouchers are recognised at the date of sale and sales of transferrable gift vouchers are recognised when they are redeemed or when they expire.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost and 20% on cost

Government grants

Government grants receivable during the year are shown in Other Operating Income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Gift voucher liabilities

The company sells transferrable gift vouchers which can be redeemed against its products for up to ten months from the date of purchase. Transferrable gift vouchers are shown as deferred income until they are redeemed or expire. A provision is made at the balance sheet date for anticipated voucher redemption liabilities based on the company's transferrable redemption rates experienced in the past.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2021

and 31st March 2022

460,000

AMORTISATION

At 1st April 2021

429,333

Charge for year

30,667

At 31st March 2022

460,000

NET BOOK VALUE

At 31st March 2022

-

At 31st March 2021

30,667

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2021

1,440,552

Additions

317,324

At 31st March 2022

1,757,876

DEPRECIATION

At 1st April 2021

496,463

Charge for year

103,085

At 31st March 2022

599,548

NET BOOK VALUE

At 31st March 2022

1,158,328

At 31st March 2021

944,089

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2021

and 31st March 2022

379,863

DEPRECIATION

At 1st April 2021

44,733

Charge for year

15,972

At 31st March 2022

60,705

NET BOOK VALUE

At 31st March 2022

319,158

At 31st March 2021

335,130

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2021

and 31st March 2022

204

NET BOOK VALUE

At 31st March 2022

204

At 31st March 2021

204

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

1,667

19,391

Other debtors

64,159

68,588

Prepayments

85,246

96,125

151,072

184,104

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

9,724

7,802

Hire purchase contracts (see note 10)

-

124,411

Trade creditors

465,382

240,044

Social security and other taxes

52,270

37,150

Other creditors

2,206,884

1,878,843

Accrued expenses

208,914

289,173

2,943,174

2,577,423

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans due 1 to 5 years

32,474

40,425

Bank loans due over 5 years

-

1,773

Directors' loan accounts

149,967

149,967

182,441

192,165

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due over 5 years

-

1,773

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.22

31.3.21

£

£

Gross obligations repayable:

Within one year

-

124,754

Finance charges repayable:

Within one year

-

343

Net obligations repayable:

Within one year

-

124,411

Non-cancellable

operating leases

31.3.22

31.3.21

£

£

Within one year

30,000

30,000

Between one and five years

37,500

67,500

67,500

97,500

11.	CONTINGENT LIABILITIES

The company, as an agent, had a contingent liability in respect of experience days sales that had not been fulfilled by its suppliers at the balance sheet date. In the opinion of the directors, such a liability is unlikely to arise and, therefore, they consider that this amount is not capable of being quantified.

12.	OTHER FINANCIAL COMMITMENTS

The company has a financial commitment to pay licence fees at a percentage of website income in respect of the domain names that it utilises.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Digital Sports Group Limited for the year ended 31st March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Digital Sports Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Digital Sports Group Limited and state those matters that we have agreed to state to the Board of Directors of Digital Sports Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Digital Sports Group Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Digital Sports Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Digital Sports Group Limited. You consider that Digital Sports Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Digital Sports Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moulton Johnson Limited

Chartered Accountants

29a Crown Street

Brentwood

Essex

CM14 4BA

5th December 2022