Basketball League Limited (The) - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01998309 (England and Wales)

Unaudited Financial Statements

for the Period 1 August 2022 to 30 June 2023

for

Basketball League Limited (The)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S J E Brown

C E Lord

Y G Matischen

Sir R M Walker

L C Balan

J C Wander

A Weiss

L C Knights-Hume

SECRETARY:

A G Webb

REGISTERED OFFICE:

Unit E3 Leicester Business Centre

111 Ross Walk

Leicester

LE4 5HH

REGISTERED NUMBER:

01998309 (England and Wales)

ACCOUNTANTS:

Bourne & Co.

Chartered Accountants

47a Queen Street

Derby

Derbyshire

DE1 3DE

FIXED ASSETS

Tangible assets

4

11,955

2,192

CURRENT ASSETS

Stocks

20,955

28,449

Debtors

5

355,514

218,928

Cash at bank

16,046

28,532

392,515

275,909

CREDITORS

Amounts falling due within one year

6

1,583,933

529,429

NET CURRENT LIABILITIES

(1,191,418

)

(253,520

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,179,463

)

(251,328

)

CREDITORS

Amounts falling due after more than one year

7

361,364

81,250

NET LIABILITIES

(1,540,827

)

(332,578

)

CAPITAL AND RESERVES

Called up share capital

8

3,900,603

1,235,849

Retained earnings

(5,441,430

)

(1,568,427

)

SHAREHOLDERS' FUNDS

(1,540,827

)

(332,578

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2023 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 11 January 2024 and were signed on its behalf by:

Sir R M Walker - Director

1.	STATUTORY INFORMATION

Basketball League Limited (The) 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.

Income recognition

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on reducing balance

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 period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 16 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 August 2022

2,245

Additions

11,398

At 30 June 2023

13,643

DEPRECIATION

At 1 August 2022

53

Charge for period

1,635

At 30 June 2023

1,688

NET BOOK VALUE

At 30 June 2023

11,955

At 31 July 2022

2,192

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

36,149

12,255

Other debtors

319,365

206,673

355,514

218,928

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

836,417

55,684

Taxation and social security

75,723

9,187

Other creditors

671,793

464,558

1,583,933

529,429

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other creditors

361,364

81,250

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

180

Ordinary A

£1

180

180

220

Ordinary B

£1

220

220

3,900,203

Preference

£1

3,900,203

1,235,449

3,900,603

1,235,849

2,664,754 Preference shares of £1 each were allotted and fully paid for cash at par during the period.

9.	RELATED PARTY DISCLOSURES

PB 2021 Ltd

The company has provided an interest free loan to PB 2021 Ltd a wholly owned subsidiary of The Basketball League Limited..

At 30 June 2023 the balance outstanding was £141,000 (31 July 2022 £56,000).

10.	GOING CONCERN

The company has secured a significant investment during this financial year (Project Rebound), via completion of a multi-million pound investment deal. As a result, the company is entering a period of significant investment in order to materially grow the business.

As such the financial statements have been prepared on a going concern basis, as the company is confident it will continue to trade.