Outdoor Recreation (N.Ireland) Trading Ltd NI641059 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is sports activities. Digita Accounts Production Advanced 6.30.9574.0 true true NI641059 2022-04-01 2023-03-31 NI641059 2023-03-31 NI641059 bus:OrdinaryShareClass1 2023-03-31 NI641059 core:CurrentFinancialInstruments 2023-03-31 NI641059 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI641059 core:OfficeEquipment 2023-03-31 NI641059 bus:SmallEntities 2022-04-01 2023-03-31 NI641059 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI641059 bus:FullAccounts 2022-04-01 2023-03-31 NI641059 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI641059 bus:RegisteredOffice 2022-04-01 2023-03-31 NI641059 bus:Director1 2022-04-01 2023-03-31 NI641059 bus:Director2 2022-04-01 2023-03-31 NI641059 bus:Director3 2022-04-01 2023-03-31 NI641059 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI641059 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI641059 core:OfficeEquipment 2022-04-01 2023-03-31 NI641059 countries:NorthernIreland 2022-04-01 2023-03-31 NI641059 2022-03-31 NI641059 core:OfficeEquipment 2022-03-31 NI641059 2021-04-01 2022-03-31 NI641059 2022-03-31 NI641059 bus:OrdinaryShareClass1 2022-03-31 NI641059 core:CurrentFinancialInstruments 2022-03-31 NI641059 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2022-03-31 NI641059 core:CurrentFinancialInstruments core:RestatedAmount 2022-03-31 NI641059 core:OfficeEquipment 2022-03-31 NI641059 core:RestatedAmount 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI641059

Outdoor Recreation (N.Ireland) Trading Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Outdoor Recreation (N.Ireland) Trading Ltd

(Registration number: NI641059)
Balance Sheet as at 31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

12,644

10,775

Current assets

 

Debtors

5

201,004

312,774

Cash at bank and in hand

 

440,392

306,277

 

641,396

619,051

Creditors: Amounts falling due within one year

6

(654,037)

(629,823)

Net current liabilities

 

(12,641)

(10,772)

Net assets

 

3

3

Capital and reserves

 

Called up share capital

7

3

3

Shareholders' funds

 

3

3

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
Dr Caro-Lynne Ferris
Director

.........................................
Mr Reginald Magowan
Director

.........................................
Mr Ross Millar
Director

     
 

Outdoor Recreation (N.Ireland) Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
The Stableyard
Barnett's Demesne
Belfast
BT9 5PB

The presentational currency is £ sterling and the level of rounding is to the nearest £.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

 

Outdoor Recreation (N.Ireland) Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet 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

Computer equipment

20% Reducing Balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Outdoor Recreation (N.Ireland) Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

11,742

11,742

Additions

4,555

4,555

At 31 March 2023

16,297

16,297

Depreciation

At 1 April 2022

967

967

Charge for the year

2,686

2,686

At 31 March 2023

3,653

3,653

Carrying amount

At 31 March 2023

12,644

12,644

At 31 March 2022

10,775

10,775

5

Debtors

Current

2023
£

(As restated)

2022
£

Trade debtors

154,051

139,298

Prepayments and accrued income

38,938

67,557

Other taxes and social security

8,015

105,919

 

201,004

312,774

6

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Trade creditors

30,453

-

Amounts owed to group undertakings

492,939

516,553

Taxation and social security

78,725

28,439

Accruals and deferred income

51,920

84,831

654,037

629,823

 

Outdoor Recreation (N.Ireland) Trading Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

3

3

3

3

         

8

Related party transactions

During the year the company made a donation to Outdoor Recreation (N. Ireland) of £352,702 (2022: £336,425).

9

Ultimate Controlling Party

The company's ultimate controlling party is Outdoor Recreation (N. Ireland) (NI038105) by virtue of his ownership of 100% of the issued share capital in the company.

10

Prior year adjustment

There were several misstatements arising from errors in the prior year financial statements as follows:

• Accruals and administrative expenses were understated by £83,431;
• Accruals were overstated by £105,919 and sales were understated by £105,919;
• Accrued income and sales were understated by £67,557; and
• The VAT liability and administrative expenses were understated by £14,122.

Adjustments to correct the above errors have been made to the comparative financial information.
 

11

Consolidation of financial statements

The financial statements of Outdoor Recreation (N. Ireland) Trading Ltd are incorporated into the consolidated financial statements of Outdoor Recreation (N. Ireland), the owner of 100% of the issued share capital of Outdoor Recreation (N. Ireland) Trading Ltd.