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Registered number: 13712931
IDA Sports Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Starfish Accounting Ltd
ICAEW
The Bowler Barn
Bartletts Court
Littlewick Green
Berkshire
SL6 3RX
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13712931
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 266 404
266 404
CURRENT ASSETS
Debtors 5 6,123 1,145
Cash at bank and in hand 25,334 14,343
31,457 15,488
Creditors: Amounts Falling Due Within One Year 6 (14,555 ) (1,191 )
NET CURRENT ASSETS (LIABILITIES) 16,902 14,297
TOTAL ASSETS LESS CURRENT LIABILITIES 17,168 14,701
Creditors: Amounts Falling Due After More Than One Year 7 (196,628 ) (52,721 )
NET LIABILITIES (179,460 ) (38,020 )
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account (180,460 ) (39,020 )
SHAREHOLDERS' FUNDS (179,460) (38,020)
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Laura Youngson
Director
27/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
IDA Sports Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13712931 . The registered office is 13 Innsworth Lane, Gloucester, GL2 0DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2.2. Going Concern Disclosure
Although the Balance Sheet is currently negative, the director has indicated her willingness to support the company for the foreseeable future, a period not anticipated to be less than one year.
2.3. 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 the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment over 3 years
2.5. Foreign Currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.6. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
During the year, the Company received grant income from Innovate UK, the Government's UK Research and Innovation organisation. The Grant is recognised in the profit and loss as the business is entitled to each grant. This income is recognised on the accruals basis and is disclosed within other operating income.
2.9. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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2.10. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 416
As at 31 December 2023 416
Depreciation
As at 1 January 2023 12
Provided during the period 138
As at 31 December 2023 150
Net Book Value
As at 31 December 2023 266
As at 1 January 2023 404
5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Other debtors 6,123 1,145
6,123 1,145
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 8,578 -
Other creditors 9,865 1,869
Taxation and social security costs (3,888 ) (678 )
14,555 1,191
7. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Other creditors 196,628 52,721
196,628 52,721
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8. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Related Party Transactions
During the year the company received £143,907 (2022: £71,348) in loans from it's related party IDA Sports PTY Ltd, a company registered in Australia and controlled by the director, Laura Youngson. At the end of the year the balance payable to IDA Sprts PTY Ltd was £196,628. (2022: £52,721)
10. Ultimate Controlling Party
The company is controlled by the director, Laura Youngson.
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