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REGISTERED NUMBER: 13760125 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

Idemasport UK Ltd

Idemasport UK Ltd (Registered number: 13760125)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Idemasport UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr C M Pirali





SECRETARY: MY UK OFFICE LIMITED





REGISTERED OFFICE: 8 Northumberland Avenue
London
WC2N 5BY





REGISTERED NUMBER: 13760125 (England and Wales)





AUDITORS: Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

Idemasport UK Ltd (Registered number: 13760125)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,579 9,157

CURRENT ASSETS
Debtors 5 5,871 11,307
Cash at bank - 3,569
5,871 14,876
CREDITORS
Amounts falling due within one year 6 137,909 54,575
NET CURRENT LIABILITIES (132,038 ) (39,699 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(127,459

)

(30,542

)

PROVISIONS FOR LIABILITIES 1,140 2,289
NET LIABILITIES (128,599 ) (32,831 )

CAPITAL AND RESERVES
Called up share capital 7 20,000 20,000
Retained earnings 8 (148,599 ) (52,831 )
SHAREHOLDERS' FUNDS (128,599 ) (32,831 )

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 director and authorised for issue on 16 September 2024 and were signed by:





Mr C M Pirali - Director


Idemasport UK Ltd (Registered number: 13760125)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Idemasport UK Ltd 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.

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.

The company is reliant on the financial support of Megaform SA. The directors have obtained confirmation from Megaform SA that they will continue to support the company through its existing facilities for the foreseeable future. On this basis the financial statements have been prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on delivery of the goods in line with the terms and conditions of the sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Idemasport UK Ltd (Registered number: 13760125)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 13,735
DEPRECIATION
At 1 January 2023 4,578
Charge for year 4,578
At 31 December 2023 9,156
NET BOOK VALUE
At 31 December 2023 4,579
At 31 December 2022 9,157

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,958 3,958
VAT 271 2,944
Prepayments 1,642 4,405
5,871 11,307

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30 -
Trade creditors - 13,452
Amounts owed to group undertakings 133,254 37,365
Accrued expenses 4,625 3,758
137,909 54,575

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £200 20,000 20,000

8. RESERVES
Retained
earnings
£   

At 1 January 2023 (52,831 )
Deficit for the year (95,768 )
At 31 December 2023 (148,599 )

Idemasport UK Ltd (Registered number: 13760125)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Moss FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co

10. RELATED PARTY DISCLOSURES

During the period Idemasport UK Ltd provided services to intercompany, Idemasport SA, totalling £654 (2022: £Nil).

During the year £18,457 was loaned to Idemasport UK from Idemasport SA. At 31 December 2023 Idemasport UK Ltd owed Idemasport SA £18,457 (2022: £Nil).

During the year £77,747 was loaned to Idemasport UK from the ultimate parent company Megaform SA, a company registered in Belgium. At 31 December 2023 Idemasport UK Ltd owed Megaform SA £114,797 (2022: £37,365).

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Megaform SA, consolidated accounts are available from Rue Haute 177, Eupen, Belgium.

The company is ultimately controlled by Mr C. Pirali.