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Registration number: 14636634

All Sport Ireland Limited

Unaudited Filleted Financial Statements

for the Period from 3 February 2023 to 31 March 2024

 

All Sport Ireland Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

All Sport Ireland Limited

(Registration number: 14636634)
Statement of Financial Position as at 31 March 2024

Note

2024
£

Current assets

 

Debtors

4

17,207

Cash at bank and in hand

 

44,455

 

61,662

Creditors: Amounts falling due within one year

5

(8,142)

Total assets less current liabilities

 

53,520

Creditors: Amounts falling due after more than one year

5

(400,000)

Net liabilities

 

(346,480)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(346,580)

Shareholders' deficit

 

(346,480)

For the financial period ending 31 March 2024 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 period 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 1 November 2024 and signed on its behalf by:
 


Mr Kevin Davies
Director

 

All Sport Ireland Limited

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024

1

General information

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

The address of its registered office is:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is that of general insurance intermediary.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis despite the fact that it has negative reserves. This is because the debt includes £400,000 payable to directors who will only be paid as funds allow.

 

All Sport Ireland Limited

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

All Sport Ireland Limited

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4.

4

Debtors

Note

2024
£

Amounts owed by related parties

11,789

Other debtors

 

100

Prepayments

 

5,318

 

17,207

 

All Sport Ireland Limited

Notes to the Unaudited Financial Statements for the Period from 3 February 2023 to 31 March 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

7,242

Accruals and deferred income

900

8,142

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

7

400,000

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

Other borrowings

400,000