Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-3022true2023-10-01falsefalsePurchasing, restoring and selling of sports and classic carstrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09785237 2023-10-01 2024-09-30 09785237 2022-10-01 2023-09-30 09785237 2024-09-30 09785237 2023-09-30 09785237 c:Director1 2023-10-01 2024-09-30 09785237 d:CurrentFinancialInstruments 2024-09-30 09785237 d:CurrentFinancialInstruments 2023-09-30 09785237 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 09785237 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 09785237 d:ShareCapital 2024-09-30 09785237 d:ShareCapital 2023-09-30 09785237 d:RetainedEarningsAccumulatedLosses 2024-09-30 09785237 d:RetainedEarningsAccumulatedLosses 2023-09-30 09785237 c:FRS102 2023-10-01 2024-09-30 09785237 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 09785237 c:FullAccounts 2023-10-01 2024-09-30 09785237 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09785237 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 09785237










ITALIAN SPORTS AND CLASSICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ITALIAN SPORTS AND CLASSICS LIMITED
REGISTERED NUMBER: 09785237

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
55,014
55,014

Debtors: amounts falling due within one year
 4 
-
658

Cash at bank and in hand
  
2,065
2,437

  
57,079
58,109

Creditors: amounts falling due within one year
 5 
(179,289)
(164,561)

Net current liabilities
  
 
 
(122,210)
 
 
(106,452)

Total assets less current liabilities
  
(122,210)
(106,452)

  

Net liabilities
  
(122,210)
(106,452)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(122,212)
(106,454)

  
(122,210)
(106,452)


Page 1

 
ITALIAN SPORTS AND CLASSICS LIMITED
REGISTERED NUMBER: 09785237
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P Phillips
Director
Date: 25 June 2025

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
ITALIAN SPORTS AND CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Italian Sports and Classics Limited is a private company limited by shares and incorporated in England and Wales (09785237). The registered office address is 5 Litchfield Gardens, Cobham, Surrey, KT11 1BH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, based on the continued support of the company's directors.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 Rental Income
 
Revenue represents rents and service charges receivable recognised in the period in which the services are provided in accordance with the rental agreement. 

Page 3

 
ITALIAN SPORTS AND CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. 


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Other debtors
-
658

-
658


Page 4

 
ITALIAN SPORTS AND CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
244
211

Other creditors
176,945
162,250

Accruals and deferred income
2,100
2,100

179,289
164,561



6.


Related party transactions

Included in other creditors is an interest free loan repayable on demand due to the directors value of £176,945 (2023 - £162,250).

 
Page 5