Registration number:
Milton Keynes Irish Centre Limited
for the Year Ended 28 February 2025
Registration number:
Milton Keynes Irish Centre Limited
for the Year Ended 28 February 2025
Milton Keynes Irish Centre Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Milton Keynes Irish Centre Limited
Company Information
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Directors |
Mr M O'Hanlon Mrs G Pezzella |
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Company secretary |
Mr M O'Hanlon |
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Registered office |
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Auditors |
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Milton Keynes Irish Centre Limited
Directors' Report for the Year Ended 28 February 2025
The directors present their report and the financial statements for the year ended 28 February 2025.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Milton Keynes Irish Community Promotion.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Milton Keynes Irish Centre Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Milton Keynes Irish Centre Limited
Independent Auditor's Report to the Members of Milton Keynes Irish Centre Limited
Opinion
We have audited the financial statements of Milton Keynes Irish Centre Limited (the 'company') for the year ended 28 February 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Milton Keynes Irish Centre Limited
Independent Auditor's Report to the Members of Milton Keynes Irish Centre Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Milton Keynes Irish Centre Limited
Independent Auditor's Report to the Members of Milton Keynes Irish Centre Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit undertaken in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed
below:
Material misstatements arising from irregularities, including fraud, can be difficult to detect by their very nature.
As part of the audit planning process the engagement team specifically discussed the risk of material misstatement arising from irregularities, including fraud. This involved a review of the industry and geographical territories in which the entity operates, as well as discussions with the entity's management, in order to gain an understanding of the laws and regulations that are relevant to the entity.
Our review concluded that the entity is not subject to any industry specific laws or regulations. Work was carried out to identify evidence of any non-compliance with other laws and regulations including discussions with management and a review of correspondence and invoices from solicitors. No evidence of non-compliance was identified. Written representations were also obtained from the entity's management confirming that they have no knowledge of any non-compliance with applicable laws and regulations.
The engagement team have also undertaken a detailed review of the entity's internal control environment to assess it's overall susceptibility to fraud. The overall risk of misstatement due to fraud was assessed as low. Our substantive audit procedures were tailored to specifically target any identified areas of increased risk.
The engagement team comprises individuals with considerable audit experience. They are considered to have the requisite technical skills and entity specific knowledge to facilitate detection of material misstatements arising due to irregularities including fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Milton Keynes Irish Centre Limited
Independent Auditor's Report to the Members of Milton Keynes Irish Centre Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
22 St John Street
Michael J Emery & Co Limited
Buckinghamshire
MK16 8HJ
Milton Keynes Irish Centre Limited
Profit and Loss Account for the Year Ended 28 February 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
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Gross surplus |
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Administrative expenses |
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Other operating income |
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Operating surplus |
34,308 |
22,877 |
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Other interest receivable and similar income |
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Surplus before tax |
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Tax on profit |
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Surplus for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Milton Keynes Irish Centre Limited
(Registration number: 05336980)
Balance Sheet as at 28 February 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Reserves |
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Retained earnings |
139,944 |
111,358 |
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Surplus |
139,944 |
111,358 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Milton Keynes Irish Centre Limited
Statement of Changes in Equity for the Year Ended 28 February 2025
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Retained earnings |
Total |
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At 1 March 2024 |
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Surplus for the year |
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At 28 February 2025 |
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Retained earnings |
Total |
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At 1 March 2023 |
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Surplus for the year |
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At 29 February 2024 |
111,358 |
111,358 |
Milton Keynes Irish Centre Limited
Notes to the Financial Statements for the Year Ended 28 February 2025
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Turnover
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 sales/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.
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.
Milton Keynes Irish Centre Limited
Notes to the Financial Statements for the Year Ended 28 February 2025
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:
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Asset class |
Depreciation method and rate |
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Improvements to property |
10% on cost |
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Fixtures and fittings |
15% on cost |
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Kitchen improvements |
15% on cost |
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Office equipment |
33% on cost |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
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.
Milton Keynes Irish Centre Limited
Notes to the Financial Statements for the Year Ended 28 February 2025
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.
Grants
Grants received in respect of revenue items are matched against expenditure in the profit and loss account, under the accruals concept.
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Staff numbers |
The average number of persons employed by the company during the year, including directors, was
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Auditors' remuneration |
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2025 |
2024 |
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Audit of the financial statements |
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Milton Keynes Irish Centre Limited
Notes to the Financial Statements for the Year Ended 28 February 2025
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Tangible assets |
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Fixtures and fittings |
Improvements to property |
Office equipment |
Kitchen improvements £ |
Total |
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Cost or valuation |
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At 1 March 2024 |
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Additions |
- |
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- |
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At 28 February 2025 |
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Depreciation |
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At 1 March 2024 |
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Charge for the year |
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- |
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At 28 February 2025 |
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Carrying amount |
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At 28 February 2025 |
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- |
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At 29 February 2024 |
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- |
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Milton Keynes Irish Centre Limited
Notes to the Financial Statements for the Year Ended 28 February 2025
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Stocks |
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2025 |
2024 |
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Inventory |
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Debtors |
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2025 |
2024 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Grants |
1,601 |
1,483 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Milton Keynes Irish Centre Limited
Notes to the Financial Statements for the Year Ended 28 February 2025
10 Department of Foreign Affairs and Trade; Emigrant Support Programme Grant
The grants are received from the Irish government to support the Emigrant Support Programme (ESP).
The grants are restricted funds in that they can only be used for the specified grant application.
The centre reports to ESP on specific grant headings and must repay any grants not used.
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Brought Forward |
Received |
Absorbed |
Carried Forward |
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Aggregate grants (ESP) |
1,482 |
6,200 |
(6,082) |
1,601 |
11 Water Rates Accrual
The company has accrued £11,500 for water rates not billed for many years. The centre received a bill for £12,000 in the 2020 accounts year, but no demands for settlement have been received to date, so the amount has not been settled.
The centre considers that those using the pitches had a responsibility to pay part of the bill, but that has yet to be agreed.
The centre accounts retains the accrual against the potential liability for this historical water rates bill.
12 Repairs and renewals
In the year, the centre undertook significant repairs to the centre including maintenance to the football pitch. The costs were in total £30,627 (2024: £17,632).
13 Manor Fields Football
The Manor Fields football pitches are now used by teams using the Milton Keynes Irish Centre facility and name.
There are 4 adult and 5 youth teams.The team players are members of the centre.
During the year £2,800 (2024: £2,800) has been received in repect of memberships for the team players and £NIL (2024: £870) has been received for the hire of the football pitch.