Company Registration No. 09933310 (England and Wales)
IPRO SPORT HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
IPRO SPORT HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
IPRO SPORT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
2
6,749,114
7,543,127
Investments
3
437
741
6,749,551
7,543,868
Current assets
Debtors
4
1,640,389
1,099,770
Cash at bank and in hand
2,489
-
1,642,878
1,099,770
Creditors: amounts falling due within one year
5
(567,287)
(112,914)
Net current assets
1,075,591
986,856
Total assets less current liabilities
7,825,142
8,530,724
Creditors: amounts falling due after more than one year
6
(4,699,627)
(4,699,627)
Net assets
3,125,515
3,831,097
Capital and reserves
Called up share capital
5,000,148
5,000,137
Share premium account
1,298,586
1,128,596
Capital redemption reserve
14
14
Profit and loss reserves
(3,173,233)
(2,297,650)
Total equity
3,125,515
3,831,097
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial Year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
IPRO SPORT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2020 and are signed on its behalf by:
Jaswinder Singh Gandhum
Director
Company Registration No. 09933310
IPRO SPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
iPro Sport Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
Over 10 years
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
IPRO SPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Intangible fixed assets
Other
£
Cost
At 1 July 2018 and 30 June 2019
7,940,134
Amortisation and impairment
At 1 July 2018
397,007
Amortisation charged for the Year
794,013
At 30 June 2019
1,191,020
Carrying amount
At 30 June 2019
6,749,114
At 30 June 2018
7,543,127
3
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
437
741
IPRO SPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2018
741
Disposals
(304)
At 30 June 2019
437
Carrying amount
At 30 June 2019
437
At 30 June 2018
741
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,626,995
1,099,744
Other debtors
13,394
26
1,640,389
1,099,770
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
120,045
110,824
Other creditors
447,242
2,090
567,287
112,914
A fixed and floating charge covers all the property or undertaking of the company against all monies owed to Close Brothers Limited by way of a charge created on 9 June 2016. There are no monies owed to Close Brothers Limited at the year end.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
4,699,627
4,699,627
IPRO SPORT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
7
Directors' transactions
No guarantees have been given or received during the year.
8
Prior period adjustment
Adjustments to equity
1 January
30 June
2018
2018
Notes
£
£
Adjustments to prior Year
Legal & professional fees
1
-
-
Interest paid
1
-
-
Share premium
1
-
466,406
Retained earnings
1
-
(28,864)
Total adjustments
-
437,542
Adjustments to loss for the previous financial period
2018
Notes
£
Adjustments to prior Year
Legal & professional fees
1
(18,864)
Interest paid
1
(10,000)
Share premium
1
-
Retained earnings
1
-
Total adjustments
(28,864)
Notes to adjustments
1) Share premium adjustment
Being to correct the share premium account in the the prior year.