MFC SPORTS LIMITED 30/04/2022 iXBRL

MFC SPORTS LIMITED 30/04/2022 iXBRL

MFC SPORTS LIMITED - Company Information

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30/04/2022 2022-04-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-05-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP NI638142 2021-05-01 2022-04-30 NI638142 2022-04-30 NI638142 2021-04-30 NI638142 2020-05-01 2021-04-30 NI638142 2021-04-30 NI638142 2020-04-30 NI638142 core:IntangibleAssetsOtherThanGoodwill 2021-05-01 2022-04-30 NI638142 core:FurnitureFittingsToolsEquipment 2021-05-01 2022-04-30 NI638142 core:MotorVehicles 2021-05-01 2022-04-30 NI638142 bus:RegisteredOffice 2021-05-01 2022-04-30 NI638142 bus:LeadAgentIfApplicable 2021-05-01 2022-04-30 NI638142 bus:Director1 2021-05-01 2022-04-30 NI638142 bus:Director2 2021-05-01 2022-04-30 NI638142 bus:Director3 2021-05-01 2022-04-30 NI638142 bus:Director4 2021-05-01 2022-04-30 NI638142 core:IntangibleAssetsOtherThanGoodwill 2021-04-30 NI638142 core:IntangibleAssetsOtherThanGoodwill 2022-04-30 NI638142 core:FurnitureFittingsToolsEquipment 2021-04-30 NI638142 core:MotorVehicles 2021-04-30 NI638142 core:FurnitureFittingsToolsEquipment 2022-04-30 NI638142 core:MotorVehicles 2022-04-30 NI638142 core:WithinOneYear 2022-04-30 NI638142 core:WithinOneYear 2021-04-30 NI638142 core:RetainedEarningsAccumulatedLosses 2020-05-01 2021-04-30 NI638142 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 NI638142 core:AfterOneYear 2021-04-30 NI638142 core:ShareCapital 2022-04-30 NI638142 core:ShareCapital 2021-04-30 NI638142 core:RetainedEarningsAccumulatedLosses 2022-04-30 NI638142 core:RetainedEarningsAccumulatedLosses 2021-04-30 NI638142 core:ShareCapital 2020-04-30 NI638142 core:RetainedEarningsAccumulatedLosses 2020-04-30 NI638142 core:IntangibleAssetsOtherThanGoodwill 2021-04-30 NI638142 core:CostValuation core:Non-currentFinancialInstruments 2022-04-30 NI638142 core:Non-currentFinancialInstruments 2022-04-30 NI638142 core:Non-currentFinancialInstruments 2021-04-30 NI638142 core:FurnitureFittingsToolsEquipment 2021-04-30 NI638142 core:MotorVehicles 2021-04-30 NI638142 bus:SmallEntities 2021-05-01 2022-04-30 NI638142 bus:AuditExemptWithAccountantsReport 2021-05-01 2022-04-30 NI638142 bus:FullAccounts 2021-05-01 2022-04-30 NI638142 bus:SmallCompaniesRegimeForAccounts 2021-05-01 2022-04-30 NI638142 bus:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30
Company registration number: NI638142
MFC SPORTS LIMITED
Trading as MFC Sports Limited
Unaudited filleted financial statements
30 April 2022
EF McCambridge & Co
Chartered Accountants, Chartered Tax Advisors
&
Registered Auditors
6 Bayview Terrace
Derry
BT48 7EE
MFC SPORTS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
MFC SPORTS LIMITED
Directors and other information
Directors Mr Fabian O'Neill
Mr Sean O'Neill
Mrs Aoife O'Neill
Mrs Colleen O'Neill
Company number NI638142
Registered office 31 Glendermott Road
Derry
BT47 6BG
Business address 31 Glendermott Road
Derry
BT47 6BG
Accountants EF McCambridge & Co
6 Bayview Terrace
Derry
BT48 7EE
Bankers Bank of Ireland
Campsie
Omagh
Tyrone
BT79 0AE
MFC SPORTS LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of MFC SPORTS LIMITED
Year ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MFC SPORTS LIMITED for the year ended 30 April 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of MFC SPORTS LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MFC SPORTS LIMITED and state those matters that we have agreed to state to the board of directors of MFC SPORTS LIMITED as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MFC SPORTS LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that MFC SPORTS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MFC SPORTS LIMITED. You consider that MFC SPORTS LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of MFC SPORTS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
EF McCambridge & Co
Chartered Accountants Ireland
6 Bayview Terrace
Derry
BT48 7EE
23 March 2023
MFC SPORTS LIMITED
Statement of financial position
30 April 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 22,785 26,040
Tangible assets 6 14,142 14,399
Investments 7 88 88
_______ _______
37,015 40,527
Current assets
Stocks 31,701 9,097
Debtors 8 196,789 99,749
Cash at bank and in hand 239,974 209,881
_______ _______
468,464 318,727
Creditors: amounts falling due
within one year 9 ( 376,862) ( 306,025)
_______ _______
Net current assets 91,602 12,702
_______ _______
Total assets less current liabilities 128,617 53,229
Creditors: amounts falling due
after more than one year 10 - ( 1,550)
_______ _______
Net assets 128,617 51,679
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 128,417 51,479
_______ _______
Shareholders funds 128,617 51,679
_______ _______
For the year ending 30 April 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 March 2023 , and are signed on behalf of the board by:
Mr Fabian O'Neill Mr Sean O'Neill
Director Director
Company registration number: NI638142
MFC SPORTS LIMITED
Statement of changes in equity
Year ended 30 April 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2020 200 73 273
Profit for the year 311,406 311,406
_______ _______ _______
Total comprehensive income for the year - 311,406 311,406
Dividends paid and payable ( 260,000) ( 260,000)
_______ _______ _______
Total investments by and distributions to owners - ( 260,000) ( 260,000)
_______ _______ _______
At 30 April 2021 and 1 May 2021 200 51,479 51,679
Profit for the year 204,938 204,938
_______ _______ _______
Total comprehensive income for the year - 204,938 204,938
Dividends paid and payable ( 128,000) ( 128,000)
_______ _______ _______
Total investments by and distributions to owners - ( 128,000) ( 128,000)
_______ _______ _______
At 30 April 2022 200 128,417 128,617
_______ _______ _______
MFC SPORTS LIMITED
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 31 Glendermott Road, Derry, BT47 6BG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2021: 16 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 May 2021 and 30 April 2022 32,550 32,550
_______ _______
Amortisation
At 1 May 2021 6,510 6,510
Charge for the year 3,255 3,255
_______ _______
At 30 April 2022 9,765 9,765
_______ _______
Carrying amount
At 30 April 2022 22,785 22,785
_______ _______
At 30 April 2021 26,040 26,040
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2021 8,598 11,700 20,298
Additions 7,291 - 7,291
Disposals - ( 6,200) ( 6,200)
_______ _______ _______
At 30 April 2022 15,889 5,500 21,389
_______ _______ _______
Depreciation
At 1 May 2021 2,114 3,785 5,899
Charge for the year 2,383 825 3,208
Disposals - ( 1,860) ( 1,860)
_______ _______ _______
At 30 April 2022 4,497 2,750 7,247
_______ _______ _______
Carrying amount
At 30 April 2022 11,392 2,750 14,142
_______ _______ _______
At 30 April 2021 6,484 7,915 14,399
_______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2021 and 30 April 2022 88 88
_______ _______
Impairment
At 1 May 2021 and 30 April 2022 - -
_______ _______
Carrying amount
At 30 April 2022 88 88
_______ _______
At 30 April 2021 88 88
_______ _______
8. Debtors
2022 2021
£ £
Trade debtors 178,557 29,104
Amounts owed by group undertakings and undertakings in which the company has a participating interest ( 37,820) 14,593
Other debtors 56,052 56,052
_______ _______
196,789 99,749
_______ _______
9. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 15,000
Trade creditors 82,685 59,566
Corporation tax 73,763 61,266
Social security and other taxes 58,903 13,222
Other creditors 161,511 156,971
_______ _______
376,862 306,025
_______ _______
10. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors - 1,550
_______ _______