International Soccer Management (UK) Limited Small abridged accounts

INTERNATIONAL SOCCER MANAGEMENT (UK) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of International Soccer Management (UK) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06112606

International Soccer Management (UK) Limited

Filleted Unaudited Abridged Financial Statements

31 July 2017

International Soccer Management (UK) Limited

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

International Soccer Management (UK) Limited

Officers and Professional Advisers

Director	Mr M R Fazeli

Registered office	Unit 3 Cedar Court
	1 Royal Oak Yard
	London
	England
	SE1 3GA

Accountants	Elan & Co LLP
	Chartered Certified Accountants
	Unit 3 Cedar Court
	1 Royal Oak Yard
	London
	SE1 3GA

Bankers	Coutts & Co
	440 Strand
	London
	WC2R 0QS

International Soccer Management (UK) Limited

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Interests in Group undertakings	4		1,200,100		1,360,000

Current assets

Debtors		14,792	242,418
Investments	5	–	100
Cash at bank and in hand		3,083,113	2,990,892
		------------	------------
		3,097,905	3,233,410

Creditors: amounts falling due within one year	40,301		53,196
	------------		------------
Net current assets		3,057,604		3,180,214
		------------		------------
Total assets less current liabilities		4,257,704		4,540,214
		------------		------------
Net assets		4,257,704		4,540,214
		------------		------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	4,257,604	4,540,114
	------------	------------
Shareholders funds	4,257,704	4,540,214
	------------	------------

These abridged 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 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

International Soccer Management (UK) Limited

Abridged Statement of Financial Position (continued)

31 July 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 28 March 2018 , and are signed on behalf of the board by:

Mr M R Fazeli
Director

Company registration number: 06112606

International Soccer Management (UK) Limited

Notes to the Abridged Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Cedar Court, 1 Royal Oak Yard, London, SE1 3GA, England.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Investments in group company

Investments in group companies accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents comprise cash on hand and at bank and are subject to an insignificant risk of changes in value.

4. Interests in group undertakings

	£
Cost
At 1 August 2016	1,360,000
Additions	70,100
	------------
At 31 July 2017	1,430,100
	------------
Impairment
Disposals	230,000
At 1 August 2016 and 31 July 2017	230,000
	------------
Carrying amount
At 31 July 2017	1,200,100
	------------
At 31 July 2016	1,360,000
	------------

5. Investments

	2017	2016
	£	£
Investments in group undertakings	–	100
	----------	----------

6. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M R Fazeli	( 44,752)	( 4,089)	12,550	( 36,291)
	----------	----------	----------	----------

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M R Fazeli	( 38,845)	( 5,907)	–	( 44,752)
	----------	----------	----------	----------

7. Related party transactions

The company was under the control of Mr Mahmoud Reza Fazeli throughout the current and previous year. Mr Mahmoud Reza Fazeli is the managing director and majority shareholder. Mr Mahmoud Reza Fazeli is personally interested in 100% (2016 - 100%) of the company's share capital. Amounts owed by group company, ISM Properties UK Limited at the balance sheet date was £1,200,000 (2016 - £1,360,000) of which £230,000 has been released. No terms of payment or interest have been agreed.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.