Paralympics Ireland

| 27 Paralympics Ireland Annual Report | 2019 | 27 Paralympics Ireland Financial Statements | 2019 Notes to the financial statements Notes to the financial statements For the financial year ended 31 December 2019 For the financial year ended 31 December 2019 1. 1. General information General information Paralympics Ireland CLG is a company limited by guarantee, having no share capital and incorporated in Paralympics Ireland CLG is a company limited by guarantee, having no share capital and incorporated in Ireland Ireland (Registered number 339700) with a registered office at Irish Sport HQ, National Sports Campus, (Registered number 339700) with a registered office at Irish Sport HQ, National Sports Campus, Blanchardstown, Dublin 15. It is a registered sports body. Blanchardstown, Dublin 15. It is a registered sports body. 2. 2. Accounting policies Accounting policies 2.1 2.1 Basis of preparation of financial statements Basis of preparation of financial statements The financial The financial statements have been prepared in accordance with Financial Reporting Standard 102, the statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and Irish statute Financial Reporting Standard applicable in the UK and the Republic of Ireland and Irish statute comprising of the Companies Act 2014. comprising of the Companies Act 2014. The company qualifies as a small c The company qualifies as a small company as defined by section 280A of the Act, in respect of the ompany as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the 'Small Companies Regime' in accordance with section financial year and has applied the rules of the 'Small Companies Regime' in accordance with section 280C of the Act and section 1A of FRS 102. 280C of the Act and section 1A of FRS 102. The preparation of financial statements in compl The preparation of financial statements in compliance with FRS 102 requires the use of certain critical iance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3). accounting policies (see note 3). The financial statements are presented in Euro (€). The financial statements are presented in Euro (€). The following p The following principal accounting policies have been applied: rincipal accounting policies have been applied: 2.2 2.2 Income Income Revenue is recognised to the extent that it is probable that the economic benefits will flow to the 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 company and the revenue can be reliably measured. Revenue is measured as the fair value of the value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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: The following criteria must also be met before revenue is recognised: Rendering of services Rendering of services Revenue from a contract to provide service Revenue from a contract to provide services is recognised in the period in which the services are s is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: conditions are satisfied: • the amount of revenue can be measured reliably; the amount of revenue can be measured reliably; • it is probable that the company it is probable that the company will receive the consideration due under the contract; will receive the consideration due under the contract; • the stage of completion of the contract at the end of the reporting period can be measured the stage of completion of the contract at the end of the reporting period can be measured reliably; and reliably; and • the costs incurred and the costs to complete the contract can be measured reliably. the costs incurred and the costs to complete the contract can be measured reliably. 2.3 2.3 Government grants Government grants Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to w depreciation on the assets to which the grant relates. The deferred element of grants is included in hich the grant relates. The deferred element of grants is included in creditors as deferred income. creditors as deferred income.

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