Cavendish Grey Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 07821112 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 October 2018

for

Cavendish Grey Ltd

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

T Ordek

G Ozgur

SECRETARY:

REGISTERED OFFICE:

5-7 Old Park Avenue

Enfield

London

EN2 6PJ

REGISTERED NUMBER:

07821112 (England and Wales)

ACCOUNTANTS:

M Chilton Accountancy Services Limited

16 Reed Mace Drive

Bromsgrove

Worcestershire

B61 0UJ

The directors present their report with the financial statements of the company for the year ended 31 October 2018.

These accounts replace the original accounts that have already been filed.

They are now the statutory accounts and have been prepared as they were at the date of the original accounts.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of a fitness club.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2017 to the date of this

report.

T Ordek

G Ozgur

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

G Ozgur - Director

22 August 2019

TURNOVER

268,112

224,136

Cost of sales

37,552

28,991

GROSS PROFIT

230,560

195,145

Administrative expenses

260,278

278,008

(29,718

)

(82,863

)

Other operating income

95

212

OPERATING LOSS

4

(29,623

)

(82,651

)

Profit/loss on sale of tang fa

5

3,163

-

(26,460

)

(82,651

)

Interest payable and similar expenses

6,099

5,045

LOSS BEFORE TAXATION

(32,559

)

(87,696

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(32,559

)

(87,696

)

FIXED ASSETS

Intangible assets

6

7,880

9,850

Tangible assets

7

113,215

82,674

121,095

92,524

CURRENT ASSETS

Debtors

8

32,518

26,695

Cash at bank and in hand

1,592

6,571

34,110

33,266

CREDITORS

Amounts falling due within one year

9

114,016

45,174

NET CURRENT LIABILITIES

(79,906

)

(11,908

)

TOTAL ASSETS LESS CURRENT LIABILITIES

41,189

80,616

CREDITORS

Amounts falling due after more than one year

10

(134,028

)

(141,048

)

ACCRUALS AND DEFERRED INCOME

(2,727

)

(2,575

)

NET LIABILITIES

(95,566

)

(63,007

)

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

11

92,378

92,378

Retained earnings

(187,946

)

(155,387

)

SHAREHOLDERS' FUNDS

(95,566

)

(63,007

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 22 August 2019 and were signed on its behalf by:

G Ozgur - Director

1.	STATUTORY INFORMATION

Cavendish Grey Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet

date indicating the recoverable amount was less than its carrying value.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Initial franchise fees

A franchise licence was purchased for £19,700 in 2011 and is being written off over it's useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on cost, 10% on cost and in accordance with the property

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 6 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

31.10.18

31.10.17

£

£

Depreciation - owned assets

14,199

16,975

Patents and licences amortisation

1,970

1,970

5.	EXCEPTIONAL ITEMS

31.10.18

31.10.17

£

£

Profit/loss on sale of tang fa

3,163

-

6.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2017

and 31 October 2018

19,700

AMORTISATION

At 1 November 2017

9,850

Charge for year

1,970

At 31 October 2018

11,820

NET BOOK VALUE

At 31 October 2018

7,880

At 31 October 2017

9,850

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

164,727

Additions

56,077

Disposals

(40,758

)

At 31 October 2018

180,046

DEPRECIATION

At 1 November 2017

82,053

Charge for year

14,199

Eliminated on disposal

(29,421

)

At 31 October 2018

66,831

NET BOOK VALUE

At 31 October 2018

113,215

At 31 October 2017

82,674

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade debtors

11,012

4,931

Other debtors

21,506

21,764

32,518

26,695

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans and overdrafts

17,333

18,145

Trade creditors

67,248

19,688

Taxation and social security

11,001

2,073

Other creditors

18,434

5,268

114,016

45,174

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans

47,262

60,388

Other creditors

86,766

80,660

134,028

141,048

11.

RESERVES

Revaluation

reserve

£

At 1 November 2017

and 31 October 2018

92,378