Sports Club (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05814469 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2018 TO 31 AUGUST 2019

FOR

SPORTS CLUB (UK) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr C Hajipanayi

Mr S Young

REGISTERED OFFICE:

1 Kings Avenue

Winchmore Hill

London

N21 3NA

REGISTERED NUMBER:

05814469 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Property, plant and equipment

4

1,690,471

1,719,754

CURRENT ASSETS

Debtors

5

8,273

530

Cash at bank and in hand

25,057

32,305

33,330

32,835

CREDITORS

Amounts falling due within one year

6

199,645

33,602

NET CURRENT LIABILITIES

(166,315

)

(767

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,524,156

1,718,987

CREDITORS

Amounts falling due after more than one year

7

(1,587,876

)

(1,805,876

)

PROVISIONS FOR LIABILITIES

9

(59,212

)

(59,972

)

NET LIABILITIES

(122,932

)

(146,861

)

CAPITAL AND RESERVES

Called up share capital

1,999

1,999

Retained earnings

(124,931

)

(148,860

)

(122,932

)

(146,861

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2019 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2019 and were signed on its behalf by:

Mr S Young - Director

1.	STATUTORY INFORMATION

Sports Club (UK) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the

company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions are based on historical experience and other factors

that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that period

or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents rents receivable during the year. Income is recognised when services are rendered to

customers.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment

losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances

indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful

lives.

Plant and machinery - 25% on reducing balance

Leasehold property - Over the lease term of 114 years

The company has adopted the policy of not depreciating the assets in the year of acquisition. However, full

depreciation will be provided in the year of disposal.

Deferred tax

Deferred tax is recognised in respect of all material 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.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term

deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid

investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of

changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit

or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised

in profit or loss.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably

are measured at cost less impairment.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies.Financial liabilities

are recognised at fair value and, in the case of loans and borrowings, net of directly attributable transaction

costs.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade

creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business

from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If

not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and

subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial

instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and

are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit

or loss in finance costs or finance income as appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2018 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Long

Plant and

leasehold

machinery

Totals

£

£

£

COST

At 1 March 2018

and 31 August 2019

1,904,730

169,005

2,073,735

DEPRECIATION

At 1 March 2018

195,642

158,339

353,981

Charge for period

25,283

4,000

29,283

At 31 August 2019

220,925

162,339

383,264

NET BOOK VALUE

At 31 August 2019

1,683,805

6,666

1,690,471

At 28 February 2018

1,709,088

10,666

1,719,754

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

7,048

-

Other debtors

1,225

530

8,273

530

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

120

3,086

Taxation and social security

12,479

6,528

Other creditors

187,046

23,988

199,645

33,602

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

1,142,000

1,360,000

Other creditors

445,876

445,876

1,587,876

1,805,876

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yrs

1,142,000

1,360,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,142,000

1,360,000

The bank has a fixed and floating charge over the assets of the company and contains a negative pledge.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

59,212

59,972

Deferred

tax

£

Balance at 1 March 2018

59,972

Accelerated capital allowances

(760

)

Balance at 31 August 2019

59,212

10.	RELATED PARTY DISCLOSURES

Included in other creditors is the amount of £445,876 (2018 : £445,876) due to the shareholders of the company.

The amount is interest free.