5 Tenets Martial Arts Academy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11678256 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 14 NOVEMBER 2018 TO 30 NOVEMBER 2019

FOR

5 TENETS MARTIAL ARTS ACADEMY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J E Parry

REGISTERED OFFICE:

Grafton

Melton Road

Wrawby

DN20 8SP

REGISTERED NUMBER:

11678256 (England and Wales)

ACCOUNTANTS:

Stevenson & Co

The Old Ambulance Station

Grammar School Road

Brigg

DN20 8AF

FIXED ASSETS

Intangible assets

4

71,640

Tangible assets

5

1,697

73,337

CURRENT ASSETS

Stocks

50

Debtors

6

2,624

Cash at bank and in hand

2,520

5,194

CREDITORS

Amounts falling due within one year

7

75,928

NET CURRENT LIABILITIES

(70,734

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,603

PROVISIONS FOR LIABILITIES

8

322

NET ASSETS

2,281

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

10

2,181

SHAREHOLDERS' FUNDS

2,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 August 2020 and were signed by:

J E Parry - Director

1.	STATUTORY INFORMATION

5 Tenets Martial Arts Academy 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

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.

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

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 statement of financial position date.

Deferred tax

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

statement of financial position 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 period 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 period was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

79,600

At 30 November 2019

79,600

AMORTISATION

Charge for period

7,960

At 30 November 2019

7,960

NET BOOK VALUE

At 30 November 2019

71,640

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

1,937

At 30 November 2019

1,937

DEPRECIATION

Charge for period

240

At 30 November 2019

240

NET BOOK VALUE

At 30 November 2019

1,697

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

2,416

Prepayments

208

2,624

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank Loan

14,699

Trade creditors

569

Tax

4,490

Social security and other taxes

(109

)

VAT

4,677

Other creditors

4,427

Directors' current accounts

46,001

Accrued expenses

1,174

75,928

8.	PROVISIONS FOR LIABILITIES

£

Deferred tax

322

Deferred

tax

£

Provided during period

322

Balance at 30 November 2019

322

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

10.

RESERVES

Retained

earnings

£

Profit for the period

12,181

Dividends

(10,000

)

At 30 November 2019

2,181

11.	RELATED PARTY DISCLOSURES

The company is controlled by the director, who owns 100% of the share capital.

The directors current account is repayable upon demand.