Abbreviated Company Accounts - WIDNES SPORT LIMITED

WIDNES SPORT LIMITED - Company Information

06414112 WIDNES SPORT LIMITED 2013-11-30 false 2012-12-01 2013-11-30 true 06414112 2012-12-01 2013-11-30 06414112 2013-11-30 06414112 2012-11-30 06414112 uk-gaap-cd-bus:Director1 2012-12-01 2013-11-30 06414112 uk-gaap-cd-bus:Director2 2012-12-01 2013-11-30 uk-gaap-cd-bus:Director3 2012-12-01 2013-11-30 uk-gaap-cd-bus:Director3 2013-11-30 uk-gaap-cd-bus:Director3 2012-11-30 iso4217:GBP shares

Registered Number 06414112

WIDNES SPORT LIMITED

Abbreviated Accounts

30 November 2013

WIDNES SPORT LIMITED Registered Number 06414112

Abbreviated Balance Sheet as at 30 November 2013

	Notes	2013	2012
		£	£
Called up share capital not paid		-	-
Fixed assets
Intangible assets	2	105,000	137,500
Tangible assets	3	181,437	236,439
		286,437	373,939
Current assets
Stocks		45,770	66,818
Debtors		108,548	135,012
Investments		-	-
Cash at bank and in hand		20,803	25,717
		175,121	227,547
Prepayments and accrued income		-	-
Creditors: amounts falling due within one year		(1,116,609)	(833,153)
Net current assets (liabilities)		(941,488)	(605,606)
Total assets less current liabilities		(655,051)	(231,667)
Creditors: amounts falling due after more than one year		(694,515)	(669,137)
Provisions for liabilities		0	0
Accruals and deferred income		0	0
Total net assets (liabilities)		(1,349,566)	(900,804)
Capital and reserves
Called up share capital		800	1
Share premium account		0	0
Revaluation reserve		0	0
Other reserves		0	0
Profit and loss account		(1,350,366)	(900,805)
Shareholders' funds		(1,349,566)	(900,804)

For the year ending 30 November 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 28 August 2014

And signed on their behalf by:
Mr S P O'Connor, Director

WIDNES SPORT LIMITED Registered Number 06414112

Notes to the Abbreviated Accounts for the period ended 30 November 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Equipment - 25% reducing balance
Leasehold property improvements - 25% reducing balance

Intangible assets amortisation policy
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Transfer fee - 25% straight line
Licence - 10% straight line

Other accounting policies
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock.

Operating Lease Agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Going Concern
These financial statements have been prepared on the going concern basis, which assumes that the company will be able to meet its liabilities as they fall due. The company meets its day to day working capital requirements with the financial support of the directors. On the basis of the next 12 months budget the directors consider that the company will continue to operate within its financial means. The directors have confirmed that they will not demand repayment of their loan accounts to the detriment of the third party creditors.

2Intangible fixed assets

	£
Cost
At 1 December 2012	175,000
Additions	0
Disposals	0
Revaluations	0
Transfers	0
At 30 November 2013	175,000
Amortisation
At 1 December 2012	37,500
Charge for the year	32,500
On disposals	0
At 30 November 2013	70,000
Net book values
At 30 November 2013	105,000
At 30 November 2012	137,500

3Tangible fixed assets

	£
Cost
At 1 December 2012	895,522
Additions	5,476
Disposals	0
Revaluations	0
Transfers	0
At 30 November 2013	900,998
Depreciation
At 1 December 2012	659,083
Charge for the year	60,478
On disposals	0
At 30 November 2013	719,561
Net book values
At 30 November 2013	181,437
At 30 November 2012	236,439

4Transactions with directors

Name of director receiving advance or credit:	Mr Stephen O'Connor
Description of the transaction:	Loan to the company
Balance at 1 December 2012:	£ 584,389
Advances or credits made:	£ 22,946
Advances or credits repaid:	£ 50,599
Balance at 30 November 2013:	£ 556,736

The company was under the control of Mr Stephen O'Connor throughout the current and previous year. Mr O'Connor is the managing director and 25% shareholder. He has loaned the Company money and at the year end the balance of his Directors Loan Account was £556,736.