The Corporate Sports Company Limited - Period Ending 2016-03-31

Registration number: 03509192

The Corporate Sports Company Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

DJN Accountants
Wetherby House
7 Market Place
Wetherby
West Yorkshire
LS22 6LG

The Corporate Sports Company Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Corporate Sports Company Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Corporate Sports Company Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of The Corporate Sports Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Corporate Sports Company Limited and state those matters that we have agreed to state to them, as a body, in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Corporate Sports Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Corporate Sports Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Corporate Sports Company Limited. You consider that The Corporate Sports Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Corporate Sports Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DJN Accountants
Wetherby House
7 Market Place
Wetherby
West Yorkshire
LS22 6LG

21 October 2016

Page 1

The Corporate Sports Company Limited
(Registration number: 03509192)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					110,908			128,852
Current assets
Stocks					1,288			1,288
Debtors					55,211			5,050
Cash at bank and in hand					36,153			29,636
					92,652			35,974
Creditors: Amounts falling due within one year					(154,349)			(135,126)
Net current liabilities					(61,697)			(99,152)
Total assets less current liabilities					49,211			29,700
Provisions for liabilities					(9,722)			(11,648)
Net assets					39,489			18,052
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					39,389			17,952
Shareholders' funds					39,489			18,052

For the year ending 31 March 2016 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 director acknowledges his 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 director on 21 October 2016

.........................................
Mr J Goodrick
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

The Corporate Sports Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	33% Straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold properties	Over the life of the lease
Plant and machinery	33% Straight line
Fixtures, fittings and equipment	15% Reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

The Corporate Sports Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		1,000			358,347			359,347
Disposals		-			(441)			(441)
At 31 March 2016		1,000			357,906			358,906
Depreciation
At 1 April 2015		1,000			229,495			230,495
Charge for the year		-			17,578			17,578
Eliminated on disposals		-			(75)			(75)
At 31 March 2016		1,000			246,998			247,998
Net book value
At 31 March 2016		-			110,908			110,908
At 31 March 2015		-			128,852			128,852

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

2016 £

2015 £

Page 4

The Corporate Sports Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 5