Company Registration No. 07339435 (England and Wales)
PILATES WORKS STUDIO LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
PILATES WORKS STUDIO LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
PILATES WORKS STUDIO LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
35,000
Tangible assets
2
2,467
3,423
2,467
38,423
Current assets
Stocks
1,953
100
Debtors
4,219
1,705
Cash at bank and in hand
56,257
42,096
62,429
43,901
Creditors: amounts falling due within one year
(48,163)
(55,767)
Net current assets/(liabilities)
14,266
(11,866)
Total assets less current liabilities
16,733
26,557
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
16,633
26,457
Shareholders' funds
16,733
26,557
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 24 January 2017
S E Wathan
J P Davis
Director
Director
Company Registration No. 07339435
PILATES WORKS STUDIO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents net invoiced tuition fees and related merchandise sales, excluding value added tax.
1.3
Goodwill
Goodwill, being the amount paid in connection with the previous acquisition of a business, is amortised evenly over five years, which in the opinion of the directors is considered to be its useful economic life. Previously the period was assessed at ten years but has been revised to five years in the current year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% on cost
Fixtures & fittings
25% on reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 September 2015 & at 31 August 2016
70,000
11,059
81,059
Depreciation
At 1 September 2015
35,000
7,636
42,636
Charge for the year
35,000
956
35,956
At 31 August 2016
70,000
8,592
78,592
Net book value
At 31 August 2016
-
2,467
2,467
At 31 August 2015
35,000
3,423
38,423
PILATES WORKS STUDIO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
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