SPORTS CLUB (UK) LIMITED - Abbreviated accounts

SPORTS CLUB (UK) LIMITED - Company Information

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Registered number

05814469

SPORTS CLUB (UK) LIMITED

Abbreviated Accounts

28 February 2014

AG Kakouris Limited

Chartered Certified Accountants

SPORTS CLUB (UK) LIMITED						Registered number
						05814469
Abbreviated Balance Sheet
as at 28 February 2014

Notes			2014			2013
£				£
Fixed assets
Tangible assets	2		1,465,031			1,490,045

Current assets
Debtors		2,163			4,334
Cash at bank and in hand		801			1,457
		2,964			5,791

Creditors: amounts falling due within one year		(89,957)			(67,837)

Net current liabilities			(86,993)			(62,046)

Total assets less current liabilities			1,378,038			1,427,999

Creditors: amounts falling due after more than one year			(1,805,976)			(1,797,961)



Net liabilities			(427,938)			(369,962)

Capital and reserves
Called up share capital	4		1,999			1,999
Profit and loss account			(429,937)			(371,961)

Shareholders' funds			(427,938)			(369,962)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Approved by the board on 24 November 2014




Mr S Young
Director

SPORTS CLUB (UK) LIMITED
Notes to the Abbreviated Accounts
for the year ended 28 February 2014

1	Accounting policies

	Basis of preparation
	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
	Turnover represents rents receivable from venue hire to customers and provision of sports facilities to members.

	Depreciation
	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 land and buildings			Over the lease term of 114 years

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes, provided the amount is material in the context of the financial statements as a whole. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Group accounts
	The company and its subsidiary comprise a small group. The company has therefore chosen not to prepare group accounts as per the exemption provided in section 398 of the Companies Act 2006 not to prepare group financial statements and accordingly these financial statements present information about the company as a single undertaking.

	Going concern
	The accounts have been prepared on the going concern basis as indicated in note 5.


2	Tangible fixed assets					£

	Cost
	At 1 March 2013					1,734,436
	At 28 February 2014					1,734,436

	Depreciation
	At 1 March 2013					244,391
	Charge for the year					25,014
	At 28 February 2014					269,405

	Net book value
	At 28 February 2014					1,465,031
	At 28 February 2013					1,490,045


3	Loans					2014		2013
£							£
	Creditors include:
	Secured bank loans					1,360,000		1,360,000

	In relation to the above bank loan and overdraft:- (a) The bank has a first legal charge over the leasehold property, 185a Park Rd, London, N8 8JJ. (b) The Directors and Shareholders have given personal guarantees to the bank for the sum of £710,000. (c) A secured loan of £1,360,000 was taken through Natwest Bank Plc, who have a debenture over the assets of the company.


4	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1,999		1,999		1,999


5	Going concern

	As at the balance sheet date the company had a net liability of £427,938 (2013: £369,962) and a loss for the year of £57,976 (2013: £111,260). The directors consider that the company is a going concern and will continue in operational existence for the forseeable future, at least 12 months from the approval date of these accounts. The company has actively been looking to increase its turnover and has taken significant steps to change its internal structure so as to reduce its costs. The directors are optimistic that with these changes, the company will improve its profitability and generate sufficient funds in the foreseeable future.