Guildford Tennis Academy Limited - Period Ending 2017-08-31
Guildford Tennis Academy Limited - Period Ending 2017-08-31
Registration number:
Guildford Tennis Academy Limited
for the Year Ended 31 August 2017
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ
Guildford Tennis Academy Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Guildford Tennis Academy Limited
Company Information
Directors |
A J Crucefix C J Tucker Mrs S E Crucefix |
Company secretary |
Mrs S E Crucefix |
Registered office |
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Accountants |
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Page 1 |
Guildford Tennis Academy Limited
(Registration number: 08818182)
Balance Sheet as at 31 August 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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- |
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- |
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Current assets |
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Stocks |
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- |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
- |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Profit and loss account |
( |
- |
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Total equity |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Guildford Tennis Academy Limited
(Registration number: 08818182)
Balance Sheet as at 31 August 2017
Approved and authorised by the
Director
Page 3 |
Guildford Tennis Academy Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
Over the lease term |
Office equipment |
25% on cost |
Tennis equipment |
10% on cost |
Page 4 |
Guildford Tennis Academy Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% on value |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Guildford Tennis Academy Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions |
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At 31 August 2017 |
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Amortisation |
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Amortisation charge |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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Tangible assets |
Leasehold property |
Office equipment |
Tennis equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 August 2017 |
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Depreciation |
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Charge for the year |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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Page 6 |
Guildford Tennis Academy Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Investments |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Disposals |
( |
At 31 August 2017 |
- |
Carrying amount |
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At 31 August 2017 |
- |
Stocks |
2017 |
2016 |
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Stocks |
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- |
Debtors |
2017 |
2016 |
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Trade debtors |
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- |
Prepayments |
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- |
Other debtors |
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- |
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- |
Page 7 |
Guildford Tennis Academy Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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- |
Taxation and social security |
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- |
Accruals and deferred income |
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- |
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- |
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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1 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Director's current account |
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- |
Other creditors |
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- |
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- |
Page 8 |
Guildford Tennis Academy Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Related party transactions |
Transactions with directors |
2017 |
Directors loan |
At 31 August 2017 |
A J Crucefix |
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Loans from related parties
2017 |
Main shareholder |
Mrs S E Crucefix |
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Terms of loans from related parties
Transition to FRS 102 |
Page 9 |