Djuric & Co Limited Company accounts

Djuric & Co Limited Company accounts

LISCOMBE HEALTH CLUB LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07265317
Djuric & Co Limited
Unaudited Abridged Financial Statements
31 August 2017
Djuric & Co Limited
Abridged Financial Statements
Year ended 31 August 2017
Contents
Page
Directors' report
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
6
Djuric & Co Limited
Directors' Report
Year ended 31 August 2017
The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 August 2017 .
Principal activities
The principal activity of the company during the year was that of operating a gym.
Directors
The directors who served the company during the year were as follows:
G Djuric
C Djuric
J Spaticchia
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 May 2018 and signed on behalf of the board by:
G Djuric
Director
Registered office:
88 Sheep Street
Bicester
Oxfordshire
OX26 6LP
Djuric & Co Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Djuric & Co Limited
Year ended 31 August 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 August 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
C J LEECH AND COMPANY Chartered accountant
88 Sheep Street Bicester Oxon OX26 6LP
25 May 2018
Djuric & Co Limited
Abridged Statement of Income and Retained Earnings
Year ended 31 August 2017
2017
2016
Note
£
£
Gross profit
494,385
423,921
Administrative expenses
494,123
475,832
---------
---------
Operating profit/(loss)
262
( 51,911)
---------
---------
Profit/(loss) before taxation
5
262
( 51,911)
Tax on profit/(loss)
–
–
----
--------
Profit/(loss) for the financial year and total comprehensive income
262
( 51,911)
----
--------
Retained losses at the start of the year
( 458,112)
( 406,201)
---------
---------
Retained losses at the end of the year
( 457,850)
( 458,112)
---------
---------
All the activities of the company are from continuing operations.
Djuric & Co Limited
Abridged Statement of Financial Position
31 August 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
6
485,544
485,544
Tangible assets
7
184,083
85,066
---------
---------
669,627
570,610
Current assets
Debtors
47,396
34,692
Cash at bank and in hand
14,337
8,174
--------
--------
61,733
42,866
Creditors: amounts falling due within one year
476,710
359,088
---------
---------
Net current liabilities
414,977
316,222
---------
---------
Total assets less current liabilities
254,650
254,388
Creditors: amounts falling due after more than one year
112,500
112,500
---------
---------
Net assets
142,150
141,888
---------
---------
Capital and reserves
Called up share capital
600,000
600,000
Profit and loss account
( 457,850)
( 458,112)
---------
---------
Shareholders funds
142,150
141,888
---------
---------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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:
- The members have not required the company to obtain an audit of its abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006.
Djuric & Co Limited
Abridged Statement of Financial Position (continued)
31 August 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 25 May 2018 , and are signed on behalf of the board by:
G Djuric
Director
Company registration number: 07265317
Djuric & Co Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 88 Sheep Street, Bicester, Oxfordshire, OX26 6LP.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Gym equipment
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2016: 7 ).
5. Profit before taxation
Profit/(loss) before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
27,101
25,477
--------
--------
6. Intangible assets
£
Cost
At 1 September 2016 and 31 August 2017
485,544
---------
Amortisation
At 1 September 2016 and 31 August 2017
–
---------
Carrying amount
At 31 August 2017
485,544
---------
At 31 August 2016
485,544
---------
7. Tangible assets
£
Cost
At 1 September 2016
144,961
Additions
126,118
---------
At 31 August 2017
271,079
---------
Depreciation
At 1 September 2016
59,895
Charge for the year
27,101
---------
At 31 August 2017
86,996
---------
Carrying amount
At 31 August 2017
184,083
---------
At 31 August 2016
85,066
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
G Djuric
( 180,000)
( 106,000)
( 286,000)
---------
---------
---------
2016
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
G Djuric
( 158,000)
( 22,000)
( 180,000)
---------
--------
---------
9. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.