Ipswich Golf Centre Ltd 31/03/2018 iXBRL

Ipswich Golf Centre Ltd 31/03/2018 iXBRL

IPSWICH GOLF CENTRE LTD - Company Information

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Company registration number: 06847152
Ipswich Golf Centre Ltd
Unaudited filleted financial statements
31 March 2018
Ipswich Golf Centre Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Ipswich Golf Centre Ltd
Directors and other information
Director Alex Lucas
Secretary Mark Talman
Company number 06847152
Registered office 83-85 Derby Road
Ipswich
Suffolk
IP3 8DL
Business address 45 Dobbs Drift
Kesgrave
Ipswich
Suffolk
IP5 2QG
Accountant Mark Talman
Deeks & King
83-85 Derby Road
Ipswich
Suffolk
IP3 8DL
Bankers HSBC
41 Woodbridge Road
Ipswich
Suffolk
IP4 5QN
Ipswich Golf Centre Ltd
Accountant's report to the director on the preparation of the
unaudited statutory financial statements of Ipswich Golf Centre Ltd
Year ended 31 March 2018
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2018 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Mark Talman
Deeks & King
83-85 Derby Road
Ipswich
Suffolk
IP3 8DL
11 December 2018
Ipswich Golf Centre Ltd
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 6,735 8,213
_______ _______
6,735 8,213
Current assets
Stocks 11,000 13,000
Cash at bank and in hand 424 1,612
_______ _______
11,424 14,612
Creditors: amounts falling due
within one year 5 ( 15,196) ( 20,020)
_______ _______
Net current liabilities ( 3,772) ( 5,408)
_______ _______
Total assets less current liabilities 2,963 2,805
_______ _______
Net assets 2,963 2,805
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,961 2,803
_______ _______
Shareholders funds 2,963 2,805
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 December 2018 , and are signed on behalf of the board by:
Alex Lucas
Director
Company registration number: 06847152
Ipswich Golf Centre Ltd
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2016 2 1,933 1,935
Profit for the year 870 870
_______ _______ _______
Total comprehensive income for the year - 870 870
_______ _______ _______
At 31 March 2017 and 1 April 2017 2 2,803 2,805
Profit for the year 158 158
_______ _______ _______
Total comprehensive income for the year - 158 158
_______ _______ _______
At 31 March 2018 2 2,961 2,963
_______ _______ _______
Ipswich Golf Centre Ltd
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Deeks & King, 83-85 Derby Road, Ipswich, Suffolk, IP3 8DL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2017 and 31 March 2018 21,796 21,796
_______ _______
Depreciation
At 1 April 2017 13,583 13,583
Charge for the year 1,478 1,478
_______ _______
At 31 March 2018 15,061 15,061
_______ _______
Carrying amount
At 31 March 2018 6,735 6,735
_______ _______
At 31 March 2017 8,213 8,213
_______ _______
5. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 144 96
Corporation tax 384 271
Social security and other taxes 3,367 3,505
Other creditors 11,301 16,148
_______ _______
15,196 20,020
_______ _______
6. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Alex Lucas ( 7,171) 400 ( 6,771)
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Alex Lucas ( 7,175) 4 ( 7,171)
_______ _______ _______