LK2 Sport & Leisure Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09205163 (England and Wales)

LK2 SPORT & LEISURE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G Johnson

A M Kitchen

D W Lui

P C Starbuck

REGISTERED OFFICE:

Studio 2

Deepdale Enterprise Park

Nettleham

Lincoln

Lincolnshire

LN2 2LL

REGISTERED NUMBER:

09205163 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Intangible assets

4

20,000

36,000

CURRENT ASSETS

Debtors

5

52,203

41,028

Cash at bank and in hand

97,367

15,616

149,570

56,644

CREDITORS

Amounts falling due within one year

6

146,509

89,904

NET CURRENT ASSETS/(LIABILITIES)

3,061

(33,260

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,061

2,740

CAPITAL AND RESERVES

Called up share capital

7

400

400

Retained earnings

22,661

2,340

SHAREHOLDERS' FUNDS

23,061

2,740

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

D W Lui - Director

1.	STATUTORY INFORMATION

LK2 Sport & Leisure Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2017

and 31 July 2018

80,000

AMORTISATION

At 1 August 2017

44,000

Charge for year

16,000

At 31 July 2018

60,000

NET BOOK VALUE

At 31 July 2018

20,000

At 31 July 2017

36,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

40,414

29,244

Other debtors

11,789

11,784

52,203

41,028

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

560

260

Taxation and social security

35,774

25,923

Other creditors

110,175

63,721

146,509

89,904

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

A

1

100

100

300

Ordinary

1

300

300

400

400

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have a directors loan account totalling £5,976 overdrawn brought forward (2017 :£15,915

overdrawn). During the year, the directors of the company borrowed £13,293 (2017: £8,996) from the company

and repaid £19,809 (2017: £18,789). Interest was charged on the overdrawn amount in the year of £47 (2017:

£148). The balance at the end of the year totalled £493 in credit (2017: £5,976 overdrawn).