Company Registration No. 03041174 (England and Wales)
NEWCASTLE EAGLES (BASKETBALL) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
Evolution Business and Tax Advisors LLP
10 Evolution
Wynyard Park
Wynyard
TS22 5TB
NEWCASTLE EAGLES (BASKETBALL) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
NEWCASTLE EAGLES (BASKETBALL) LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
14,446
19,551
Current assets
Stocks
1,086
807
Debtors
108,040
103,741
Cash at bank and in hand
64
64
109,190
104,612
Creditors: amounts falling due within one year
(120,640)
(147,326)
Net current liabilities
(11,450)
(42,714)
Total assets less current liabilities
2,996
(23,163)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
2,896
(23,263)
Shareholders' funds
2,996
(23,163)
For the financial year ended 31 July 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the 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 accounts, so far as applicable to the company.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board for issue on 21 January 2015
P Blake
Director
Company Registration No. 03041174
NEWCASTLE EAGLES (BASKETBALL) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The company depends on its existing bank facilities and loans to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the foreseeable future. The bank facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The director is not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the director believes it is appropriate to prepare the financial statements on the going concern basis.
The company depends on its existing bank facilities and loans to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the foreseeable future. The bank facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The director is not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the director believes it is appropriate to prepare the financial statements on the going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
50% straight line
Fixtures, fittings and equipment
10 - 20% straight line
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2013 & at 31 July 2014
92,859
Depreciation
At 1 August 2013
73,309
Charge for the year
5,104
At 31 July 2014
78,413
Net book value
At 31 July 2014
14,446
At 31 July 2013
19,551
NEWCASTLE EAGLES (BASKETBALL) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
100 ordinary shares of £1 each
100
100
4
Related party relationships and transactions
The following director had a loan during the year. The movement on this loan is as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Paul Blake
-
29,982
11,963
(449)
(11,218)
30,278
29,982
11,963
(449)
(11,218)
30,278
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