The Grafton Dance School Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08591140 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2020

for

The Grafton Dance School Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P Burbedge

REGISTERED OFFICE:

Airport House

Suite 43-45

Purley Way

Croydon

Surrey

CR0 0XZ

BUSINESS ADDRESS:

174a

Birchanger Road

South Norwood

London

SE25 5BQ

REGISTERED NUMBER:

08591140 (England and Wales)

ACCOUNTANTS:

Ledger Sparks Limited

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

FIXED ASSETS

Tangible assets

4

1,955

2,356

CURRENT ASSETS

Stocks

800

800

Debtors

5

2,188

1,455

Cash at bank and in hand

9,331

11,011

12,319

13,266

CREDITORS

Amounts falling due within one year

6

(14,318

)

(10,142

)

NET CURRENT (LIABILITIES)/ASSETS

(1,999

)

3,124

TOTAL ASSETS LESS CURRENT LIABILITIES

(44

)

5,480

PROVISIONS FOR LIABILITIES

7

(372

)

(448

)

NET (LIABILITIES)/ASSETS

(416

)

5,032

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

8

(417

)

5,031

(416

)

5,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 25 June 2021 and were signed by:

P Burbedge - Director

1.	STATUTORY INFORMATION

The Grafton Dance School Limited 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 (£).

The principal activity of the company continued to be that of Sports and Recreation Education.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-putable ordinary shares.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

GOING CONCERN

At the balance sheet date, liabilities exceed assets by £416. However the financial statements have been prepared on a going concern basis as the company has the continuing support from its directors and shareholders.The director are therefore satisfied that the financial statements have been correctly prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2019

and 30 June 2020

3,489

546

4,035

DEPRECIATION

At 1 July 2019

1,598

81

1,679

Charge for year

284

117

401

At 30 June 2020

1,882

198

2,080

NET BOOK VALUE

At 30 June 2020

1,607

348

1,955

At 30 June 2019

1,891

465

2,356

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Corporation tax recoverable

732

-

Prepayments and accrued income

1,456

1,455

2,188

1,455

The director considers the carrying value of trade and other receivables approximate to their fair values.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed to group undertakings

4,734

4,734

Corporation tax payable

3,204

3,109

Other creditors

72

-

Directors' current accounts

1,573

362

Accruals and deferred income

4,735

1,937

14,318

10,142

The director considers the carrying amounts of current liabilities approximate to their fair values.

7.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

372

448

Deferred

tax

£

Balance at 1 July 2019

448

Provided during year

(76

)

Balance at 30 June 2020

372

8.

RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

9.	RELATED PARTY DISCLOSURES

As at the balance sheet date included in creditor were amounts of £1,573 (2019 - £362) due to the directors.

At the balance sheet date other creditors includes amounts payable to associates, Grafton Dance Centre Ltd of £4,734 (2019 - £4,734).

10.	EVENT DURING THE REPORTING PERIOD

For the period ended on 31 June 2020, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however company continues to operate using alternative methods and remote working. The directors are unable to evaluate the overall financial impact on the business at present. Hence the financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act with reference to the current changing environment in order to position the company to ensure its future success.