Full On Sport Limited - Period Ending 2015-03-31

Registration number: 06833032

Full On Sport Limited
 
  Unaudited Abbreviated Accounts
 
  for the year ended 31 March 2015
 

Full On Sport Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Full On Sport Limited
(Registration number: 06833032)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Intangible fixed assets								19,978						19,978
Tangible fixed assets								35,899						13,689
								55,877						33,667
Current assets
Debtors					9,405						6,825
Cash at bank and in hand					15,616						50,594
					25,021						57,419
Creditors: Amounts falling due within one year					(38,804)						(10,097)
Net current (liabilities)/assets								(13,783)						47,322
Total assets less current liabilities								42,094						80,989
Creditors: Amounts falling due after more than one year								(17,067)						-
Provisions for liabilities								(7,180)						-
Net assets								17,847						80,989
Capital and reserves
Called up share capital		4			1,000						1,000
Profit and loss account					16,847						79,989
Shareholders' funds								17,847						80,989

Page 1

Full On Sport Limited
(Registration number: 06833032)
Abbreviated Balance Sheet at 31 March 2015

For the year ended 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 15 December 2015 and signed on its behalf by:

.........................................
Mr Mark Lewis
Director

Page 2

Full On Sport Limited
Notes to the Abbreviated Accounts for the year Ended 31 March 2015

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less estimated residual value, over their exepected useful economic life.

Asset class	Amortisation method and rate
Web site	5 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expetced useful economic life.

Asset class	Depreciation method and rate
Plant and machinery	Reducing balance 20%
Office Equipment	Reducing balance 20%

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, whihc have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Full On Sport Limited
Notes to the Abbreviated Accounts for the year Ended 31 March 2015

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		19,978			63,946			83,924
Additions		-			31,185			31,185
At 31 March 2015		19,978			95,131			115,109
Depreciation
At 1 April 2014		-			50,257			50,257
Charge for the year		-			8,975			8,975
At 31 March 2015		-			59,232			59,232
Net book value
At 31 March 2015		19,978			35,899			55,877
At 31 March 2014		19,978			13,689			33,667

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		6,770			-
Amounts falling due after more than one year		17,067			-
Total secured creditors		23,837			-

Page 4

Full On Sport Limited
Notes to the Abbreviated Accounts for the year Ended 31 March 2015

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
A Ordinary Shares of £1 each		500			500			-			-
B Ordinary Shares of £1 each		500			500			-			-
Ordinary Shares of £1 each		-			-			1,000			1,000
		1,000			1,000			1,000			1,000

Page 5