NEWCASTLE_EAGLES_(BASKETB - Accounts

NEWCASTLE EAGLES (BASKETBALL) LIMITED - Company Information

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Company Registration No. 03041174 (England and Wales)

NEWCASTLE EAGLES (BASKETBALL) LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

Evolution Business and Tax Advisors LLP

Wynyard Park House

Wynyard Avenue

Wynyard

TS22 5TB

NEWCASTLE EAGLES (BASKETBALL) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

NEWCASTLE EAGLES (BASKETBALL) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

10,334

14,446

Current assets

Stocks

376

1,086

Debtors

84,500

108,040

Cash at bank and in hand

84,876

109,190

Creditors: amounts falling due within one year

(93,627)

(120,640)

Net current liabilities

(8,751)

(11,450)

Total assets less current liabilities

1,583

2,996

Capital and reserves

Called up share capital

100

Profit and loss account

1,483

2,896

Shareholders' funds

1,583

2,996

For the financial year ended 31 July 2015 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 25 April 2016

P Blake

Director

Company Registration No. 03041174

NEWCASTLE EAGLES (BASKETBALL) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

- 2 -

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.

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.

NEWCASTLE EAGLES (BASKETBALL) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 August 2014

92,859

Additions

688

At 31 July 2015

93,547

Depreciation

At 1 August 2014

78,413

Charge for the year

4,800

At 31 July 2015

83,213

Net book value

At 31 July 2015

10,334

At 31 July 2014

14,446

Share capital

2015

2014

Allotted, called up and fully paid

100 ordinary shares of £1 each

100

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

30,278

5,936

(1,140)

18,332

16,742

30,278

5,936

(1,140)

18,332

16,742