GR8 SPORTS LTD - Filleted accounts

GR8 SPORTS LTD - Filleted accounts

GR8 SPORTS LTD - Company Information

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GR8 SPORTS LTD
Registered number: 07941326
Balance Sheet
as at 28 February 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 19,637 14,121
Current assets
Stocks 26,000 9,600
Debtors 3 13,381 18,954
Cash at bank and in hand 11,134 4,554
50,515 33,108
Creditors: amounts falling due within one year 4 (50,607) (40,497)
Net current liabilities (92) (7,389)
Net assets 19,545 6,732
Capital and reserves
Called up share capital 2 2
Profit and loss account 19,543 6,730
Shareholders' funds 19,545 6,732
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nichola Marr
Director
Approved by the board on 11 July 2017
GR8 SPORTS LTD
Notes to the Accounts
for the year ended 28 February 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2016 27,611 - 27,611
Additions 1,063 10,999 12,062
At 28 February 2017 28,674 10,999 39,673
Depreciation
At 1 March 2016 13,490 - 13,490
Charge for the year 3,796 2,750 6,546
At 28 February 2017 17,286 2,750 20,036
Net book value
At 28 February 2017 11,388 8,249 19,637
At 29 February 2016 14,121 - 14,121
3 Debtors 2017 2016
£ £
Trade debtors 13,381 15,829
Other debtors - 3,125
13,381 18,954
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 13,123 9,867
Other taxes and social security costs 1,836 -
Director's loan account 35,648 30,630
50,607 40,497
5 Other information
GR8 SPORTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
69 Windsor Road
Prestwich
Manchester
M25 0DB
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