Full On Sport Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06833032 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Full On Sport Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Lewis

REGISTERED OFFICE:

Unit 23

Yeovil Innovation Centre

Barracks Close

Yeovil

Somerset

BA22 8RN

REGISTERED NUMBER:

06833032 (England and Wales)

ACCOUNTANTS:

Dunkley's

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Intangible assets

4

15,982

19,978

Tangible assets

5

51,509

55,576

67,491

75,554

CURRENT ASSETS

Debtors

6

51,604

38,102

Cash at bank and in hand

113,162

189,977

164,766

228,079

CREDITORS

Amounts falling due within one year

7

267,049

284,933

NET CURRENT LIABILITIES

(102,283

)

(56,854

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(34,792

)

18,700

CREDITORS

Amounts falling due after more than one year

8

(177,559

)

(84,660

)

PROVISIONS FOR LIABILITIES

-

(5,567

)

NET LIABILITIES

(212,351

)

(71,527

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

(213,351

)

(72,527

)

SHAREHOLDERS' FUNDS

(212,351

)

(71,527

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 21 December 2017 and were signed by:

M Lewis - Director

1.	STATUTORY INFORMATION

Full On Sport 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 April 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Amortisation

Tangible fixed assets

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

Asset class Depreciation method and rate

Plant and machinery 20% reducing balance/20% straight line

Office equipment 20% reducing balance

Motor vehicles 20% reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

As at the year end, the company had a negative balance sheet. The company continues to trade with the support

of the Directors and a related party loan. The Directors believe the going concern basis of preparation to be

appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

and 31 March 2017

19,978

AMORTISATION

Charge for year

3,996

At 31 March 2017

3,996

NET BOOK VALUE

At 31 March 2017

15,982

At 31 March 2016

19,978

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

106,492

20,416

3,250

130,158

Additions

11,104

1,556

-

12,660

At 31 March 2017

117,596

21,972

3,250

142,818

DEPRECIATION

At 1 April 2016

65,914

8,018

650

74,582

Charge for year

13,417

2,790

520

16,727

At 31 March 2017

79,331

10,808

1,170

91,309

NET BOOK VALUE

At 31 March 2017

38,265

11,164

2,080

51,509

At 31 March 2016

40,578

12,398

2,600

55,576

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

as restated

£

£

Trade debtors

16,198

23,037

Other debtors

-

153

Tax

4,098

-

Prepayments

31,308

14,912

51,604

38,102

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

as restated

£

£

Bank loans and overdrafts

9,200

-

Hire purchase contracts and finance leases

10,788

8,067

Trade creditors

39,536

31,963

Tax

-

8,536

Social security and other taxes

9,866

7,001

VAT

21,175

8,783

Other creditors

112,403

167,118

Directors' current accounts

60,181

49,565

Accrued expenses

3,900

3,900

267,049

284,933

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

as restated

£

£

Hire purchase contracts and finance leases

9,016

12,382

Other creditors

168,543

72,278

177,559

84,660

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

as restated

£

£

500

A ordinary shares

£1

500

500

500

B ordinary shares

£1

500

500

1,000

1,000

10.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £68,063 (2016 - £82,913).

11.	RELATED PARTY DISCLOSURES

Full On Sport Pension Scheme

A pension scheme under which Mr M L Lewis (Director) has a benefit.

During the current and previous year, a loan existed between the company and the Full On Sport Pension Scheme

At the balance sheet date, £177,243 (2016 - £89,487) was due to the Full On Sport Pension Scheme and is shown

in Other Creditors. The loan is repayable over a period of five years in monthly instalments at an interest rate of

10% per annum.

12.	FIRST YEAR ADOPTION

There were no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for

the year ended 31 March 2016 as a result of the transition to FRS102.