Westgate Sports Agency Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02615831 (England and Wales)

WESTGATE SPORTS AGENCY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R D Cole

SECRETARY:

D Judd

REGISTERED OFFICE:

Nevern

5 Y Parc

Groesfaen

Pontyclun

Mid Glamorgan

CF72 8NP

REGISTERED NUMBER:

02615831 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

4

369

3,163

Investments

5

100

100

469

3,263

CURRENT ASSETS

Debtors

6

61,687

62,535

Cash at bank

53

5,789

61,740

68,324

CREDITORS

Amounts falling due within one year

7

(30,321

)

(32,738

)

NET CURRENT ASSETS

31,419

35,586

TOTAL ASSETS LESS CURRENT LIABILITIES

31,888

38,849

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

31,886

38,847

SHAREHOLDERS' FUNDS

31,888

38,849

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Profit and loss account has not been delivered.

The financial statements were approved for issue by the director on 23 March 2018 and were signed by:

R D Cole - Director

1.	STATUTORY INFORMATION

Westgate Sports Agency 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 company's functional and presentational currency in the financial statements is the Sterling (£), rounded to

the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

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.

There have been no material departures from Financial Reporting Standard 102 1A.

These financial statements for the year ended 30 June 2017 are the first financial statements that comply with

Financial Reporting Standard 102 1A. The date of transition is 1 July 2015.

The transition to Financial Reporting Standard 102 1A has resulted in no changes to existing accounting

policies.

Turnover

Turnover represents net invoiced sales of sports news reporting services, excluding value added tax.

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

-

25% on cost and 15% on cost

Motor vehicles

-

15% on cost

Current tax

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and

is calculated using the tax rates and laws that have been enacted or substantively enacted at 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees

are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

Non-derivative financial instruments

Basic financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 July 2016

and 30 June 2017

20,652

10,794

31,446

DEPRECIATION

At 1 July 2016

18,838

9,445

28,283

Charge for year

1,445

1,349

2,794

At 30 June 2017

20,283

10,794

31,077

NET BOOK VALUE

At 30 June 2017

369

-

369

At 30 June 2016

1,814

1,349

3,163

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2016

and 30 June 2017

100

NET BOOK VALUE

At 30 June 2017

100

At 30 June 2016

100

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

8,839

26,542

Other debtors

13,320

13,320

Director's current account -

R D Cole

34,456

17,908

56,615

57,770

Amounts falling due after more than one year:

Deferred tax asset

573

266

Corporation tax

4,499

4,499

5,072

4,765

Aggregate amounts

61,687

62,535

The above deferred tax debtor is made up of fixed asset timing differences.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank overdraft

4,846

-

Trade creditors

2,837

1,648

Corporation tax

6,778

18,677

Social security and other taxes

817

1,417

VAT

2,585

5,177

Company credit card

575

336

Other creditors

7,374

974

Accrued expenses

4,509

4,509

30,321

32,738

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

1,388

1,388

Between one and five years

925

1,388

In more than five years

-

925

2,313

3,701

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

4,846

-

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

R D Cole

Balance outstanding at start of year

17,908

17,994

Amounts advanced

48,790

37,714

Amounts repaid

(32,242

)

(37,800

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

34,456

17,908

Interest was charged at a commercial rate in the year ended 30 June 2017 and 30 June 2016 . There are no

fixed terms for repayment of the loan.