Brentwood Park Ski and Snowboard Centre Limited Company Accounts

BRENTWOOD PARK SKI AND SNOWBOARD CENTRE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03965895

Brentwood Park Ski and Snowboard Centre Limited

Filleted Unaudited Financial Statements

31 March 2018

Brentwood Park Ski and Snowboard Centre Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Brentwood Park Ski and Snowboard Centre Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	6		31,152		15,044

Current assets

Stocks		316	275
Debtors	7	19,599	19,018
Cash at bank and in hand		204,560	168,252
		---------	---------
		224,475	187,545

Creditors: amounts falling due within one year	8	35,499		38,126
		---------		---------
Net current assets			188,976		149,419
			---------		---------
Total assets less current liabilities			220,128		164,463

Provisions

Taxation including deferred tax	5,721	2,755
	---------	---------
Net assets	214,407	161,708
	---------	---------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		214,307	161,608
		---------	---------
Shareholders funds		214,407	161,708
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Brentwood Park Ski and Snowboard Centre Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 1 June 2018 , and are signed on behalf of the board by:

Mr Sergio Cis	Mr Steven Cis
Director	Director

Company registration number: 03965895

Brentwood Park Ski and Snowboard Centre Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 6 ).

5. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	12,041	11,135
Adjustments in respect of prior periods	6	–
	--------	--------
Total current tax	12,047	11,135
	--------	--------

Deferred tax:

Origination and reversal of timing differences	2,966	2,755
	--------	--------
Tax on profit	15,013	13,890
	--------	--------

6. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 April 2017	1,736	49,078	50,814
Additions	–	22,432	22,432
	-------	--------	--------
At 31 March 2018	1,736	71,510	73,246
	-------	--------	--------
Depreciation
At 1 April 2017	1,736	34,034	35,770
Charge for the year	–	6,324	6,324
	-------	--------	--------
At 31 March 2018	1,736	40,358	42,094
	-------	--------	--------
Carrying amount
At 31 March 2018	–	31,152	31,152
	-------	--------	--------
At 31 March 2017	–	15,044	15,044
	-------	--------	--------

7. Debtors

	2018	2017
	£	£
Prepayments and accrued income	19,404	18,750
Directors loan account	195	268
	--------	--------
	19,599	19,018
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Accruals and deferred income	3,090	5,586
Corporation tax	12,041	11,136
Social security and other taxes	20,368	21,404
	--------	--------
	35,499	38,126
	--------	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions	5,721	2,755
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	5,721	2,755
	-------	-------

10. Called up share capital

Authorised share capital

	2018		2017
	No.	£	No.	£
Ordinary A shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary B shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary C shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary D shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary E shares of £1 each	2,000	2,000	2,000	2,000
	--------	--------	--------	--------
	10,000	10,000	10,000	10,000
	--------	--------	--------	--------

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary A shares of £ 1 each	40	40	40	40
Ordinary B shares of £ 1 each	10	10	10	10
Ordinary C shares of £ 1 each	20	20	20	20
Ordinary D shares of £ 1 each	10	10	10	10
Ordinary E shares of £1 each	20	20	20	20
	----	----	----	----
	100	100	100	100
	----	----	----	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	75,000	75,000
	--------	--------

12. Directors' advances, credits and guarantees

At the year end Mr S Cis owed the company £195 (2017 - £268) which is shown amongst debtors.