NQY Surf School Limited - Period Ending 2017-12-31
NQY Surf School Limited - Period Ending 2017-12-31
Period from 25 November 2016 to
Registration number:
NQY Surf School Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
NQY Surf School Limited
Company Information
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Directors |
L D Gamble A D Griffiths |
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Registered office |
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Accountants |
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Page 1 |
NQY Surf School Limited
Balance Sheet
31 December 2017
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Note |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
NQY Surf School Limited
Balance Sheet
31 December 2017
For the financial period ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 10496348
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Page 3 |
NQY Surf School Limited
Notes to the Financial Statements
Period from 25 November 2016 to 31 December 2017
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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Page 4 |
NQY Surf School Limited
Notes to the Financial Statements
Period from 25 November 2016 to 31 December 2017
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixture and Fittings |
20% Reducing Balance |
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Page 5 |
NQY Surf School Limited
Notes to the Financial Statements
Period from 25 November 2016 to 31 December 2017
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2017 |
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Depreciation |
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Charge for the period |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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Debtors |
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31 December 2017 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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31 December 2017 |
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Due within one year |
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Trade creditors |
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Corporation tax |
6,064 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Page 6 |
NQY Surf School Limited
Notes to the Financial Statements
Period from 25 November 2016 to 31 December 2017
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Share capital |
Allotted, called up and fully paid shares
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2017 |
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No. |
£ |
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100 |
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Page 7 |