Registered number
07040372
Action Indoor Sports Limited
Filleted Accounts
30 September 2018
Action Indoor Sports Limited
Registered number: 07040372
Balance Sheet
as at 30 September 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 75,379 83,754
Tangible assets 4 980 2,791
76,359 86,545
Current assets
Stocks 1,365 4,850
Debtors 5 161,153 164,526
Cash at bank and in hand 2,054 1,831
164,572 171,207
Creditors: amounts falling due within one year 6 (98,591) (137,943)
Net current assets 65,981 33,264
Net assets 142,340 119,809
Capital and reserves
Called up share capital 115 115
Share premium 233,888 233,888
Profit and loss account (91,663) (114,194)
Shareholders' funds 142,340 119,809
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.
Andrew Hatcher
Director
Approved by the board on 8 January 2019
Action Indoor Sports Limited
Notes to the Accounts
for the year ended 30 September 2018
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 20% reducuing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2017 83,754
At 30 September 2018 83,754
Amortisation
Provided during the year 8,375
At 30 September 2018 8,375
Net book value
At 30 September 2018 75,379
At 30 September 2017 83,754
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2017 206,831
Disposals (197,881)
At 30 September 2018 8,950
Depreciation
At 1 October 2017 204,040
Charge for the year 1,790
On disposals (197,860)
At 30 September 2018 7,970
Net book value
At 30 September 2018 980
At 30 September 2017 2,791
5 Debtors 2018 2017
£ £
Trade debtors 1,380 3,888
Other debtors 159,773 160,638
161,153 164,526
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 19,301 47,662
Trade creditors 37,993 42,106
Taxation and social security costs 4,535 9,710
Other creditors 36,762 38,465
98,591 137,943
7 Other information
Action Indoor Sports Limited is a private company limited by shares and incorporated in England. Its registered office is:
Action Indoor Sports Ltd
Bamfield
Bristol
BS14 0XA
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