Registration number:
Academy Sports & Leisure Ltd
for the Year Ended 31 March 2017
Unit 13
Highnam Business Centre
Highnam
Gloucester
Gloucestershire
GL2 8DN
Academy Sports & Leisure Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Academy Sports & Leisure Ltd
Company Information
Directors |
Mr Chris Rawlins Mrs Karen L Attwood Mrs Nicola Rawlins Mr Chris J Emms Mr Simon R Attwood |
Registered office |
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Accountants |
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Page 1 |
Academy Sports & Leisure Ltd
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Sports and leisure
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr Chris Rawlins
Director
Page 2 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Academy Sports & Leisure Ltd
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Academy Sports & Leisure Ltd for the year ended 31 March 2017 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Academy Sports & Leisure Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Academy Sports & Leisure Ltd and state those matters that we have agreed to state to the Board of Directors of Academy Sports & Leisure Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Academy Sports & Leisure Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Academy Sports & Leisure Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Academy Sports & Leisure Ltd. You consider that Academy Sports & Leisure Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Academy Sports & Leisure Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Highnam Business Centre
Highnam
Gloucester
Gloucestershire
GL2 8DN
Page 3 |
Academy Sports & Leisure Ltd
Profit and Loss Account for the Year Ended 31 March 2017
Note |
2017 |
2016 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Interest payable and similar expenses |
( |
( |
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(1,359) |
(3,168) |
||
Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Academy Sports & Leisure Ltd
Statement of Comprehensive Income for the Year Ended 31 March 2017
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
Academy Sports & Leisure Ltd
(Registration number: 05738292)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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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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For the financial year ending 31 March 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr Chris Rawlins
Director
Page 6 |
Academy Sports & Leisure Ltd
Statement of Changes in Equity for the Year Ended 31 March 2017
Share capital |
Profit and loss account |
Total |
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At 1 April 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 March 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 April 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 March 2016 |
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Page 7 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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
The tax expense for the period comprises current 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 income 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Page 8 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
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:
Depreciation rates
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 9 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 10 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Staff numbers |
Average number of employees
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Intangible assets |
Cost or valuation |
Amortisation |
Carrying amount |
At 31 March 2017 |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Revalued assets for the year ended 31 March 2017 |
Revalued assets for the year ended 31 March 2016 |
Page 11 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Negative goodwill |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
- |
- |
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Disposals |
- |
( |
- |
( |
At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings, £Nil (2016 - £Nil) in respect of long leasehold land and buildings and £Nil (2016 - £Nil) in respect of short leasehold land and buildings.
Investment properties |
2017 |
There has been no valuation of investment property by an independent valuer.
Stocks |
2017 |
2016 |
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Raw materials and consumables |
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Debtors |
Page 12 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
2017 |
2016 |
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Trade debtors |
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Prepayments |
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- |
Other debtors |
- |
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Page 13 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Finance lease liabilities |
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Page 14 |
Academy Sports & Leisure Ltd
Notes to the Financial Statements for the Year Ended 31 March 2017
Dividends |
2017 |
2016 |
|||
£ |
£ |
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Page 15 |