Company Registration No. 03041174 (England and Wales)
NEWCASTLE EAGLES (BASKETBALL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
NEWCASTLE EAGLES (BASKETBALL) LIMITED
COMPANY INFORMATION
Director
P Blake
Secretary
S J Blake
Company number
03041174
Registered office
Ellison Building
Ellison Place
Newcastle-Upon-Tyne
NE1 8ST
Accountants
Baldwins (Wynyard) Limited
Wynyard Park House
Wynyard Avenue
Wynyard
TS22 5TB
NEWCASTLE EAGLES (BASKETBALL) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
NEWCASTLE EAGLES (BASKETBALL) LIMITED
BALANCE SHEET
AS AT 31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,640
6,594
Investments
4
18
18
2,658
6,612
Current assets
Stocks
6,512
5,932
Debtors
5
115,599
134,495
Cash at bank and in hand
8,656
-
130,767
140,427
Creditors: amounts falling due within one year
6
(125,016)
(143,620)
Net current assets/(liabilities)
5,751
(3,193)
Total assets less current liabilities
8,409
3,419
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
8,309
3,319
Total equity
8,409
3,419
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 27 April 2018
P Blake
Director
Company Registration No. 03041174
NEWCASTLE EAGLES (BASKETBALL) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2017
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2015
100
1,483
1,583
Year ended 31 July 2016:
Profit and total comprehensive income for the year
-
25,836
25,836
Dividends
-
(24,000)
(24,000)
Balance at 31 July 2016
100
3,319
3,419
Year ended 31 July 2017:
Profit and total comprehensive income for the year
-
24,990
24,990
Dividends
-
(20,000)
(20,000)
Balance at 31 July 2017
100
8,309
8,409
NEWCASTLE EAGLES (BASKETBALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
1
Accounting policies
Company information
Newcastle Eagles (Basketball) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ellison Building, Ellison Place, Newcastle-Upon-Tyne, NE1 8ST.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 July 2017
are the
first
financial statements of Newcastle Eagles (Basketball) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
10 - 20% straight line
Computer equipment
50% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
NEWCASTLE EAGLES (BASKETBALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
NEWCASTLE EAGLES (BASKETBALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2016 - 12).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2016
94,777
Additions
1,000
At 31 July 2017
95,777
Depreciation and impairment
At 1 August 2016
88,183
Depreciation charged in the year
4,954
At 31 July 2017
93,137
Carrying amount
At 31 July 2017
2,640
At 31 July 2016
6,594
4
Fixed asset investments
2017
2016
£
£
Investments
18
18
NEWCASTLE EAGLES (BASKETBALL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
36,183
20,158
Corporation tax recoverable
13,529
13,529
Other debtors
65,887
100,808
115,599
134,495
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
887
27,169
Trade creditors
39,933
22,647
Corporation tax
13,529
13,529
Other taxation and social security
41,289
24,983
Other creditors
29,378
55,292
125,016
143,620
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100