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REGISTERED NUMBER:
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Courtside Conversions Limited |
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Unaudited Financial Statements for the Year Ended 31 May 2018 |
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REGISTERED NUMBER:
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Courtside Conversions Limited |
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Unaudited Financial Statements for the Year Ended 31 May 2018 |
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Courtside Conversions Limited (Registered number: 04213143) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Courtside Conversions Limited |
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Company Information |
for the Year Ended 31 May 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Southernhay West |
Exeter |
Devon |
EX1 1JG |
Courtside Conversions Limited (Registered number: 04213143) |
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Balance Sheet |
31 May 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Courtside Conversions Limited (Registered number: 04213143) |
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Balance Sheet - continued |
31 May 2018 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Courtside Conversions Limited (Registered number: 04213143) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2018 |
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1. | STATUTORY INFORMATION |
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Courtside Conversions Limited is a private company, limited by shares, registered in England and |
Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The company's principal business address is 1 Woodward Road, Howden Industrial Estate, Tiverton, |
EX16 5HS. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and |
services to customers. |
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Employee benefit trusts |
The company has created a trust whose beneficiaries will include employees of the company and |
their dependents. Assets held under this trust will be controlled by trustees who will be acting |
independently and entirely at their own discretion. |
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Where assets are held in the trust and these are considered by the company to be in respect of |
services already provided by employees to the company, the company will account for these as |
assets of the trust when payment is made to the trust. The value transferred will be charged in the |
company's profit and loss account for the year to which it relates. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow |
moving stocks. Net realisable value is based on selling price less anticipated costs to completion and |
selling costs. |
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Courtside Conversions Limited (Registered number: 04213143) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Goodwill |
Goodwill being the amount paid in connection with the acquisition of a business in 2001, is being |
amortised evenly over its estimated useful life of 20 years. |
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Goodwill is the difference between the fair value of consideration paid for an acquired entity and the |
aggregate of the fair value of the entity's identifiable assets and liabilities. |
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Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a |
straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full |
financial year following the acquisition and in other periods if events or changes in circumstances |
indicate that the carrying value may not be recover |
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Research and development |
Development expenditure incurred on an individual project is carried forward when its future |
recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised |
in line with the expected future sales from the related project. |
Courtside Conversions Limited (Registered number: 04213143) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Going concern |
The financial statements have been prepared on a going concern basis. |
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The company is reliant on the support of the bank in the form of an overdraft facility. The overdraft, |
similar to such facilities, is repayable on demand. |
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The directors consider that, based on current information available and their financial projections, the |
company will be able to operate within the overdraft facility. The directors also have no reason to |
believe that the bank will not renew the overdraft facility at the current level. Therefore they consider |
that the company has sufficient financial resources to meet its requirements for the forseeable future |
and that the going concern basis is appropriate. |
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If the basis were not appropriate the financial statements would need to be adjusted to reduce the |
value of the assets to their realisable values and to provide for additional liabilities that would arise as |
a consequence. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
and 31 May 2018 |
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AMORTISATION |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Courtside Conversions Limited (Registered number: 04213143) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
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Additions |
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At 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
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Courtside Conversions Limited (Registered number: 04213143) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts | 5,015 | 11,702 |
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The debts are secured by a fixed and floating charge over all the company's property and |
undertaking.. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2018 and |
31 May 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Mrs EJ Roberts
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s the freeholder of the premises utilised by Courtside Conversions Limited
and as
landlord received rent from the company of £31,852 (2017 - £31,852). |