Registration number:
for the Year Ended
The Wilbraham Club Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Wilbraham Club Ltd
Company Information
Director |
Mr M Cleminson |
Registered office |
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Accountants |
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Page 1 |
The Wilbraham Club Ltd
(Registration number: 06494901)
Balance Sheet as at 28 February 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
- |
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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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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Provisions for liabilities |
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Net liabilities |
( |
( |
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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 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 2 |
The Wilbraham Club Ltd
(Registration number: 06494901)
Balance Sheet as at 28 February 2019
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
The Wilbraham Club Ltd
Notes to the Financial Statements for the Year Ended 28 February 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company to enable it to meet its obligations as they fall due.
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.
Page 4 |
The Wilbraham Club Ltd
Notes to the Financial Statements for the Year Ended 28 February 2019
Tax
The tax expense for the period comprises deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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:
Asset class |
Depreciation method and rate |
Leasehold improvements |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Computer equipment |
33% on cost |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of five years.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line |
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.
Stocks
The cost of finished goods comprises direct purchase cost and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks 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.
Page 5 |
The Wilbraham Club Ltd
Notes to the Financial Statements for the Year Ended 28 February 2019
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
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
The Wilbraham Club Ltd
Notes to the Financial Statements for the Year Ended 28 February 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 March 2018 |
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At 28 February 2019 |
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Amortisation |
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At 1 March 2018 |
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Amortisation charge |
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At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
- |
- |
At 28 February 2018 |
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Tangible assets |
Leasehold improvements |
Fixtures and fittings |
Computer equipment |
Total |
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Cost or valuation |
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At 1 March 2018 |
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Additions |
- |
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At 28 February 2019 |
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Depreciation |
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At 1 March 2018 |
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Charge for the year |
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At 28 February 2019 |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Stocks |
2019 |
2018 |
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Stock |
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Page 7 |
The Wilbraham Club Ltd
Notes to the Financial Statements for the Year Ended 28 February 2019
Debtors |
2019 |
2018 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Directors' loan accounts |
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The directors' loan accounts are non-interest bearing and have no formal repayment terms.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 8 |