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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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A1 SPORTING SPEAKERS & GUESTS LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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A1 SPORTING SPEAKERS & GUESTS LTD |
A1 SPORTING SPEAKERS & GUESTS LTD (REGISTERED NUMBER: 10058732) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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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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A1 SPORTING SPEAKERS & GUESTS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 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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Unit 4 Shelley Farm |
Shelley Lane |
Ower |
Romsey |
Hampshire |
SO51 6AS |
A1 SPORTING SPEAKERS & GUESTS LTD (REGISTERED NUMBER: 10058732) |
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BALANCE SHEET |
31 MARCH 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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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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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. |
A1 SPORTING SPEAKERS & GUESTS LTD (REGISTERED NUMBER: 10058732) |
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BALANCE SHEET - continued |
31 MARCH 2018 |
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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
signed on its behalf by: |
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A1 SPORTING SPEAKERS & GUESTS LTD (REGISTERED NUMBER: 10058732) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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A1 Sporting Speakers & Guests Ltd is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current Tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from |
net profit as reported in the profit and loss account because it excludes items of income or |
expense that are taxable or deductible in other years and it further excludes items that are |
never taxable or deductible. The company's liability for current tax is calculated using tax |
rates that have been enacted or substantively enacted by the reporting end date. |
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Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax |
assets are recognised to the extent that it is probable that they will be recovered against the |
reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities |
are not recognised if the timing differences arises from goodwill or from the initial |
recognition of assets and liabilities in a transaction that affects neither the tax profit nor the |
accounting profit. |
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The carrying amount of deferred tax assets is reviewed at each reporting end date and |
reduced to the extent that it is no longer probable that sufficient taxable profits will be |
available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax |
rates that are expected to apply in the period when the liability is settles or the asset is |
realised. Deferred tax is charged or credited in the profit and loss account, except when it |
relates to items charged or credited directly to equity, in which case the deferred tax is also |
dealt with in equity. Deferred tax assets and liabilities are offset when the company has a |
legally enforceable right to offset current tax assets and liabilities and deferred tax assets |
and liabilities relate to taxes levied by the same tax authority. |
A1 SPORTING SPEAKERS & GUESTS LTD (REGISTERED NUMBER: 10058732) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents 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. |
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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. |
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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. |
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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 |
financial 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. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group |
companies and preference share 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 payments discounted at a |
market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
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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. Amounts payable are classified as current |
liabilities if payment is due within one year or less. If not, they are present as non-current |
liabilities. Trade creditors are recognised initially at transaction price and subsequently |
measured at amortised cost using the effective interest method. |
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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. |
A1 SPORTING SPEAKERS & GUESTS LTD (REGISTERED NUMBER: 10058732) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Directors' current accounts | - | 19,637 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Corporation tax |
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VAT | 15,892 | 108,674 |
Directors' current accounts | 6,531 | - |
Accruals and deferred income |
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6. | ULTIMATE CONTROLLING PARTY |
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During the period no single person controlled the company but through collaboration, the |
directors (who are also the shareholders) controlled the company. |