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COMPANY REGISTRATION NUMBER: 05803035
Allied Pool & Snooker Limited
Filleted Unaudited Financial Statements
31 July 2023
Allied Pool & Snooker Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
24,354
6,527
Current assets
Stocks
3,532
5,677
Debtors
6
6,933
6,834
Cash at bank and in hand
8,243
12,112
--------
--------
18,708
24,623
Creditors: amounts falling due within one year
7
14,749
18,779
--------
--------
Net current assets
3,959
5,844
--------
--------
Total assets less current liabilities
28,313
12,371
Creditors: amounts falling due after more than one year
8
21,240
5,617
Provisions
4,627
1,240
--------
--------
Net assets
2,446
5,514
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,346
5,414
-------
-------
Shareholders funds
2,446
5,514
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Allied Pool & Snooker Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr G Hope
Director
Company registration number: 05803035
Allied Pool & Snooker Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 176 Brighton Road, Coulsdon, Surrey, CR5 2NF, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Tables on rental
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Tables on rental
Total
£
£
£
Cost
At 1 August 2022
16,995
3,860
20,855
Additions
27,389
27,389
Disposals
( 16,995)
( 643)
( 17,638)
--------
-------
--------
At 31 July 2023
27,389
3,217
30,606
--------
-------
--------
Depreciation
At 1 August 2022
11,618
2,710
14,328
Charge for the year
3,994
3,994
Disposals
( 11,618)
( 452)
( 12,070)
--------
-------
--------
At 31 July 2023
3,994
2,258
6,252
--------
-------
--------
Carrying amount
At 31 July 2023
23,395
959
24,354
--------
-------
--------
At 31 July 2022
5,377
1,150
6,527
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
5,387
5,927
Other debtors
1,546
907
-------
-------
6,933
6,834
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,320
1,320
Trade creditors
281
846
Corporation tax
4,451
Social security and other taxes
2,955
4,138
Other creditors
10,193
8,024
--------
--------
14,749
18,779
--------
--------
The Bounce Back Loan is loaned by HSBC and their interest in the loan is 100% government backed.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,663
3,983
Other creditors
18,577
1,634
--------
-------
21,240
5,617
--------
-------
The Bounce Back Loan is loaned by HSBC and their interest in the loan is 100% government backed.
9. Related party transactions
The company was under the control of Mr G Hope throughout the current year. Mr G Hope is the managing director and shareholder. At 31 July 2023 the company owed Mr G Hope £2,156 (2022 - £2,156). This amount is included in other creditors in the Creditors: amounts falling due within one year note.