Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01falseNo description of principal activity129true 10639427 2022-03-01 2023-02-28 10639427 2021-03-01 2022-02-28 10639427 2023-02-28 10639427 2022-02-28 10639427 c:Director1 2022-03-01 2023-02-28 10639427 d:Buildings d:LongLeaseholdAssets 2022-03-01 2023-02-28 10639427 d:Buildings d:LongLeaseholdAssets 2023-02-28 10639427 d:Buildings d:LongLeaseholdAssets 2022-02-28 10639427 d:PlantMachinery 2022-03-01 2023-02-28 10639427 d:PlantMachinery 2023-02-28 10639427 d:PlantMachinery 2022-02-28 10639427 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10639427 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10639427 d:CurrentFinancialInstruments 2023-02-28 10639427 d:CurrentFinancialInstruments 2022-02-28 10639427 d:Non-currentFinancialInstruments 2023-02-28 10639427 d:Non-currentFinancialInstruments 2022-02-28 10639427 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10639427 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10639427 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10639427 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 10639427 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 10639427 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 10639427 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 10639427 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 10639427 d:ShareCapital 2023-02-28 10639427 d:ShareCapital 2022-02-28 10639427 d:RetainedEarningsAccumulatedLosses 2023-02-28 10639427 d:RetainedEarningsAccumulatedLosses 2022-02-28 10639427 c:OrdinaryShareClass1 2022-03-01 2023-02-28 10639427 c:OrdinaryShareClass1 2023-02-28 10639427 c:OrdinaryShareClass1 2022-02-28 10639427 c:FRS102 2022-03-01 2023-02-28 10639427 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10639427 c:FullAccounts 2022-03-01 2023-02-28 10639427 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10639427 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10639427










SHREWSBURY GYMNASTICS ACADEMY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
REGISTERED NUMBER: 10639427

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
49,067
54,573

  
49,067
54,573

Current assets
  

Debtors: amounts falling due within one year
 5 
13,905
6,009

Cash at bank and in hand
 6 
11,581
29,390

  
25,486
35,399

Creditors: amounts falling due within one year
 7 
(32,337)
(32,844)

Net current (liabilities)/assets
  
 
 
(6,851)
 
 
2,555

Total assets less current liabilities
  
42,216
57,128

Creditors: amounts falling due after more than one year
 8 
(10,975)
(32,312)

  

Net assets
  
31,241
24,816


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
31,239
24,814

  
31,241
24,816


Page 1

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
REGISTERED NUMBER: 10639427
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Sarah-Jane Clare Blenkinsop
Director

Date: 16 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Shrewsbury Gymnastics Academy Limited, 10639427, is a private limited company, limited by shares,
incorporated in England and Wales, with its registered office of Belmont House, Shrewsbury Business
Park, Shrewsbury, Shropshire, SY2 6LG and a principal place of business at Unit 2B, Ubique Business
Park, March Way, Shrewsbury, Shropshire, SY1 3JE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 March 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 3

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 9).

Page 5

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 March 2022
32,551
69,601
102,152



At 28 February 2023

32,551
69,601
102,152



Depreciation


At 1 March 2022
-
47,579
47,579


Charge for the year on owned assets
-
5,506
5,506



At 28 February 2023

-
53,085
53,085



Net book value



At 28 February 2023
32,551
16,516
49,067



At 28 February 2022
32,551
22,022
54,573


5.


Debtors

2023
2022
£
£


Other debtors
13,905
6,009

13,905
6,009



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,581
29,390

11,581
29,390


Page 6

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
21,337
20,541

Other taxation and social security
9,490
11,156

Other creditors
396
64

Accruals and deferred income
1,114
1,083

32,337
32,844



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
10,975
32,312

10,975
32,312


Page 7

 
SHREWSBURY GYMNASTICS ACADEMY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
21,337
20,541


21,337
20,541

Amounts falling due 1-2 years

Bank loans
10,975
21,337


10,975
21,337

Amounts falling due 2-5 years

Bank loans
-
10,975


-
10,975


32,312
52,853



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £882 (2022 - £410). Contributions totaling £396 (2022 - £64) were payable to the fund at the balance sheet date and are included in creditors.


12.


Transactions with directors

Included within other debtors due within one year is a loan due from the directors of £13,905 (2022 - £6,009). Interest has been charged on this balance at the official rate during the year.

Page 8