Registered number
11030705
Virtue School of Gymnastics Limited
Filleted Accounts
31 March 2023
Virtue School of Gymnastics Limited
Registered number: 11030705
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 99,138 79,069
99,138 79,069
Current assets
Debtors 4 121,856 160,865
Cash at bank and in hand 1,695 8,767
123,551 169,632
Creditors: amounts falling due within one year 5 (74,872) (91,275)
Net current assets/(liabilities) 48,679 78,357
Total assets less current liabilities 147,817 157,426
Creditors: amounts falling due after more than one year 6 (53,440) (73,619)
Net assets 94,377 83,807
Capital and reserves
Called up share capital 100 100
Profit and loss account 94,277 83,707
Shareholder's funds 94,377 83,807
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Chance
Director
Approved by the board on 20 December 2023
Virtue School of Gymnastics Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 24 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £
Cost
At 1 April 2022 8,077 107,163 115,240
Additions 0 43,060 43,060
At 31 March 2023 8,077 150,223 158,300
Depreciation
At 1 April 2022 684 35,487 36,171
Charge for the year 1,616 21,375 22,991
At 31 March 2023 2,300 56,862 59,162
Net book value
At 31 March 2023 5,777 93,361 99,138
At 31 March 2022 7,393 71,676 79,069
4 Debtors 2023 2022
£ £
Trade debtors 256 8,393
Other debtors 121,600 152,472
121,856 160,865
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,333 17,333
Trade creditors 13,226 42,017
Taxation and social security costs 10,587 6,084
Other creditors 33,726 25,841
74,872 91,275
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 53,440 73,619
53,440 73,619
7 Controlling party
The company is in the control of the sole director K Chance.
8 Other information
Virtue School of Gymnastics Limited is a private company limited by shares and incorporated in England. Its registered office is:
102 Water Road
Tilehurst
Reading
Berkshire
RG30 2NN
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