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Onyx Coaching & Classes Ltd
Unaudited Financial Statements
For the Period 14 November 2022 to 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14483058
31 March 2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 7,759
7,759
CURRENT ASSETS
Stocks 5 177
Debtors 6 6,276
Cash at bank and in hand 14,076
20,529
Creditors: Amounts Falling Due Within One Year 7 (17,506 )
NET CURRENT ASSETS (LIABILITIES) 3,023
TOTAL ASSETS LESS CURRENT LIABILITIES 10,782
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,474 )
NET ASSETS 9,308
CAPITAL AND RESERVES
Called up share capital 8 1
Profit and Loss Account 9,307
SHAREHOLDERS' FUNDS 9,308
Page 1
Page 2
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R Baglee
Director
25 July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Onyx Coaching & Classes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14483058 . The registered office is Unit 2 The Glass House, Auction Mart Lane, Penrith, CA11 7JG.
The presentation currency of the financial statements is the Pound Sterling (£). 
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances. Revenue is recognised when services are performed.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
3. Average Number of Employees
Average number of employees during the period was: NIL
-
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 14 November 2022 -
Additions 10,452
As at 31 March 2024 10,452
Depreciation
As at 14 November 2022 -
Provided during the period 2,693
As at 31 March 2024 2,693
Net Book Value
As at 31 March 2024 7,759
As at 14 November 2022 -
5. Stocks
31 March 2024
£
Stock 177
6. Debtors
31 March 2024
£
Due within one year
Trade debtors 3,126
Other debtors 3,150
6,276
7. Creditors: Amounts Falling Due Within One Year
31 March 2024
£
Trade creditors 1,503
Other creditors 14,140
Taxation and social security 1,863
17,506
8. Share Capital
31 March 2024
Allotted, called up and fully paid £
1 Ordinary Shares of £ 1.00 each 1
Page 4
Page 5
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 March 2024
£
Not later than one year 6,600
6,600
10. Related Party Transactions
At the balance sheet date, the company owed the director £11,647. This amount is interest free and repayable upon demand.
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