BRIGHTSTAR BOXING ACADEMY LTD
Company registration number 11297921 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BRIGHTSTAR BOXING ACADEMY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRIGHTSTAR BOXING ACADEMY LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,229
25,809
Current assets
Debtors
4
149,529
253,805
Cash at bank and in hand
1,533
9,090
151,062
262,895
Creditors: amounts falling due within one year
5
(65,872)
(78,197)
Net current assets
85,190
184,698
Total assets less current liabilities
105,419
210,507
Provisions for liabilities
(3,843)
(3,226)
Net assets
101,576
207,281
Reserves
Income and expenditure account
101,576
207,281
Members' funds
101,576
207,281
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mrs K Stanworth
Director
Company registration number 11297921 (England and Wales)
BRIGHTSTAR BOXING ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Brightstar Boxing Academy Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 1 Old Smithfield, Aston Street, Shifnal, Shropshire, TF11 8DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
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.
BRIGHTSTAR BOXING ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
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.
1.7
Taxation
The community ametuer sports club (CASC) is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit. Any trading profits is assessable to corporation tax.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
10
BRIGHTSTAR BOXING ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
58,147
Additions
8,310
At 30 April 2024
66,457
Depreciation and impairment
At 1 May 2023
32,338
Depreciation charged in the year
13,890
At 30 April 2024
46,228
Carrying amount
At 30 April 2024
20,229
At 30 April 2023
25,809
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
18,105
38,824
Amounts owed by group undertakings and undertakings in which the company has a participating interest
78,440
181,446
Other debtors
52,984
33,535
149,529
253,805
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,446
11,926
Amounts owed to group undertakings
27,447
Taxation and social security
40,570
34,796
Other creditors
4,856
4,028
65,872
78,197
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
BRIGHTSTAR BOXING ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
140,018
35,880