Company registration number 8197439 (England and Wales)
THE LONDON ACADEMY OF SPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE LONDON ACADEMY OF SPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE LONDON ACADEMY OF SPORT LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,769
2,359
Current assets
Debtors
4
8,899
715
Cash at bank and in hand
5,699
21,232
14,598
21,947
Creditors: amounts falling due within one year
5
(11,279)
(10,304)
Net current assets
3,319
11,643
Total assets less current liabilities
5,088
14,002
Creditors: amounts falling due after more than one year
6
(4,533)
(11,900)
Provisions for liabilities
7
(336)
(449)
Net assets
219
1,653
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
119
1,553
Total equity
219
1,653

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 15 January 2025
Martin Patrick Egan
Director
Company Registration No. 8197439
THE LONDON ACADEMY OF SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

THE LONDON ACADEMY OF SPORT LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.

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
Going concern

During the period the director has decided to transfer business operations to another entity immediately following the period end. The financial statements have not therefore been prepared on the going concern basis.

1.3
Reporting period

During the year the company extended the reporting period from 31 August to 30 September to align their reporting responsibilities with another entity.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts.

 

Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

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, fittings & equipment
25% Reducing balance

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 profit or loss.

THE LONDON ACADEMY OF SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents deferred tax.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including director) employed by the company during the Period was:

2024
2023
Number
Number
Total
2
2
THE LONDON ACADEMY OF SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 and 30 September 2024
9,889
Depreciation and impairment
At 1 September 2023
7,530
Depreciation charged in the Period
590
At 30 September 2024
8,120
Carrying amount
At 30 September 2024
1,769
At 31 August 2023
2,359
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
817
446
Director's current account
8,015
-
Other debtors
67
269
8,899
715
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,800
6,800
Trade creditors
106
67
Corporation tax
1,930
137
Other taxation and social security
409
526
Director's current account
-
861
Other creditors
2,034
1,913
11,279
10,304
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,533
11,900

This loan represents borrowing under the Bounce Back Loan Scheme introduced by the UK government. The government guarantees 100% of the loan.

THE LONDON ACADEMY OF SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
336
449
8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
488
439

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

9
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Related party transactions

During the year, the Company paid an interim dividend of £11,000 (2023: £5,000) to the shareholders.

 

11
Controlling party

The company was controlled by the director and secretary of the company by virtue of the fact that between them they own the entire issued share capital of the company.

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