REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st August 2024 |
for |
GUILDFORD TENNIS ACADEMY LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st August 2024 |
for |
GUILDFORD TENNIS ACADEMY LIMITED |
GUILDFORD TENNIS ACADEMY LIMITED (REGISTERED NUMBER: 08818182) |
Contents of the Financial Statements |
for the year ended 31st August 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 7 |
GUILDFORD TENNIS ACADEMY LIMITED |
Company Information |
for the year ended 31st August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Office: Croydon - TC SWP |
3rd Floor, Suffolk House |
George Street |
Croydon |
CR0 0YN |
GUILDFORD TENNIS ACADEMY LIMITED (REGISTERED NUMBER: 08818182) |
Statement of Financial Position |
31st August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GUILDFORD TENNIS ACADEMY LIMITED (REGISTERED NUMBER: 08818182) |
Statement of Financial Position - continued |
31st August 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GUILDFORD TENNIS ACADEMY LIMITED (REGISTERED NUMBER: 08818182) |
Notes to the Financial Statements |
for the year ended 31st August 2024 |
1. | STATUTORY INFORMATION |
Guildford Tennis Academy Limited is a |
The financial statements have been prepared in sterling, the functional currency of the company, and monetary amounts in these financial statements have been rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The accounts are prepared on the going concern basis, on the basis that the directors will continue to provide financial support to the company. |
The directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
The goodwill represents the excess paid over of the net fair value of the identifiable assets and liabilities when the company acquired the tennis centre in 2017. The goodwill is initially recognised as an asset at cost and, subject to regular impairment reviews, is amortised over its useful life, which shall not exceed ten years. |
Goodwill is amortised on a straight line basis over 10 years. |
Tangible fixed assets |
Long leasehold | - |
Tennis equipment | - |
Office equipment | - |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
GUILDFORD TENNIS ACADEMY LIMITED (REGISTERED NUMBER: 08818182) |
Notes to the Financial Statements - continued |
for the year ended 31st August 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st September 2023 |
and 31st August 2024 |
AMORTISATION |
At 1st September 2023 |
Charge for year |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Long | Tennis | Office |
leasehold | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st September 2023 |
and 31st August 2024 |
DEPRECIATION |
At 1st September 2023 |
Charge for year |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
GUILDFORD TENNIS ACADEMY LIMITED (REGISTERED NUMBER: 08818182) |
Notes to the Financial Statements - continued |
for the year ended 31st August 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Other loans |
Trade creditors | ( |
) |
Social security and other taxes |
VAT | 11,430 | 11,283 |
Directors' current accounts | 210,591 | 250,591 |
Accruals and deferred income |
8. | RELATED PARTY DISCLOSURES |
Two of the directors, Mr and Mrs Crucefix, have provided financial support to the company. At the year end, the balance due to the directors amounted to £210,000 (2023 - £250,000). This loan is interest free and is repayable on demand. |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Guildford Tennis Academy Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31st August 2024. |
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements. |
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view". |
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited. |
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance. |
Office: Croydon - TC SWP |
3rd Floor, Suffolk House |
George Street |
Croydon |
CR0 0YN |