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REGISTERED NUMBER: 10505782 (England and Wales)














GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED (REGISTERED NUMBER: 10505782)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr K Gray
Mr B T Livingstone
Mr D G McCabe





REGISTERED OFFICE: 47 Brunel Avenue
Salford
M5 4BE





REGISTERED NUMBER: 10505782 (England and Wales)





ACCOUNTANTS: Marsh Accounting Limited
Chartered Accountants
4 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Graystone Action Sports Academy (Manchester) Limited for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Graystone Action Sports Academy (Manchester) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Graystone Action Sports Academy (Manchester) Limited and state those matters that we have agreed to state to the Board of Directors of Graystone Action Sports Academy (Manchester) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Graystone Action Sports Academy (Manchester) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Graystone Action Sports Academy (Manchester) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Graystone Action Sports Academy (Manchester) Limited. You consider that Graystone Action Sports Academy (Manchester) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Graystone Action Sports Academy (Manchester) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Marsh Accounting Limited
Chartered Accountants
4 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN


Date: .............................................

GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED (REGISTERED NUMBER: 10505782)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 284 308
Tangible assets 5 666,707 602,628
666,991 602,936

CURRENT ASSETS
Stocks 9,127 10,339
Debtors 6 87,200 140,106
Cash at bank and in hand 96,695 61,004
193,022 211,449
CREDITORS
Amounts falling due within one year 7 326,568 365,175
NET CURRENT LIABILITIES (133,546 ) (153,726 )
TOTAL ASSETS LESS CURRENT LIABILITIES 533,445 449,210

CREDITORS
Amounts falling due after more than one year 8 1,039,293 1,031,984
NET LIABILITIES (505,848 ) (582,774 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (505,948 ) (582,874 )
(505,848 ) (582,774 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

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.

GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED (REGISTERED NUMBER: 10505782)

BALANCE SHEET - continued
31 JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





Mr B T Livingstone - Director


GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED (REGISTERED NUMBER: 10505782)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Graystone Action Sports Academy (Manchester) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents, trademarks and licences are being amortised evenly over their estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 25 years and Straight line over 15 years
Plant and machinery - Straight line over 3 years, Straight line over 10 years and Straight line over 5 years
Fixtures and fittings - Straight line over 5 years

Stocks
Stocks 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 balance sheet date.


GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED (REGISTERED NUMBER: 10505782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2023 - 52 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2023
and 31 July 2024 370
AMORTISATION
At 1 August 2023 62
Charge for year 24
At 31 July 2024 86
NET BOOK VALUE
At 31 July 2024 284
At 31 July 2023 308

GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED (REGISTERED NUMBER: 10505782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 August 2023 472,275 368,518 19,740 860,533
Additions 116,220 15,136 2,736 134,092
At 31 July 2024 588,495 383,654 22,476 994,625
DEPRECIATION
At 1 August 2023 78,359 169,803 9,735 257,897
Charge for year 21,059 44,776 4,186 70,021
At 31 July 2024 99,418 214,579 13,921 327,918
NET BOOK VALUE
At 31 July 2024 489,077 169,075 8,555 666,707
At 31 July 2023 393,916 198,715 10,005 602,636

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 47,450 61,402
Other debtors 39,750 78,704
87,200 140,106

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,250 14,418
Hire purchase contracts 23,857 -
Trade creditors 126,257 145,786
Taxation and social security 43,542 53,725
Other creditors 127,662 151,246
326,568 365,175

GRAYSTONE ACTION SPORTS ACADEMY
(MANCHESTER) LIMITED (REGISTERED NUMBER: 10505782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 27,158 32,765
Hire purchase contracts 105,238 -
Trade creditors 209,416 270,655
Amounts owed to group undertakings 649,541 653,761
Taxation and social security - 19,465
Other creditors 47,940 55,338
1,039,293 1,031,984

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,778 10,993
Other loans more 5yrs instal 2,038 4,439
6,816 15,432

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 32,408 47,183

10. ULTIMATE CONTROLLING PARTY

The controlling party is Graystone Action Sports Limited and the directors are the ultimate controlling party.

The loan of £649,541 (2023 - £653,761) from the controlling party has no terms for it to be repaid and is likely to be repaid after 5 years.