2021-03-24-accounts

Company number 10085024

Registered charity number 1174633

Manchester Academy Of Community Gymnastics Ltd

Report and Accounts

31 March 2018

Manchester Academy Of Community Gymnastics Ltd Report and accounts Contents

	Page
Company information	1
Directors' report	2
Profit and loss account	3
Balance sheet	4
Statement of changes in equity	5
Notes to the accounts	6

Manchester Academy Of Community Gymnastics Ltd Company Information

Trustees

Claudio Michael Grech Maxine Ann Quinlivan-Grech Christina Spann

Secretary

Tracy Cook

Registered office

2 Stafford Road Manchester M30 9HW

Company number 10085024

Registered charity number 1174633

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Manchester Academy Of Community Gymnastics Ltd Registered number: 10085024 Directors' Report

The directors present their report and accounts for the year ended 31 March 2018.

Principal activities

The company's principal activity during the year continued to be that of community sports facilities.

Directors

The following persons served as directors during the year:

Claudio Michael Grech Maxine Ann Quinlivan-Grech Christina Spann

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 25 September 2018 and signed on its behalf.

Claudio Michael Grech Director

2

Manchester Academy Of Community Gymnastics Ltd Profit and Loss Account for the year ended 31 March 2018

Turnover Cost of sales Gross profit Administrative expenses Operating profit Interest receivable Profit before taxation Tax on profit Profit for the financial year	2018 £ 365,648 (4,526) 361,122 (288,650) 72,472 5 72,477 - 72,477	2017 £ 1,414 -
		1,414 (551)
		863 216
		1,079 -
		1,079

3

Manchester Academy Of Community Gymnastics Ltd Registered number: 10085024 Balance Sheet as at 31 March 2018

Notes Fixed assets Tangible assets 3 Current assets Stocks Debtors 4 Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current (liabilities)/assets Net assets Capital and reserves Profit and loss account Shareholders' funds	2018 £ 516,499 400 64 2,009 2,473 (445,416) (442,943) 73,556 73,556 73,556	2017 £ - - - 3,000 3,000 (1,921) 1,079 1,079 1,079 1,079	2017 £ - - - 3,000 3,000 (1,921) 1,079 1,079 1,079 1,079
			1,079
			1,079
			1,079

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

Claudio Michael Grech Director Approved by the board on 25 September 2018

4

Manchester Academy Of Community Gymnastics Ltd Statement of Changes in Equity for the year ended 31 March 2018

At 24 March 2016 Profit for the period At 31 March 2017 At 1 April 2017 Profit for the financial year At 31 March 2018	Share capital £ - - - -	Share premium £ - - - -	Re- valuation reserve £ - - - -	Profit and loss account £ - 1,079 1,079 1,079 72,477 73,556	Total £ - 1,079
					1,079
					1,079 72,477
					73,556

5

Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2018

1 Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildings over 50 years Leasehold land and buildings over the lease term Plant and machinery over 5 years Fixtures, fittings, tools and equipment over 5 years

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

6

Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2018

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

2018 2017 Number Number

2 Employees

7

Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2018

Average number of persons employed by the company 3 Tangible fixed assets Land and buildings £ Cost Additions 507,409 At 31 March 2018 507,409 Depreciation At 31 March 2018 - Net book value At 31 March 2018 507,409 4 Debtors Other debtors 5 Creditors: amounts falling due within one year Other creditors	1 Plant and machinery etc £ 9,090 9,090 - 9,090 2018 £ 64 2018 £ 445,416	1
		Total £ 516,499
		516,499
		-
		516,499
		2017 £ -
		2017 £ 1,921

6 Other information

Manchester Academy Of Community Gymnastics Ltd is a private company limited by guarantee wiuthout share capital and incorporated in England. Its registered office is: 2 Stafford Road

Manchester M30 9HW

8

Manchester Academy Of Community Gymnastics Ltd Detailed profit and loss account for the year ended 31 March 2018

This schedule does not form part of the statutory accounts

Sales Cost of sales Gross profit Administrative expenses Operating profit Interest receivable Profit before tax	2018 £ 365,648 (4,526) 361,122 (288,650) 72,472 5 72,477	2017 £ 1,414 -
		1,414 (551)
		863 216
		1,079

9

Manchester Academy Of Community Gymnastics Ltd Detailed profit and loss account for the year ended 31 March 2018

This schedule does not form part of the statutory accounts

Sales Revenue Donations Cost of sales Purchases Administrative expenses Employee costs: Wages and salaries Coaches Premises costs: Rent Cleaning General administrative expenses: Telephone and fax Printing, post and stationery Subscriptions Bank charges Insurance Equipment leasing Equipment rental Repairs and maintenance Travel and subsistence Fund raising fees Sundry expenses	2018 £ 106,366 259,282 365,648 4,526 137,583 2,310 139,893 110,700 1,046 111,746 5,165 1,031 3,531 30 5,057 16,345 877 216 603 3,000 1,156 37,011 288,650	2017 £ (1) 1,415
		1,414
		-
		- -
		-
		- -
		-
		551 - - - - - - - - - -
		551
		551

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