2022-03-24-accounts

Company number 10085024

Registered charity number 1174633

Manchester Academy Of Community Gymnastics Ltd

Report and Accounts

31 March 2022

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 Robert Harrison

Registered office

Unit 2 Astor road Salford M50 1DA

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 2022.

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 Robert Harrison

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 14 December 2022 and signed on its behalf.

Claudio Michael Grech Director

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Manchester Academy Of Community Gymnastics Ltd Profit and Loss Account for the year ended 31 March 2022

Turnover Cost of sales Gross profit Administrative expenses Other operating income Operating loss Interest receivable Interest payable Loss before taxation Tax on loss Loss for the financial year	2022 £ 857,969 (45,207) 812,762 (823,375) - (10,613) 38 (200) (10,775) - (10,775)	2021 £ 559,538 (9,459) 550,079 (675,730) 100,000 (25,651) 8 - (25,643) - (25,643)

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Manchester Academy Of Community Gymnastics Ltd Registered number: 10085024 Balance Sheet as at 31 March 2022

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 Total assets less current liabilities Creditors: amounts falling due after more than one year 6 Net liabilities Capital and reserves Profit and loss account Shareholders' funds	2022 £ 447,821 710 250 12,751 13,711 (508,478) (494,767) (46,946) (47,604) (94,550) (94,550) (94,550)	2021 £ 476,928 360 - 431 791 (511,494) (510,703) (33,775) (50,000) (83,775) (83,775) (83,775)

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 14 December 2022

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Manchester Academy Of Community Gymnastics Ltd Statement of Changes in Equity for the year ended 31 March 2022

At 1 April 2020 Loss for the financial year At 31 March 2021 At 1 April 2021 Loss for the financial year At 31 March 2022	Share capital £ - - - -	Share premium £ - - - -	Re- valuation reserve £ - - - -	Profit and loss account £ (58,132) (25,643) (83,775) (83,775) (10,775) (94,550)	Total £ (58,132) (25,643) (83,775) (83,775) (10,775) (94,550)

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Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2022

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.

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Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2022

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.

2022 2021 Number Number

2 Employees

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Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2022

Average number of persons employed by the company

3 Tangible fixed assets Cost At 1 April 2021 Additions At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 4 Debtors Other debtors 5 Creditors: amounts falling due within one year Taxation and social security costs Other creditors 6 Creditors: amounts falling due after one year Bank loans	Land and buildings £ 577,631 - 577,631 123,778 41,260 165,038 412,593 453,853	Plant and machinery etc £ 50,229 20,960 71,189 27,154 8,807 35,961 35,228 23,075 2022 £ 250 2022 £ 61,991 446,487 508,478 2022 £ 47,604	Total £ 627,860 20,960 648,820 150,932 50,067 200,999 447,821 476,928 2021 £ - 2021 £ 72,465 439,029 511,494 2021 £ 50,000

7 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: Unit 2

Astor road

Salford

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Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2022

M50 1DA

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Manchester Academy Of Community Gymnastics Ltd Detailed profit and loss account for the year ended 31 March 2022

This schedule does not form part of the statutory accounts

Sales Cost of sales Gross profit Administrative expenses Other operating income Operating loss Interest receivable Interest payable Loss before tax	2022 £ 857,969 (45,207) 812,762 (823,375) - (10,613) 38 (200) (10,775)	2021 £ 559,538 (9,459) 550,079 (675,730) 100,000 (25,651) 8 - (25,643)

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Manchester Academy Of Community Gymnastics Ltd Detailed profit and loss account for the year ended 31 March 2022

This schedule does not form part of the statutory accounts

Sales Revenue Donations Cost of sales Purchases Administrative expenses Employee costs: Wages and salaries Pensions Employer's NI Coaches Premises costs: Rent Rates and services Light and heat Cleaning General administrative expenses: Telephone and fax Printing, post and stationery Subscriptions Bank charges Insurance Equipment leasing Security Repairs and maintenance Travel and subsistence Fund raising fees Depreciation Competition fees & awards Council Services Sundry expenses Legal and professional costs: Advertising and PR Other legal and professional Other operating income Other operating income	2022 £ 723,262 134,707 857,969 45,207 341,040 5,163 21,558 51,767 419,528 140,475 859 25,611 3,964 170,909 2,621 1,211 1,032 1,543 10,944 98,262 1,325 17,669 4,430 648 50,067 13,395 3,548 1,825 208,520 443 23,975 24,418 823,375 -	2021 £ 248,701 310,837 559,538 9,459 272,262 4,743 17,474 53,494 347,973 144,000 - 12,780 6,055 162,835 2,617 410 - (37) 9,818 75,611 - 11,269 - 900 49,780 1,518 1,229 4,724 157,839 - 7,083 7,083 675,730 100,000

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