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
1
**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
2
## **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)|
|---|---|---|
3
## **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
4
## **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)|
|---|---|---|---|---|---|
5
**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.
6
## **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**
7
21 21
## **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
8
## **Manchester Academy Of Community Gymnastics Ltd Notes to the Accounts for the year ended 31 March 2022**
M50 1DA
9
## **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)|
|---|---|---|
10
## **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|
|---|---|---|
11