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THE PRINCE ARTHUR ROAD INDOOR BOWLING CLUB LIMITED
Company limited by guarantee
Unaudited filleted financial statements
30 April 2023
Company registration number 02337227
THE PRINCE ARTHUR ROAD INDOOR BOWLING CLUB LIMITED
Company limited by guarantee
Contents
Statement of financial position
Notes to the financial statements
THE PRINCE ARTHUR ROAD INDOOR BOWLING CLUB LIMITED
Company limited by guarantee
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 534,032 544,243
_______ _______
534,032 544,243
Current assets
Stocks 7 1,499 1,961
Debtors 8 3,396 3,354
Cash at bank and in hand 5,091 39,740
_______ _______
9,986 45,055
Creditors: amounts falling due
within one year 9 ( 23,518) ( 21,027)
_______ _______
Net current (liabilities)/assets ( 13,532) 24,028
_______ _______
Total assets less current liabilities 520,500 568,271
Creditors: amounts falling due
after more than one year 10 ( 11,763) ( 30,503)
_______ _______
Net assets 508,737 537,768
_______ _______
Capital and reserves
Profit and loss account 508,737 537,768
_______ _______
Members funds 508,737 537,768
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 October 2023 , and are signed on behalf of the board by:
G.M. Whatman K.M. Martin
Director Director
Company registration number: 02337227
THE PRINCE ARTHUR ROAD INDOOR BOWLING CLUB LIMITED
Company limited by guarantee
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 4 Bloors Lane, Rainham, Gillingham, Kent.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
The membership is as follows:
2023 2022
Playing 353 330
Social 12 13
_______ _______
365 343
_______ _______
The liability of the members is limited. Every member of the club undertakes to contribute an amount not exceeding £1 as may be required to the assets of the company if it should be wound up whilst they are still a member or within one year after they cease to be a member, for payment of the debts and liabilities of the company contracted before their membership ceases, for the charges and expenses of winding up and for the adjustment of rights of the contributories amongst themselves.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 May 2022 660,992 4,903 204,223 870,118
Additions 1,925 122 506 2,553
Disposals - ( 129) - ( 129)
_______ _______ _______ _______
At 30 April 2023 662,917 4,896 204,729 872,542
_______ _______ _______ _______
Depreciation
At 1 May 2022 164,939 3,777 157,159 325,875
Charge for the year 6,995 307 5,455 12,757
Disposals - ( 122) - ( 122)
_______ _______ _______ _______
At 30 April 2023 171,934 3,962 162,614 338,510
_______ _______ _______ _______
Carrying amount
At 30 April 2023 490,983 934 42,115 534,032
_______ _______ _______ _______
At 30 April 2022 496,053 1,126 47,064 544,243
_______ _______ _______ _______
7. Stocks
2023 2022
£ £
Stock of vending machine goods - 494
Bar stock 1,499 1,467
_______ _______
1,499 1,961
_______ _______
There was no stock of club goods.
8. Debtors
2023 2022
£ £
Trade debtors - 13
Other debtors 3,396 3,341
_______ _______
3,396 3,354
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 21,229 19,310
Social security and other taxes 480 -
Other creditors 1,809 1,717
_______ _______
23,518 21,027
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 11,763 30,503
_______ _______
11. Controlling party
There is no ultimate controlling party .