Company Registration Number 01068661 (England and Wales)
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Council of Management
J Irons
S Charlesworth
S Wade
T Biggadike
A Evans
J Herbert
N Oldman
Secretary
T Biggadike
Company number
01068661
Registered office
80 Slater Street
Leicester
LE3 5AS
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Information for management
-
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
401,244
407,828
Investments
6
331
271
401,575
408,099
Current assets
Stocks
9,815
9,574
Debtors
7
3,329
2,564
Cash at bank and in hand
162,909
130,733
176,053
142,871
Creditors: amounts falling due within one year
8
(30,779)
(29,452)
Net current assets
145,274
113,419
Total assets less current liabilities
546,849
521,518
Reserves
Income and expenditure account
546,849
521,518
The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the Council of Management and authorised for issue on 13 November 2023
S Charlesworth
T Biggadike
Director
Secretary
Company Registration No. 01068661
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Leicester Indoor Bowls and Social Club Limited is a private company limited by guarantee incorporated in England and Wales. The address of the registered office and place of business, which are the same, is given in the company information page of these financial statements.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the valuation of certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Income and expenditure
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and trade discounts.
Green fees are received and recognised on the date that the member plays.
Annual subscriptions are recognised in the period to which the subscriptions relate.
Bar income is recognised at the point of sale.
Shop income is recognised at the point of sale.
Catering income is recognised in line with the provision of catering services.
Fundraising income is recognised at the point of receipt.
Entrance fees are recognised at the point of sale.
Locker fees are recognised at the point of sale.
Gaming machine receipts are recognised at the point of receipt.
Sponsorship income is recognised in the period to which the sponsorship relates.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation
Greens
8 years
Fixtures and fittings
10 years
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
Freehold land is not depreciated. The estimated residual value of freehold buildings is such that their depreciable amount is insignificant. Accordingly, no depreciation is charged on freehold buildings.
1.4
Fixed asset investments
Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.5
Stocks
Stocks are valued by independent professional stocktakers and are stated at the lower of cost and estimated selling price.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Exceptional item
2023
2022
£
£
Expenditure
Repairs and maintenance
-
24,464
24,464
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
3
Employees and management
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
12
4
Taxation
The company is a CASC and is claiming exemption from tax on its income.
5
Tangible fixed assets
Land and buildings Freehold
Greens
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2022
550,921
112,762
246,046
909,729
Additions
4,959
4,959
Disposals
(505)
(505)
At 30 April 2023
550,921
112,762
250,500
914,183
Depreciation and impairment
At 1 May 2022
206,708
110,283
184,910
501,901
Depreciation charged in the year
1,144
10,194
11,338
Eliminated in respect of disposals
(300)
(300)
At 30 April 2023
206,708
111,427
194,804
512,939
Carrying amount
At 30 April 2023
344,213
1,335
55,696
401,244
At 30 April 2022
344,213
2,479
61,136
407,828
6
Fixed asset investments
2023
2022
£
£
Investments
331
271
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
6
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2022
271
Valuation changes
60
At 30 April 2023
331
Carrying amount
At 30 April 2023
331
At 30 April 2022
271
7
Debtors
2023
2022
Amounts falling due within one year
£
£
Trade debtors
510
Prepayments and accrued income
3,329
2,054
3,329
2,564
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,205
1,911
Taxation and social security
3,883
1,175
Other creditors
13,300
13,260
Accruals and deferred income
12,391
13,106
30,779
29,452
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
LEICESTER INDOOR BOWLS AND SOCIAL CLUB LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
10
Audit report information
As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Barnett FCCA
Statutory Auditor:
Newby Castleman LLP
11
Related party transactions
Included within other creditors is £13,000 (2022 - £13,000) of debentures issued to members of the club. The debentures are renewable each year and pay an interest rate of 0.9% per annum.