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COMPANY REGISTRATION NUMBER: 00518351
HEATHCLIFFE SOCIAL CLUB LTD
Company Limited by Guarantee
Filleted Unaudited Financial Statements
28 February 2023
HEATHCLIFFE SOCIAL CLUB LTD
Company Limited by Guarantee
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
43,075
43,822
Current assets
Stocks
300
Cash at bank and in hand
2,133
----
-------
2,433
Creditors: amounts falling due within one year
7
16,030
10,956
--------
--------
Net current liabilities
16,030
8,523
--------
--------
Total assets less current liabilities
27,045
35,299
--------
--------
HEATHCLIFFE SOCIAL CLUB LTD
Company Limited by Guarantee
Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
£
Capital and reserves
Profit and loss account
27,045
35,299
--------
--------
Members funds
27,045
35,299
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 28 February 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 were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr C James
Secretary
Company registration number: 00518351
HEATHCLIFFE SOCIAL CLUB LTD
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 28 February 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 Heathcliffe Social Club Limited, 93 Heathfield, Mount Pleasant, Swansea, SA14 6EL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The Club is no longer VAT registered and, unlike the previous year when turnover was stated exclusive of output Value Added Tax, the turnover shown in the profit and loss account represents amounts receivable during the year.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Building Extension
-
10% straight line
Plant and Equipment
-
20% straight line
Fixtures and Fittings
-
5% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Company limited by guarantee
The Company is limited by guarantee and therefore has no share capital.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 March 2022
54,693
18,459
22,631
95,783
Disposals
( 450)
( 450)
--------
--------
--------
--------
At 28 February 2023
54,693
18,459
22,181
95,333
--------
--------
--------
--------
Depreciation
At 1 March 2022
11,619
18,458
21,884
51,961
Charge for the year
297
297
--------
--------
--------
--------
At 28 February 2023
11,619
18,458
22,181
52,258
--------
--------
--------
--------
Carrying amount
At 28 February 2023
43,074
1
43,075
--------
--------
--------
--------
At 28 February 2022
43,074
1
747
43,822
--------
--------
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,680
2,686
Other creditors
12,350
8,270
--------
--------
16,030
10,956
--------
--------