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COMPANY REGISTRATION NUMBER: 00119320
The Abbeydale Sports Club Limited
Filleted Abridged Financial Statements
31 March 2023
The Abbeydale Sports Club Limited
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,802,006
2,804,435
Current assets
Debtors
65,484
79,349
Cash at bank and in hand
64,319
118,876
---------
---------
129,803
198,225
Creditors: amounts falling due within one year
252,595
328,259
---------
---------
Net current liabilities
122,792
130,034
-----------
-----------
Total assets less current liabilities
2,679,214
2,674,401
Creditors: amounts falling due after more than one year
6
295,841
322,172
Provisions
82,343
71,724
Accruals and deferred income
8,360
16,720
-----------
-----------
Net assets
2,292,670
2,263,785
-----------
-----------
Capital and reserves
Called up share capital
8
60,138
59,971
Revaluation reserve
2,021,174
2,041,731
Other reserves
340
340
Profit and loss account
211,018
161,743
-----------
-----------
Shareholders funds
2,292,670
2,263,785
-----------
-----------
These abridged 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 abridged statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
The Abbeydale Sports Club Limited
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
R D Lomas
Director
Company registration number: 00119320
The Abbeydale Sports Club Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Abbeydale Park, Dore, Sheffield, S17 3LJ.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. There are certain issues to consider such as inflationery increases due to the energy crisis. It has sufficient cash reserves to enable it to continue trading for at least 18 months after the year end date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts. Revenue is recognised when 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. The company recognises revenues on income from sporting sections based on agreed annual terms. It is received both annually and quarterly and deferred as appropriate. Revenue is also generated via the hire of the sporting facilities by third parties and the nursery. There is also the provision of facilities and meals for team social events.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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. The basis of valuation is using the market value method. 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 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:
Freehold property
-
2% straight line
Plant and machinery
-
10% straight line/25% straight line/25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
£
Cost or valuation
At 1 April 2022
3,301,797
Additions
72,651
-----------
At 31 March 2023
3,374,448
-----------
Depreciation
At 1 April 2022
497,362
Charge for the year
75,080
-----------
At 31 March 2023
572,442
-----------
Carrying amount
At 31 March 2023
2,802,006
-----------
At 31 March 2022
2,804,435
-----------
Included within the above is investment property as follows:
£
At 1 April 2022
Transfers from tangible assets
380,000
---------
At 31 March 2023
380,000
---------
The investment property was valued at £380,000 on 28th March 2018 by Brownill Vickers.
6. Creditors: amounts falling due after more than one year
Included within Creditors: amounts falling due after more than one year is an amount of £185,639 (2022 £201,159) in respect of the Natwest bank loan. This will fall due for payment after more than five years from the reporting date.
Included within Creditors is a bank loan with Natwest that is secured on the assets of the company.
7. Deferred tax
The taxation figure of £10,619 ( 2022 (£7,136) shown in the statement of comprehensive income represents the movement in deferred tax on the plant and machinery of the company.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Original Ordinary shares of £ 1 each
58,924
58,924
58,924
58,924
New Ordinary shares of £ 1 each
1,213
1,213
1,046
1,046
Trustee Share shares of £ 1 each
1
1
1
1
-------
-------
-------
-------
60,138
60,138
59,971
59,971
-------
-------
-------
-------
The shares attach the following prescribed particulars:- Trustee shares - four times the number of votes as shall equal the number of votes which the holders of the remaining issued share capital are entitled to cast. Original ordinary shares - one vote in respect of each share. New ordinary shares - a single vote in respect of the lowest numbered ordinary share registered in his name.
9. Summary audit opinion
The auditor's report for the year dated 14 November 2023 was unqualified .
The senior statutory auditor was Robert Hampstead , for and on behalf of Landin Wilcock & Co .
10. Related party transactions
During the year payments were made to companies owned by the directors totalling £8,330 (2022 - £8,621). Included within Other Creditors was £12,500 (2022 - £12,500) due to companies owned by the directors as at 31 March 2023. There was also a balance of £2,500 included in Other Debtors which was for a loan from one of the Directors during the year.
11. Controlling party
The company has no controlling party.