Company Registration No. 04401864 (England and Wales)
GCA SOCIAL CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
GCA SOCIAL CLUB LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
GCA SOCIAL CLUB LIMITED
COMPANY INFORMATION
- 1 -
Directors
Gosport Community Association Limited
Mrs S. Bennett
Mr R. J. L. Young
(Appointed 18 August 2023)
Company number
04401864
Registered office
Bury House
Bury Road
Gosport
Hampshire
United Kingdom
PO12 3PX
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
GCA SOCIAL CLUB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,318
3,091
Current assets
Stocks
8,341
9,339
Debtors
4
43
43
Cash at bank and in hand
37,753
59,673
46,137
69,055
Creditors: amounts falling due within one year
5
(28,610)
(36,614)
Net current assets
17,527
32,441
Total assets less current liabilities
19,845
35,532
Creditors: amounts falling due after more than one year
6
(26,667)
(36,667)
Net liabilities
(6,822)
(1,135)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(6,823)
(1,136)
Total equity
(6,822)
(1,135)
GCA SOCIAL CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
Mr R. J. L. Young
Director
Company Registration No. 04401864
The notes on pages 5 to 9 form part of these financial statements
GCA SOCIAL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
1
(31,653)
(31,652)
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
30,517
30,517
Balance at 31 March 2022
1
(1,136)
(1,135)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(5,687)
(5,687)
Balance at 31 March 2023
1
(6,823)
(6,822)
The notes on pages 5 to 9 form part of these financial statements
GCA SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Company information
GCA Social Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bury House, Bury Road, Gosport, Hampshire, United Kingdom, PO12 3PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company's liabilities exceeded its assets. The company is dependent on the support of its parent company, who has confirmed that it will continue to provide support. The directors therefore consider it appropriate to prepare the accounts on the going concern basis.true
1.3
Turnover
Turnover represents the value of bar sales, income from gaming and amusement machines and income from other bar functions exclusive of value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
GCA SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Distributions payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
GCA SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
7
GCA SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
3
Tangible fixed assets
Equipment
£
Cost
At 1 April 2022 and 31 March 2023
29,692
Depreciation and impairment
At 1 April 2022
26,601
Depreciation charged in the year
773
At 31 March 2023
27,374
Carrying amount
At 31 March 2023
2,318
At 31 March 2022
3,091
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
43
43
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
8,821
10,913
Amounts owed to group undertakings
7,641
12,533
Taxation and social security
2,058
3,101
Other creditors
90
67
28,610
36,614
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,667
36,667
GCA SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
7
Related party transactions
The company is a wholly owned subsidiary of Gosport Community Association and has taken exemption in accordance with Section 33.1A of FRS 102 from disclosing transactions with Gosport Community Association.