Company No: 00045658 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Investment property	3	315,000		315,000
		315,000		315,000
Current assets
Debtors	4	48,994		44,172
Cash at bank and in hand		27,277		31,506
		76,271		75,678
Creditors: amounts falling due within one year	5	( 11,608)		( 14,310)
Net current assets		64,663		61,368
Total assets less current liabilities		379,663		376,368
Provision for liabilities		( 28,912)		( 22,209)
Net assets		350,751		354,159
Capital and reserves
Called-up share capital		2,250		2,250
Revaluation reserve		289,055		289,058
Profit and loss account		59,446		62,851
Total shareholders' funds		350,751		354,159

For the financial year ending 30 September 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Tavistock Constitutional Club Company Ltd (registered number: 00045658) were approved and authorised for issue by the Board of Directors on 20 November 2023. They were signed on its behalf by:

C Jago Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tavistock Constitutional Club Company Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Tavistock Conservative Club, Drake Road, Tavistock, PL19 0AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

The turnover shown in the profit and loss account represents rental income receivable during the year and is stated net of VAT. Rent received in advance is included in accruals and deferred income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is included at fair value. Changes in fair value are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The company holds the following financial instruments:

- Short term trade and other debtors and creditors;
- Cash and bank balances.

All financial instruments are classified as basic.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Investment property

	Investment property
	£
Valuation
As at 01 October 2022	315,000
As at 30 September 2023	315,000

Assumptions

The directors have been advised that in the current economic climate for retail premises, it is unlikely that the previous level of rent will be achievable. In addition, it is unlikely that any new tenant will have the financial strength of the previous tenant HSBC. Accordingly, the directors, with informal advice, consider the property has a value of around £315,000.

4. Debtors

	2023		2022
	£		£
Trade debtors	4,642		0
Prepayments	8,352		8,172
Other debtors	36,000		36,000
	48,994		44,172

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Accruals	10,829		12,023
Taxation and social security	779		1,852
Other creditors	0		435
	11,608		14,310

6. Related party transactions

Tavistock Conservative Club
(Majority shareholders)
The company has previously advanced an interest free loan to Tavistock Conservative Club. No further advances were made during the year. The Club has investments valued at approximately £25,000 which are held by a director on behalf of the Company. The Club has undertaken that their investments will only be sold to reduce the Club's indebtedness to the Company.

There is no set repayment schedule, but the loans are to be repaid when the Club's finances will permit repayment. At the balance sheet date the amount due from Tavistock Conservative Club was £36,000 (2022: £36,000)

The company provides premises to Tavistock Conservative Club at no charge.