Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
315,000 | 315,000 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
76,271 | 75,678 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 64,663 | 61,368 | ||
Total assets less current liabilities | 379,663 | 376,368 | ||
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Revaluation reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Tavistock Constitutional Club Company Ltd (registered number:
C Jago
Director |
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.
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 £.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 October 2022 |
|
As at 30 September 2023 |
|
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.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Accruals |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
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.