Registered number
10167229
Deeside Gymnastics Club Limited
Filleted Accounts
31 May 2023
Deeside Gymnastics Club Limited
Registered number: 10167229
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 164,502 172,485
Current assets
Debtors 4 1,089 1,089
Cash at bank and in hand 18,049 15,228
19,138 16,317
Creditors: amounts falling due within one year 5 (8,021) (8,279)
Net current assets 11,117 8,038
Total assets less current liabilities 175,619 180,523
Creditors: amounts falling due after more than one year 6 (19,889) (26,563)
Net assets 155,730 153,960
Capital and reserves
Profit and loss account 155,730 153,960
Shareholder's funds 155,730 153,960
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss J Sumner
Director
Approved by the board on 1 February 2024
Deeside Gymnastics Club Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 10 years
Equipment 20% reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 30 23
3 Tangible fixed assets
Leasehold improvements Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 168,442 36,333 204,775
At 31 May 2023 168,442 36,333 204,775
Depreciation
At 1 June 2022 16,844 15,446 32,290
Charge for the year 3,806 4,177 7,983
At 31 May 2023 20,650 19,623 40,273
Net book value
At 31 May 2023 147,792 16,710 164,502
At 31 May 2022 151,598 20,887 172,485
4 Debtors 2023 2022
£ £
Other debtors 1,089 1,089
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,650 6,650
Taxation and social security costs (33) (33)
Other creditors 1,404 1,662
8,021 8,279
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,889 26,563
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 242,760 280,200
8 Other information
Deeside Gymnastics Club Limited is a private company limited by guarantee having no share capital and incorporated in England. Its registered office is:
255 Poulton Road
Wallasey
Wirral
Merseyside
CH44 4BT
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