REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
BOWLS ENGLAND |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
BOWLS ENGLAND |
BOWLS ENGLAND (REGISTERED NUMBER: 06297656) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BOWLS ENGLAND |
COMPANY INFORMATION |
for the year ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
BOWLS ENGLAND (REGISTERED NUMBER: 06297656) |
BALANCE SHEET |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Revaluation reserve | 10 |
Other reserves | 10 |
Income and expenditure account | 10 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BOWLS ENGLAND (REGISTERED NUMBER: 06297656) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Bowls England is a company limited by guarantee which does not have share capital and is registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax, affiliation fees and competition entry fees. Revenue from goods is recognised at the point of sale, affiliation fees are recognised on receipt in the Bowls season to which they relate and competition entry fees when the associated competition is held. |
Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred. |
Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:- |
Furniture, fixtures and equipment | - 5 years |
Computer hardware and software | - Between 3 and 5 years |
Any gains and losses on the disposal of tangible fixed assets are recognised in the Income Statement in the year that the disposal takes place. |
Investment property |
Investment property for which fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
BOWLS ENGLAND (REGISTERED NUMBER: 06297656) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
Other financial assets and liabilities, such as loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for its employees. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. A defined contribution plan is a pension scheme under which the Company pays fixed contributions into an independently administered fund and has no further obligations once the contributions have been paid. |
Operating lease commitments |
Rentals payable under operating leases are charged as an expense to the Income Statement on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BOWLS ENGLAND (REGISTERED NUMBER: 06297656) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fair value at 30 September 2023 is represented by: |
£ |
Valuation in 2013 | 405,717 |
Valuation in 2019 | 263,000 |
Cost | 194,283 |
863,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 194,283 | 194,283 |
Investment property was valued on an open market basis on 19 February 2019 by Sedgewick Claims Management Services Ltd . |
BOWLS ENGLAND (REGISTERED NUMBER: 06297656) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Operating Leases - Lessor |
Total future minimum lease rentals receivable under non-cancellable operating leases are as follows: |
2023 | 2022 |
£ | £ |
Not later than one year | 43,000 | 43,000 |
Later than one year and not later than five years | 172,000 | 172,000 |
Later than five years | 3,583 | 46,583 |
218,583 | 261,583 |
BOWLS ENGLAND (REGISTERED NUMBER: 06297656) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2023 |
10. | RESERVES |
Income |
and |
expenditure | Revaluation | Other |
account | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 October 2022 |
Deficit for the year | ( |
) | - | - | ( |
) |
Movement | (18,172 | ) | - | 18,172 | - |
At 30 September 2023 | 1,967,077 |
Other reserves comprise: Club Loans Fund which represents a £650,000 fund available to clubs towards development and greens loans, at the year end the amount available for further loans was £367,320; and HQ repairs, Cups and Trophy insurance fund which at the year end stood at £35,642. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY TRANSACTIONS |
The directors of the company received allowances of £8,100 (2022: £7,650). |