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COMPANY REGISTRATION NUMBER: 04350427
Club One (Ascot) Limited
Filleted Unaudited Financial Statements
31 January 2023
Club One (Ascot) Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
669,643
665,214
Current assets
Stocks
164,666
114,066
Debtors
6
35,755
27,055
Cash at bank and in hand
3,711
2,844
---------
---------
204,132
143,965
Creditors: amounts falling due within one year
7
271,187
213,304
---------
---------
Net current liabilities
67,055
69,339
---------
---------
Total assets less current liabilities
602,588
595,875
Creditors: amounts falling due after more than one year
8
825,974
724,665
---------
---------
Net liabilities
( 223,386)
( 128,790)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 223,388)
( 128,792)
---------
---------
Shareholders deficit
( 223,386)
( 128,790)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Club One (Ascot) Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 5 March 2024 , and are signed on behalf of the board by:
Mr R.D. Thompson
Director
Company registration number: 04350427
Club One (Ascot) Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fosters, Lovel Lane, Winkfield, Windsor, SL4 2DG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on a going concern basis, assuming the company continues to receive the support of its short and long term creditors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
5% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 22 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
469,684
368,432
1,800
839,916
Additions
14,957
14,957
---------
---------
-------
---------
At 31 January 2023
469,684
383,389
1,800
854,873
---------
---------
-------
---------
Depreciation
At 1 February 2022
172,916
1,786
174,702
Charge for the year
10,524
4
10,528
---------
---------
-------
---------
At 31 January 2023
183,440
1,790
185,230
---------
---------
-------
---------
Carrying amount
At 31 January 2023
469,684
199,949
10
669,643
---------
---------
-------
---------
At 31 January 2022
469,684
195,516
14
665,214
---------
---------
-------
---------
6. Debtors
2023
2022
£
£
Other debtors
35,755
27,055
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank and other loans
20,698
20,001
Trade creditors
165,652
144,610
Other creditors
84,837
48,693
---------
---------
271,187
213,304
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank and other loans
825,974
724,665
---------
---------
9. Related party transactions
The company was under the control of Mr R.D.Thompson throughout the current and previous year. Mr Thompson is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.