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BORDEN SPORT LIMITED
Company limited by guarantee
Unaudited financial statements
31 May 2023
Company registration number 03859564
BORDEN SPORT LIMITED
Company limited by guarantee
Contents
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BORDEN SPORT LIMITED
Company limited by guarantee
Directors report
Year ended 31 May 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2023.
Directors
The directors who served the company during the year were as follows:
P. Bromwich
A. Wilson
N. Hancock
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 February 2024 and signed on behalf of the board by:
A. Wilson N. Hancock
Director Director
BORDEN SPORT LIMITED
Company limited by guarantee
Statement of comprehensive income
Year ended 31 May 2023
2023 2022
Note £ £
Turnover 47,414 53,180
Cost of sales - -
Administrative expenses ( 66,818) ( 57,126)
Other operating income 4,976 -
_______ _______
Operating loss ( 14,428) ( 3,946)
Other interest receivable and similar income 415 2
Loss before taxation 5 ( 14,013) ( 3,944)
Tax on loss - -
_______ _______
Loss for the financial year and total comprehensive income ( 14,013) ( 3,944)
_______ _______
All the activities of the company are from continuing operations.
BORDEN SPORT LIMITED
Company limited by guarantee
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 445,932 455,454
_______ _______
445,932 455,454
Current assets
Debtors 7 15,575 2,279
Cash at bank and in hand 67,511 67,041
_______ _______
83,086 69,320
Creditors: amounts falling due
within one year 8 ( 49,935) ( 31,678)
_______ _______
Net current assets 33,151 37,642
_______ _______
Total assets less current liabilities 479,083 493,096
_______ _______
Net assets 479,083 493,096
_______ _______
Capital and reserves
Profit and loss account 479,083 493,096
_______ _______
Members funds 479,083 493,096
_______ _______
For the year ending 31 May 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
A. Wilson
Director
Company registration number: 03859564
BORDEN SPORT LIMITED
Company limited by guarantee
Statement of changes in equity
Year ended 31 May 2023
Profit and loss account Total
£ £
At 1 June 2021 497,040 497,040
Loss for the year ( 3,944) ( 3,944)
_______ _______
Total comprehensive income for the year ( 3,944) ( 3,944)
_______ _______
At 31 May 2022 and 1 June 2022 493,096 493,096
Loss for the year ( 14,013) ( 14,013)
_______ _______
Total comprehensive income for the year ( 14,013) ( 14,013)
_______ _______
At 31 May 2023 479,083 479,083
_______ _______
BORDEN SPORT LIMITED
Company limited by guarantee
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is The Pavilion, Borden Grammar School, Avenue of Remembrance, Sittingbourne, Kent.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 accounts have been prepared on the going concern basis.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Limited by guarantee
The company is limited by guarantee.
5. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 34,404 35,181
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2022 641,646 540,171 1,181,817
Additions - 24,882 24,882
_______ _______ _______
At 31 May 2023 641,646 565,053 1,206,699
_______ _______ _______
Depreciation
At 1 June 2022 352,058 374,305 726,363
Charge for the year 5,792 28,612 34,404
_______ _______ _______
At 31 May 2023 357,850 402,917 760,767
_______ _______ _______
Carrying amount
At 31 May 2023 283,796 162,136 445,932
_______ _______ _______
At 31 May 2022 289,588 165,866 455,454
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 15,575 2,279
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Other loans 20,084 31,678
Trade creditors 4,621 -
Other creditors 25,230 -
_______ _______
49,935 31,678
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Sittingbourne (formerly Old Bordenian) Hockey Club 20,259 11,020 20,084 20,084
Borden Grammar School 16,014 8,217 - -
Borden Grammar School - - - -
_______ _______ _______ _______
All transactions with the Sittingbourne (formerly Old Bordenian) Hockey Club are considered to be at market rate. In accordance with the ESFA regulations for related parties, all transactions with Borden Grammar School are considered to be at cost. Other than the transactions shown, there are no other balances or transactions with the directors, shareholders or their related parties, whhich would require disclosure in accordance with FRS102.