REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Newark Town & District Club Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Newark Town & District Club Limited |
Newark Town & District Club Limited (Registered number: 03538288) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
Newark Town & District Club Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
Morton House |
12 Appletongate |
Newark |
Nottinghamshire |
NG24 1JY |
BANKERS: |
1 Market Place |
Newark |
Nottinghamshire |
NG24 1DY |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Newark Town & District Club Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newark Town & District Club Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Newark Town & District Club Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newark Town & District Club Limited and state those matters that we have agreed to state to the Board of Directors of Newark Town & District Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newark Town & District Club Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Newark Town & District Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Newark Town & District Club Limited. You consider that Newark Town & District Club Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Newark Town & District Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants & Business Advisers |
Morton House |
12 Appletongate |
Newark |
Nottinghamshire |
NG24 1JY |
Newark Town & District Club Limited (Registered number: 03538288) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Revaluation reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS | 11 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newark Town & District Club Limited (Registered number: 03538288) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Newark Town & District Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of goods and services supplied by the company including value added tax. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
The directors feel that the refurbishment expenditure has enhanced the value of the property by more than the expenditure. Therefore, no depreciation is charged and the refurbishment expenditure has been added to the valuation of the property. |
The property valuation is considered by the directors annually and an external valuation gained when relevant and necessary. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The Inland Revenue have confirmed that no corporation tax is payable on profits from mutual trading whilst the club continues in its present form. Profits relating to the non- mutual trading are subject to corporation tax. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Land and | to | and |
Buildings | property | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Newark Town & District Club Limited (Registered number: 03538288) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
Included in trade creditors is an amount of £312 (2022: £294) relating to tax and NIC. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured against the property held by the company. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
"A" Ordinary Shares | 1.00 | 51 | 51 |
Ordinary Redeemable | 100.0 | 0 | 56,500 | 54,500 |
56,551 | 54,551 |
10. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 161,751 |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | 152,146 |
Newark Town & District Club Limited (Registered number: 03538288) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2023 | 2022 |
£ | £ |
Loss for the financial year | ( |
) | ( |
) |
"A" Ordinary shares redeemed |
"A" Ordinary shares issued | - | (6 | ) |
Ordinary redeemable shares issued | 2,000 | 10,000 |
Ordinary redeemable shares redeemed | - | (1,100 | ) |
Shares and other reserves | - | 224,649 |
Net (reduction)/addition to shareholders' funds | (7,605 | ) | 216,302 |
Opening shareholders' funds | 216,302 | - |
Closing shareholders' funds | 208,697 | 216,302 |