Company registration number 05875006 (England and Wales)
BLIDWORTH MINERS WELFARE SOCIAL CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BLIDWORTH MINERS WELFARE SOCIAL CENTRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BLIDWORTH MINERS WELFARE SOCIAL CENTRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,735
2,470
Current assets
Stocks
10,026
5,037
Debtors
5
550
1,857
Cash at bank and in hand
45,271
32,278
55,847
39,172
Creditors: amounts falling due within one year
6
(56,321)
(40,381)
Net current liabilities
(474)
(1,209)
Net assets
1,261
1,261
Reserves
Income and expenditure account
1,261
1,261
Members' funds
1,261
1,261

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 April 2024 and are signed on its behalf by:
Mr P J Calladine
Director
Company registration number 05875006 (England and Wales)
BLIDWORTH MINERS WELFARE SOCIAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Blidworth Miners Welfare Social Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Blidworth Welfare, Mansfield Road, Blidworth, Mansfield, Nottinghamshire, NG21 0LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Turnover is measured at the fair value of the consideration received or receivable, net of rebates, discounts and valued added tax.

Turnover includes revenue earned from the sale of goods and from the rendering of services.

 

Sale of goods

Turnover from bar sales eg. beverages and snacks at the bar are recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the club and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually at point of sale.

 

Rendering of services

Revenue recognition depends on the nature of the services provided. If the fee permits only membership, and all other services or products are paid for separately, or if there is a separate annual subscription, the fee is recognised as revenue when no significant uncertainty about its collectability exists. If the fee entitles the member to services or publications to be provided during the membership period, or to purchase goods or services at prices lower than those charged to non-members, it is recognised on a basis that reflects the timing, nature and value of the benefits provided.

 

Interest and dividends receivable

Interest income is recognised on receipt.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight Line
Fixtures and fittings
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

BLIDWORTH MINERS WELFARE SOCIAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

 

Debtors and creditors receivable/payable within one year

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 profit and loss account in other administrative expenses.

 

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

 

1.8
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

BLIDWORTH MINERS WELFARE SOCIAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
9
11
BLIDWORTH MINERS WELFARE SOCIAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
30,789
Additions
1,218
At 31 December 2022
32,007
Depreciation and impairment
At 1 January 2022
28,319
Depreciation charged in the year
1,953
At 31 December 2022
30,272
Carrying amount
At 31 December 2022
1,735
At 31 December 2021
2,470
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
550
1,857
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
19,718
8,644
Taxation and social security
9,551
12,797
Other creditors
27,052
18,940
56,321
40,381
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.

8
Related party transactions

The company made a donation of £27,036 (2021 £18,937) during the year to Blidworth Recreation Centre, a registered charity, number 522189. Blidworth Miners Welfare Social Centre Limited occupies property owned by the Charity and has common trustees. At 31 December 2022 £24,130 was owed by Blidworth Miners Welfare Social Centre Limited to Blidworth Recreation Centre (2021 £16,803).

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