Daventry Indoor Bowling Club Limited
Registered number: 03419085
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 531,025 551,762
Current assets
Stocks 4,987 4,674
Debtors 4 8,190 9,510
Cash at bank and in hand 141,179 126,165
154,356 140,349
Creditors: amounts falling due within one year 5 (1,092) (995)
Net current assets 153,264 139,354
Net assets 684,289 691,116
Capital and reserves
Profit and loss account 684,289 691,116
Shareholders' funds 684,289 691,116
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Daynes
Director
Approved by the board on 21 March 2024
Daventry Indoor Bowling Club Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property 2% on cost
Solar panels 10% on cost
Fixtures and fittings 15% reducing balance
Bowling carpet and equipment 15% reducing balance
Computer equipment 25% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
No liability to UK corporation tax arose on ordinary activities for the year ended 29th February 2024 nor for the year ended 28th February 2023.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings Computer equipment Bowling carpet and equipment Fixtures & fittings Solar panels Total
£ £ £ £ £
Cost
At 1 March 2023 863,636 8,178 44,400 136,032 27,342 1,079,588
Additions - - - 9,458 - 9,458
At 29 February 2024 863,636 8,178 44,400 145,490 27,342 1,089,046
Depreciation
At 1 March 2023 380,279 7,856 6,660 106,830 26,201 527,826
Charge for the year 17,272 322 5,661 5,799 1,141 30,195
At 29 February 2024 397,551 8,178 12,321 112,629 27,342 558,021
Net book value
At 28 February 2023 483,357 322 37,740 29,202 1,141 551,762
At 29 February 2024 466,085 - 32,079 32,861 - 531,025
4 Debtors 2024 2023
£ £
Trade debtors 2,549 3,910
Prepayments 5,641 5,600
8,190 9,510
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 1,092 995
6 Events after the reporting date
There have been no events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
7 Pension commitments
There are no pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
8 Contingent liabilities
There are no contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Controlling party
The company is under the control of the directors.
10 Other information
Daventry Indoor Bowling Club Limited is a private company incorporated in England. Its registered office is:
Staverton Sports Park
Browns Road
Daventry
Northamptonshire
NN11 4NS
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