Company Registration No. 09653714 (England and Wales)
GOSFORTH SPORTS ASSOC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
A6 Kingfisher House
Kingsway, Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0JQ
GOSFORTH SPORTS ASSOC LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GOSFORTH SPORTS ASSOC LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
113,911
112,187
Current assets
Stocks
2,800
2,854
Debtors
4
3,067
1,133
Cash at bank and in hand
9,965
26,337
15,832
30,324
Creditors: amounts falling due within one year
5
(1,390)
(7,213)
Net current assets
14,442
23,111
Total assets less current liabilities
128,353
135,298
Creditors: amounts falling due after more than one year
6
-
0
(12,313)
Net assets
128,353
122,985
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
128,351
122,983
Total equity
128,353
122,985

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

For the financial year ended 30 September 2023 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 member has 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.

GOSFORTH SPORTS ASSOC LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
Mr Neil Jamieson
Director
Company Registration No. 09653714
GOSFORTH SPORTS ASSOC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Gosforth Sports Assoc Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Broadway West Sports Ground & Pavilion Broadway We, Gosforth, Newcastle Upon Tyne, United Kingdom, NE3 2HY.

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 £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Leasehold improvements
No depreciation
Fixtures, fittings & equipment
15% reducing balance

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 profit or loss.

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.

GOSFORTH SPORTS ASSOC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

GOSFORTH SPORTS ASSOC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

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

2023
2022
Number
Number
Total
2
2
GOSFORTH SPORTS ASSOC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
67,375
82,719
150,094
Additions
-
0
8,446
8,446
At 30 September 2023
67,375
91,165
158,540
Depreciation and impairment
At 1 October 2022
-
0
37,907
37,907
Depreciation charged in the year
-
0
6,722
6,722
At 30 September 2023
-
0
44,629
44,629
Carrying amount
At 30 September 2023
67,375
46,536
113,911
At 30 September 2022
67,375
44,812
112,187
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,067
1,133
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
370
Other creditors
1,390
6,843
1,390
7,213
GOSFORTH SPORTS ASSOC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
12,313
2023-09-302022-10-01false26 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr Neil JamiesonGosforth Rugby Club Limitedfalse096537142022-10-012023-09-30096537142023-09-30096537142022-09-3009653714core:LandBuildings2023-09-3009653714core:OtherPropertyPlantEquipment2023-09-3009653714core:LandBuildings2022-09-3009653714core:OtherPropertyPlantEquipment2022-09-3009653714core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3009653714core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3009653714core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3009653714core:Non-currentFinancialInstrumentscore:AfterOneYear2022-09-3009653714core:CurrentFinancialInstruments2023-09-3009653714core:CurrentFinancialInstruments2022-09-3009653714core:ShareCapital2023-09-3009653714core:ShareCapital2022-09-3009653714core:RetainedEarningsAccumulatedLosses2023-09-3009653714core:RetainedEarningsAccumulatedLosses2022-09-3009653714bus:Director12022-10-012023-09-3009653714core:LeaseholdImprovements2022-10-012023-09-3009653714core:FurnitureFittings2022-10-012023-09-30096537142021-10-012022-09-3009653714core:LandBuildings2022-09-3009653714core:OtherPropertyPlantEquipment2022-09-30096537142022-09-3009653714core:LandBuildings2022-10-012023-09-3009653714core:OtherPropertyPlantEquipment2022-10-012023-09-3009653714core:WithinOneYear2023-09-3009653714core:WithinOneYear2022-09-3009653714core:Non-currentFinancialInstruments2023-09-3009653714core:Non-currentFinancialInstruments2022-09-3009653714bus:PrivateLimitedCompanyLtd2022-10-012023-09-3009653714bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3009653714bus:FRS1022022-10-012023-09-3009653714bus:AuditExemptWithAccountantsReport2022-10-012023-09-3009653714bus:Director22022-10-012023-09-3009653714bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP