Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-302023-05-302022-05-31falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03425394 2022-05-31 2023-05-30 03425394 2021-05-31 2022-05-30 03425394 2023-05-30 03425394 2022-05-30 03425394 c:Director1 2022-05-31 2023-05-30 03425394 d:FreeholdInvestmentProperty 2023-05-30 03425394 d:FreeholdInvestmentProperty 2022-05-30 03425394 d:CurrentFinancialInstruments 2023-05-30 03425394 d:CurrentFinancialInstruments 2022-05-30 03425394 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-30 03425394 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-30 03425394 d:ShareCapital 2023-05-30 03425394 d:ShareCapital 2022-05-30 03425394 d:SharePremium 2023-05-30 03425394 d:SharePremium 2022-05-30 03425394 d:CapitalRedemptionReserve 2023-05-30 03425394 d:CapitalRedemptionReserve 2022-05-30 03425394 d:RetainedEarningsAccumulatedLosses 2023-05-30 03425394 d:RetainedEarningsAccumulatedLosses 2022-05-30 03425394 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-30 03425394 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-30 03425394 c:FRS102 2022-05-31 2023-05-30 03425394 c:AuditExempt-NoAccountantsReport 2022-05-31 2023-05-30 03425394 c:FullAccounts 2022-05-31 2023-05-30 03425394 c:PrivateLimitedCompanyLtd 2022-05-31 2023-05-30 03425394 6 2022-05-31 2023-05-30 03425394 e:PoundSterling 2022-05-31 2023-05-30 iso4217:GBP xbrli:pure
Registered number: 03425394












KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED
 30 MAY 2023



















 


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01483 755 399
hamlyns.com

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
REGISTERED NUMBER: 03425394

BALANCE SHEET
AS AT 30 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
102
102

Investment property
 5 
970,000
970,000

  
970,102
970,102

Current assets
  

Debtors: amounts falling due within one year
 6 
12,333
4,292

Cash at bank and in hand
 7 
73,681
57,727

  
86,014
62,019

Creditors: amounts falling due within one year
 8 
(1,571,321)
(1,559,322)

Net current liabilities
  
 
 
(1,485,307)
 
 
(1,497,303)

Total assets less current liabilities
  
(515,205)
(527,201)

  

Net liabilities
  
(515,205)
(527,201)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
932,148
932,148

Capital redemption reserve
  
985,870
985,870

Profit and loss account
  
(2,434,223)
(2,446,219)

  
(515,205)
(527,201)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2024.



Page 1

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
REGISTERED NUMBER: 03425394

BALANCE SHEET (CONTINUED)
AS AT 30 MAY 2023


___________________________
Kevin John Foster
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023

1.


General information

Kingfield Community Sports Centre Limited, number 03425394, is a privately incorporated company limited by shares, registered in England and Wales with the registered offices at Civic Hall, Gloucester Square, Woking, GU21 6YL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets
Page 4

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Page 5

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 31 May 2022
5,236,116



At 30 May 2023

5,236,116



Impairment


At 31 May 2022
5,236,014



At 30 May 2023

5,236,014



Net book value



At 30 May 2023
102



At 30 May 2022
102

Page 6

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 31 May 2022
970,000



At 30 May 2023
970,000


Comprising


Cost
3,295,680

Annual revaluation surplus/(deficit):


2022
(2,325,680)

At 30 May 2023
970,000

The 2023 valuations were made by Vail Williams, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
11,650
2,700

Other debtors
683
1,592

12,333
4,292



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
73,681
57,727

73,681
57,727


Page 7

 
KINGFIELD COMMUNITY SPORTS CENTRE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,565,829
1,554,605

Corporation tax
2,657
2,067

Accruals and deferred income
2,835
2,650

1,571,321
1,559,322



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
73,681
57,727




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


10.


Related party transactions

At the balance sheet date the company had a credit balance with Woking Borough Council, its parent undertaking, of £1,565,829 (2022 - £1,554,605).  The period movement represents expenditure paid on behalf of the company.  The balance is held in creditors, is interest free and repayable on demand.


11.


Controlling party

The company is controlled by its parent undertaking, Woking Borough Council, by virtue of it's 100% shareholding of the issued share capital.


Page 8