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Registration number: NI045203

Owenbeg Bowling & Sports Club Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 August 2023

 

Owenbeg Bowling & Sports Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Owenbeg Bowling & Sports Club Limited

Company Information

Directors

Deborah Kelly

Alan Telford

Damien Mageean

James Mills

Company secretary

Damien Mageean

Registered office

77 Stream Street
Downpatrick
Co Down
BT30 6DD

 

Owenbeg Bowling & Sports Club Limited

(Registration number: NI045203)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

247,370

246,895

Current assets

 

Stocks

5

1,250

475

Debtors

6

1,486

1,596

Cash at bank and in hand

 

13,026

14,576

 

15,762

16,647

Creditors: Amounts falling due within one year

7

(2,659)

(8,093)

Net current assets

 

13,103

8,554

Net assets

 

260,473

255,449

Reserves

 

Retained earnings

260,473

255,449

Surplus

 

260,473

255,449

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Owenbeg Bowling & Sports Club Limited

(Registration number: NI045203)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
 

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
Deborah Kelly
Director

 

Owenbeg Bowling & Sports Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a company limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. .

The address of its registered office is:
77 Stream Street
Downpatrick
Co Down
BT30 6DD
Northern Ireland

These financial statements were authorised for issue by the Board on 8 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Owenbeg Bowling & Sports Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2% straight line

Fixtures & Fittings

10% reducing balance

Office Equipment

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Owenbeg Bowling & Sports Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

 

Owenbeg Bowling & Sports Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Land and buildings
£

Furniture & Fittings
 £

Equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

310,381

27,065

34,430

139

372,015

Additions

-

-

8,500

-

8,500

At 31 August 2023

310,381

27,065

42,930

139

380,515

Depreciation

At 1 September 2022

73,301

20,109

31,710

-

125,120

Charge for the year

6,207

696

1,122

-

8,025

At 31 August 2023

79,508

20,805

32,832

-

133,145

Carrying amount

At 31 August 2023

230,873

6,260

10,098

139

247,370

At 31 August 2022

237,080

6,956

2,720

139

246,895

Included within the net book value of land and buildings above is £230,873 (2022 - £237,080) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

1,250

475

6

Debtors

2023
£

2022
£

Trade debtors

1,020

1,133

Prepayments

466

463

1,486

1,596

 

Owenbeg Bowling & Sports Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

896

5,477

Taxation and social security

-

853

Accruals and deferred income

1,763

1,763

2,659

8,093

8

Related party transactions

In the year ended 31 August 2023, there were no related party transactions (2022: £Nil).