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Registration number: 06672954

The Business Club Norfolk Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

The Business Club Norfolk Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Business Club Norfolk Limited

Registration number: 06672954

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

43

57

Current assets

 

Debtors

6

3,440

3,031

Cash at bank and in hand

 

30,689

35,515

 

34,129

38,546

Creditors: Amounts falling due within one year

7

(8,673)

(8,807)

Net current assets

 

25,456

29,739

Total assets less current liabilities

 

25,499

29,796

Creditors: Amounts falling due after more than one year

7

(25,048)

(29,203)

Provisions for liabilities

(11)

(11)

Net assets

 

440

582

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

340

482

Shareholders' funds

 

440

582



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

The Business Club Norfolk Limited

Registration number: 06672954

Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 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 31 July 2024 and signed on its behalf by:
 

R P Kerrison
Company secretary and director

   
     

 

The Business Club Norfolk Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Courtyard Barn
Roundabout Farm
Hindolvestone Road
East Dereham
Norfolk
NR20 5QS

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

The Business Club Norfolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures, fittings and equipment

25% reducing balance

 

The Business Club Norfolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

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

 

The Business Club Norfolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

14

20

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

2,552

2,552

At 31 October 2023

2,552

2,552

Depreciation

At 1 November 2022

2,495

2,495

Charge for the year

14

14

At 31 October 2023

2,509

2,509

Carrying amount

At 31 October 2023

43

43

At 31 October 2022

57

57

 

The Business Club Norfolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,240

1,284

Other debtors

2,200

1,747

 

3,440

3,031

The amounts owed at the year end in respect of the directors' loans was £2,039 (2022: £492) and is included in other debtors. It is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest.

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

4,972

4,972

Trade creditors

 

395

243

Taxation and social security

 

2,222

2,560

Other creditors

 

1,084

1,032

 

8,673

8,807

Due after one year

 

Loans and borrowings

25,048

29,203

 

The Business Club Norfolk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100