Company registration number SC012130 (Scotland)
HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,492,549
1,507,778
Investments
5
1
1
1,492,550
1,507,779
Current assets
Debtors
6
31,280
18,450
Cash at bank and in hand
126,198
110,441
157,478
128,891
Creditors: amounts falling due within one year
7
(69,567)
(51,908)
Net current assets
87,911
76,983
Total assets less current liabilities
1,580,461
1,584,762
Creditors: amounts falling due after more than one year
8
(56,898)
(67,789)
Net assets
1,523,563
1,516,973
Reserves
Called up share capital
9
-
0
-
0
Income and expenditure account
10
1,523,563
1,516,973
Members' funds
1,523,563
1,516,973

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

For the financial year ended 31 December 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 members have 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.

HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 June 2024 and are signed on its behalf by:
A M Wilson
Director
Company Registration No. SC012130
HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Hillhead High School War Memorial Trust Limited is a private company limited by guarantee incorporated in Scotland and trades under the name of "Hillhead Sports Club". The registered office is 32 Hughenden Road, Glasgow, United Kingdom, G12 9XP.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

1.4
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:

Clubhouse, grounds and equipment
2% and 10% on cost
Spectator stand
4% on cost
Gym equipment
33% on cost
Fixtures, fittings and equipment
20% on cost

There is no depreciation on land. 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 surplus or deficit.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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.

1.7
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.

1.8
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.

1.9
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Clubhouse, grounds and equipment
Spectator stand
Gym equipment
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,773,515
90,556
51,990
104,408
2,020,469
Additions
9,510
-
0
806
7,027
17,343
Disposals
-
0
-
0
-
0
(6,167)
(6,167)
At 31 December 2023
1,783,025
90,556
52,796
105,268
2,031,645
Depreciation and impairment
At 1 January 2023
334,165
29,807
51,815
96,904
512,691
Depreciation charged in the year
25,443
3,622
376
3,131
32,572
Eliminated in respect of disposals
-
0
-
0
-
0
(6,167)
(6,167)
At 31 December 2023
359,608
33,429
52,191
93,868
539,096
Carrying amount
At 31 December 2023
1,423,417
57,127
605
11,400
1,492,549
At 31 December 2022
1,439,350
60,749
175
7,504
1,507,778

Included within Clubhouse, grounds and equipment is land with an estimated value in the region of £620,000 (2022: £620,000).

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,352
-
0
Amounts owed by group undertakings
23,296
16,154
Other debtors
120
120
Prepayments and accrued income
3,512
2,176
31,280
18,450
HILLHEAD HIGH SCHOOL WAR MEMORIAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,216
4,071
Other borrowings
7,426
6,426
Trade creditors
43,071
30,037
Taxation and social security
3,108
1,921
Accruals and deferred income
10,746
9,453
69,567
51,908

A bank overdraft facility exists for £20,000 and is secured by a standard security over the land and buildings at 32 Hughenden Road.

8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
33,159
38,375
Other borrowings
23,739
29,414
56,898
67,789
Amounts included above which fall due after five years are as follows:
Payable by instalments
11,430
20,893
9
Members' liability

The company is private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

10
Income and expenditure account

The income and expenditure account includes all current and prior period retained surpluses and deficits.

 

The income and expenditure account includes the J Liversidge Fund. This represents funds received in a prior period to support pupils at Hillhead High School to participate in their chosen sporting activity. The funds are only utilised if a successful application is made by representatives of Hillhead High School to the directors of the company. The balance of this fund at the year end is £7,376 (2022: £7,376).

11
Related party transactions

During the year Shona Ross, a director, received payments totalling £6,480 (2022: £8,490) for work carried out in relation to the management of the community sports hub. At the year end nil was owed to the director (2022: £435).

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