Company registration number 08670419 (England and Wales)
THE OLD PARKONIANS ASSOCIATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Horner Downey & Company Limited
Chartered Accountants
10 Stadium Court
Stadium Road
Bromborough
Wirral
CH62 3RP
THE OLD PARKONIANS ASSOCIATION LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE OLD PARKONIANS ASSOCIATION LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
382,019
381,716
Current assets
Stocks
2,840
1,980
Debtors
4
200
5,024
Cash at bank and in hand
41,673
63,110
44,713
70,114
Creditors: amounts falling due within one year
5
(8,520)
(10,435)
Net current assets
36,193
59,679
Total assets less current liabilities
418,212
441,395
Creditors: amounts falling due after more than one year
6
(8,350)
(11,682)
Net assets
409,862
429,713
Reserves
Non-distributable reserves
8
120,101
120,101
Other reserves
130,807
130,807
Income and expenditure account
158,954
178,805
Members' funds
409,862
429,713

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 March 2024 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.

THE OLD PARKONIANS ASSOCIATION LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr. D. N. Verheijen
Director
THE OLD PARKONIANS ASSOCIATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

The Old Parkonians Association Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is HM Curphey Memorial Ground, Holm Lane, Birkenhead, Wirral, CH43 2HU.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

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

 

Expenses include VAT where applicable as the company cannot reclaim it.

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:

Freehold land and buildings
Nil
Plant and machinery
25% straight line
Fixtures and fittings
33% straight line

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.

1.4
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.

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.

THE OLD PARKONIANS ASSOCIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

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
Taxation

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

THE OLD PARKONIANS ASSOCIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

THE OLD PARKONIANS ASSOCIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
376,617
17,790
12,240
406,647
Additions
-
0
4,349
-
0
4,349
At 31 March 2024
376,617
22,139
12,240
410,996
Depreciation and impairment
At 1 April 2023
-
0
13,211
11,720
24,931
Depreciation charged in the year
-
0
3,583
463
4,046
At 31 March 2024
-
0
16,794
12,183
28,977
Carrying amount
At 31 March 2024
376,617
5,345
57
382,019
At 31 March 2023
376,617
4,579
520
381,716
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
200
5,024
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
3,332
3,332
Taxation and social security
459
1,419
Other creditors
872
1,266
Accruals and deferred income
3,857
4,418
8,520
10,435
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
8,350
11,682
THE OLD PARKONIANS ASSOCIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
120,101
120,101
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr. R. J. D. BeckettMr. D. N. VerheijenMr. S. J. McEwenMr. M. A. HillanMr. K. W. CookeMr. S. WilliamsMr. S. A. MurphyMrs. E. Westwaterfalsefalse0086704192023-04-012024-03-31086704192024-03-31086704192023-03-3108670419core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3108670419core:PlantMachinery2024-03-3108670419core:FurnitureFittings2024-03-3108670419core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3108670419core:PlantMachinery2023-03-3108670419core:FurnitureFittings2023-03-3108670419core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3108670419core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108670419core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3108670419core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3108670419core:CurrentFinancialInstruments2024-03-3108670419core:CurrentFinancialInstruments2023-03-3108670419core:RevaluationReserve2024-03-3108670419core:RevaluationReserve2023-03-3108670419core:OtherMiscellaneousReserve2024-03-3108670419core:OtherMiscellaneousReserve2023-03-3108670419core:RetainedEarningsAccumulatedLosses2024-03-3108670419core:RetainedEarningsAccumulatedLosses2023-03-3108670419bus:Director22023-04-012024-03-3108670419core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3108670419core:PlantMachinery2023-04-012024-03-3108670419core:FurnitureFittings2023-04-012024-03-3108670419core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3108670419core:PlantMachinery2023-03-3108670419core:FurnitureFittings2023-03-31086704192023-03-3108670419core:Non-currentFinancialInstruments2024-03-3108670419core:Non-currentFinancialInstruments2023-03-3108670419bus:CompanyLimitedByGuarantee2023-04-012024-03-3108670419bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108670419bus:FRS1022023-04-012024-03-3108670419bus:AuditExemptWithAccountantsReport2023-04-012024-03-3108670419bus:Director12023-04-012024-03-3108670419bus:Director32023-04-012024-03-3108670419bus:Director42023-04-012024-03-3108670419bus:Director52023-04-012024-03-3108670419bus:Director62023-04-012024-03-3108670419bus:Director72023-04-012024-03-3108670419bus:Director82023-04-012024-03-3108670419bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP