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Olympic Bowling Club Company Limited

Registration number : 00035763



















Annual Report and Unaudited Financial Statements

for the year ended 31 December 2023

 

Olympic Bowling Club Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Olympic Bowling Club Company Limited

Company Information

Directors

Mr James Meadows

Mr Peter Connolly

Mr Peter James Woods

Mr Cyril Killen

Mr Stephen Philip Young

Mr John Metcalfe

Mr Keith Newton

Mr Alan Thomas Reynolds

Ms Maurine Pauline Dolan

Registered office

Park Vale Road
Walton Vale
Walton
Merseyside
L9 2DG

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Olympic Bowling Club Company Limited

(Registration number: 00035763)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

62,235

63,249

Current assets

 

Stocks and work-in-progress

5

2,944

3,335

Debtors

6

1,771

1,915

Cash at bank and in hand

 

35,983

38,381

 

40,698

43,631

Creditors: Amounts falling due within one year

7

(6,898)

(5,539)

Net current assets

 

33,800

38,092

Net assets

 

96,035

101,341

Capital and reserves

 

Called up share capital

1,200

1,200

Profit and loss account

94,835

100,141

Total equity

 

96,035

101,341

For the financial year ending 31 December 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 19 July 2024 and signed on its behalf by:
 

 

Olympic Bowling Club Company Limited

(Registration number: 00035763)
Balance Sheet as at 31 December 2023

.........................................
Mr Peter Connolly
Director

   
     
 

Olympic Bowling Club Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

1

General information

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

The address of its registered office is:
Park Vale Road
Walton Vale
Walton
Merseyside
L9 2DG

These financial statements were authorised for issue by the Board on 19 July 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.

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.

 

Olympic Bowling Club Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

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

Land and Buildings

2% Straight line basis

Fixtures, fittings and equipment

20% Straight line basis

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Olympic Bowling Club Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Olympic Bowling Club Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

102,738

99,769

202,507

Additions

-

1,616

1,616

At 31 December 2023

102,738

101,385

204,123

Depreciation

At 1 January 2023

40,088

99,170

139,258

Charge for the year

1,836

794

2,630

At 31 December 2023

41,924

99,964

141,888

Carrying amount

At 31 December 2023

60,814

1,421

62,235

At 31 December 2022

62,650

599

63,249

Included within the net book value of land and buildings above is £60,814 (2022 - £62,650) in respect of freehold land and buildings.
 

5

Stocks and work-in-progress

2023
£

2022
£

Finished goods and goods for resale

2,944

3,335

6

Debtors

2023
£

2022
£

Trade debtors

1,771

1,915

1,771

1,915

 

Olympic Bowling Club Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,162

2,874

Taxation and social security

1,689

1,096

Other creditors

47

1,569

6,898

5,539

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,200

1,200

1,200

1,200

         

9

Loans and borrowings