19 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 26,417 19,860 984 20,844 5,573 6,557 xbrli:pure xbrli:shares iso4217:GBP 07090739 2023-04-01 2024-03-31 07090739 2024-03-31 07090739 2023-03-31 07090739 2022-04-01 2023-03-31 07090739 2023-03-31 07090739 2022-03-31 07090739 core:PlantMachinery 2023-04-01 2024-03-31 07090739 core:PlantMachinery 2023-03-31 07090739 core:PlantMachinery 2024-03-31 07090739 core:WithinOneYear 2024-03-31 07090739 core:WithinOneYear 2023-03-31 07090739 core:ShareCapital 2024-03-31 07090739 core:ShareCapital 2023-03-31 07090739 core:RetainedEarningsAccumulatedLosses 2024-03-31 07090739 core:RetainedEarningsAccumulatedLosses 2023-03-31 07090739 core:PlantMachinery 2023-03-31 07090739 bus:Director4 2023-04-01 2024-03-31 07090739 bus:SmallEntities 2023-04-01 2024-03-31 07090739 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07090739 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07090739 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07090739 bus:FullAccounts 2023-04-01 2024-03-31 07090739 core:ImmediateParent 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 07090739
Wisbech St Mary Sports and Community Centre Limited
Unaudited Filleted Financial Statements
31 March 2024
Wisbech St Mary Sports and Community Centre Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
5,573
6,557
Current assets
Stocks
8,490
7,585
Debtors
6
25,025
9,953
Cash at bank and in hand
5,257
10,144
--------
--------
38,772
27,682
Creditors: amounts falling due within one year
7
34,308
26,309
--------
--------
Net current assets
4,464
1,373
--------
-------
Total assets less current liabilities
10,037
7,930
--------
-------
Net assets
10,037
7,930
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9,937
7,830
--------
-------
Shareholders funds
10,037
7,930
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wisbech St Mary Sports and Community Centre Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
M R Holmes DIRECTOR
Company registration number: 07090739
Wisbech St Mary Sports and Community Centre Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Boathouse Business Centre, Harbour Square, Nene Parade, Wisbech, Cambs, PE13 3BH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company withstood the difficult trading conditions resulting from the Covid 19 pandemic as it was able to access many of the government financial support initiatives. The current cost of living crisis has resulted in further difficult trading conditions. The directors have undertaken a cost cutting and efficency exercise, which has returned the company to a profitable trading status, therefore the going concern basis has been adopted.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 19 (2023: 17 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
26,417
26,417
--------
--------
Depreciation
At 1 April 2023
19,860
19,860
Charge for the year
984
984
--------
--------
At 31 March 2024
20,844
20,844
--------
--------
Carrying amount
At 31 March 2024
5,573
5,573
--------
--------
At 31 March 2023
6,557
6,557
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
22,414
6,638
Other debtors
2,611
3,315
--------
-------
25,025
9,953
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,886
7,377
Social security and other taxes
1,978
4,129
Other creditors
17,444
14,803
--------
--------
34,308
26,309
--------
--------
8. Other financial commitments
Total financial commitments, guarantees and contingencies which are not included in the Statement of Financial Position amount to £6,000 (2023: £6,000 ).
9. Related party transactions
The company was under the control of the trustees of the ultimate parent, the charity Wisbech St Mary Sports and Community Centre. The company is a non-charitable trading company which is wholly owned by the charity Wisbech St Mary Sports and Community Centre. The purpose is to carry on a trade on behalf of the charity. Each year, if profits allow, the company makes a donation to the parent charity. The donation for the year ended 31 March 2024 is £NIL, as was the previous year, but that did include a prior period adjustment of £1,800. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A .