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Registration number: 07804382

Kennet District Gymnastic Centre Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Kennet District Gymnastic Centre Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Kennet District Gymnastic Centre Limited

(Registration number: 07804382)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

58,060

60,015

Current assets

 

Stocks

5

28,347

38,190

Debtors

6

24,960

15,177

Cash at bank and in hand

 

161,795

220,219

 

215,102

273,586

Creditors: Amounts falling due within one year

7

(31,308)

(8,881)

Net current assets

 

183,794

264,705

Net assets

 

241,854

324,720

Reserves

 

Retained earnings

241,854

324,720

Surplus

 

241,854

324,720

 

Kennet District Gymnastic Centre Limited

(Registration number: 07804382)
Balance Sheet as at 31 December 2023

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 September 2024 and signed on its behalf by:
 

.........................................
Mr A Horne
Director

.........................................
Ms F A Horne
Director

 

Kennet District Gymnastic Centre Limited

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

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, 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.

The address of its registered office is:
25 Sarum Way
Hungerford
Berkshire
RG17 0LJ

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services as a gymnastics club. Turnover is shown net of returns, rebates and discounts.

Government grants

Government grants are accounted for as revenue based grants under the accrual model in the period in which they are receivable.

Tax

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

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 & equipment

25% reducing balance

Office equipment

25% reducing balance

 

Kennet District Gymnastic Centre Limited

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 17 (2022 - 16).

 

Kennet District Gymnastic Centre Limited

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

4

Tangible assets

Fixtures, fittings & equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

250,681

10,357

261,038

Additions

13,160

2,119

15,279

At 31 December 2023

263,841

12,476

276,317

Depreciation

At 1 January 2023

194,491

6,532

201,023

Charge for the year

15,993

1,241

17,234

At 31 December 2023

210,484

7,773

218,257

Carrying amount

At 31 December 2023

53,357

4,703

58,060

At 31 December 2022

56,190

3,825

60,015

5

Stocks

2023
£

2022
£

Stock of badges & merchandise

28,347

38,190

6

Debtors

Current

2023
£

2022
£

Prepayments

24,960

15,177

 

Kennet District Gymnastic Centre 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

Taxation and social security

7,073

8,694

Other creditors

24,235

187

31,308

8,881

8

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £228,027 (2022 - £293,547). This relates to the lease taken out on Unit D, Bone Lane, Newbury. This relates to the lease commitment on the property.