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Company registration number: 02851601
Hertfordshire LTA Limited
Company limited by guarantee
Unaudited filleted financial statements
31 December 2023
Hertfordshire LTA Limited
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Hertfordshire LTA Limited
Company limited by guarantee
Directors and other information
Directors
Mr. M F Corrie
Mr J L Evans
Mrs B Amos (Appointed 29 June 2023)
Secretary M F Corrie
Company number 02851601
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Hertfordshire LTA Limited
Company limited by guarantee
Statement of financial position
31 December 2023
31/12/23 30/09/22
Note £ £ £ £
Fixed assets
Intangible assets 6 101,100 110,238
Tangible assets 7 345 461
Investments 8 10,000 10,000
_______ _______
111,445 120,699
Current assets
Debtors 9 4,626 39,033
Cash at bank and in hand 20,059 4,520
_______ _______
24,685 43,553
Creditors: amounts falling due
within one year 10 ( 6,866) ( 5,695)
_______ _______
Net current assets 17,819 37,858
_______ _______
Total assets less current liabilities 129,264 158,557
Creditors: amounts falling due
after more than one year 11 ( 172,204) ( 187,852)
_______ _______
Net liabilities ( 42,940) ( 29,295)
_______ _______
Capital and reserves
Profit and loss account ( 42,940) ( 29,295)
_______ _______
Members deficit ( 42,940) ( 29,295)
_______ _______
For the period 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 financial statements for the period 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 March 2024 , and are signed on behalf of the board by:
Mr. M F Corrie Mr J L Evans
Director Director
Company registration number: 02851601
Hertfordshire LTA Limited
Company limited by guarantee
Notes to the financial statements
Period ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Hertfordshire LTA Limited, Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
On 14 December 2023 the company changed it's name from Hertfordshire LTA (Tennis Centres) Ltd to Hertfordshire LTA Ltd.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 accounts have been prepared on a going concern basis, which assumes the continued support of the Hertfordshire Lawn Tennis Association. The loan due to the Association has no fixed payment term and is interest free. The association has agreed that they will not request the loan to be repaid until Hertfordshire LTA Limited has sufficient funds to repay the loan without affecting the going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Operating licences are valued at cost less accumulated amortisation.The operating licences agreement in place with Gosling Sports Park ends in 2039. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 25 to 30 years. At 31 December 2023 the useful life remaining was 14.75 years.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
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:
Fittings fixtures and equipment - 15 % reducing balance
Computer equipment - 3 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Limited by guarantee
Every member of the company undertakes to contribute to the assets of the company, in the event of the company being wound up while he or she is a member, or within one year after he ceases to be a member, for the payment of debts and liabilities of the company contracted before he ceases to be a member, and for the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding £5. At 31 December 2023 there were 3 members (2022 - 7 members).
5. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2022: 4 ).
6. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 October 2022 and 31 December 2023 349,503 349,503
_______ _______
Amortisation
At 1 October 2022 239,265 239,265
Charge for the period 9,138 9,138
_______ _______
At 31 December 2023 248,403 248,403
_______ _______
Carrying amount
At 31 December 2023 101,100 101,100
_______ _______
At 30 September 2022 110,238 110,238
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 October 2022 and 31 December 2023 4,474 1,416 5,890
_______ _______ _______
Depreciation
At 1 October 2022 4,053 1,376 5,429
Charge for the year 77 39 116
_______ _______ _______
At 31 December 2023 4,130 1,415 5,545
_______ _______ _______
Carrying amount
At 31 December 2023 344 1 345
_______ _______ _______
At 30 September 2022 421 40 461
_______ _______ _______
8. Investments
Other investments other than loans Total
£ £
Cost
At 1 October 2022 and 31 December 2023 10,000 10,000
_______ _______
Impairment
At 1 October 2022 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 10,000 10,000
_______ _______
At 30 September 2022 10,000 10,000
_______ _______
9. Debtors
31/12/23 30/09/22
£ £
Trade debtors 1,824 3,096
Other debtors 2,802 35,937
_______ _______
4,626 39,033
_______ _______
10. Creditors: amounts falling due within one year
31/12/23 30/09/22
£ £
Trade creditors 120 120
Corporation tax 45 44
Social security and other taxes 6,401 5,231
Other creditors 300 300
_______ _______
6,866 5,695
_______ _______
11. Creditors: amounts falling due after more than one year
31/12/23 30/09/22
£ £
Other creditors 172,204 187,852
_______ _______
12. Events after the end of the reporting period
As at 1 January 2024, Hertforshire LTA Ltd acquired all of the assets and undertakings of Hertfordshire Lawn Tennis Association at net book value.
13. Related party transactions
Hertfordshire LTA Limited has a close working relationship with Hertfordshire Lawn Tennis Association and Hertfordshire LTA (Sponsorship) Limited. All three entities are undercommon control.During the year the company incurred recharged expenses with a value of £2,261 from Hertfordshire LTA (Sponsorship) Limited (2022 - £1,548). At 31 December 2023 the balance due from Hertfordshire LTA (Sponsorship) Limited was £2,261 (2022 - £35,345) (Disclosed in note 10).During the year Hertfordshire Lawn Tennis Association hired tennis courts from the company with a value of £7,950 (2022: £4,710). The company recharged expenses of £69,798 (2022: £45,209) and received £62,100 (2022: £30,000) from Hertfordshire Lawn Tennis Association. Net movement on the balance due to Hertfordshire Lawn Tennis Association of £15,648. At 31 December 2023 the balance due to Hertfordshire Lawn Tennis Association was £172,204 (2022 - £187,852) (Disclosed in note 12).
14. Controlling party
The directors are the ultimate controlling party of the company.
15. Transactions with directors
Martin Corrie, a director, is a consultant of the firm Hicks and Company, Chartered Accountants. During the period ended 31 December 2023 the company purchased bookkeeping and office services from Hicks and Company on normal commercial terms with a total value of £2,060 excluding VAT (2021 - £1,440 including VAT). At 31 December 2023 the amount due from Hertfordshire LTA Ltd to Hicks and Company was £120 (2022 - £120).