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01/10/2022
31/12/2023
2023-12-31
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No description of principal activities is disclosed
2022-10-01
Sage Accounts Production 23.0 - FRS102_2023
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02851601
2022-10-01
2023-12-31
02851601
2023-12-31
02851601
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02851601
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02851601
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02851601
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02851601
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02851601
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02851601
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2023-12-31
02851601
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2023-12-31
02851601
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02851601
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2023-12-31
02851601
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2022-09-30
02851601
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2023-12-31
02851601
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2022-09-30
02851601
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2023-12-31
02851601
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02851601
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2023-12-31
02851601
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2023-12-31
02851601
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02851601
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02851601
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2023-12-31
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2023-12-31
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2023-12-31
02851601
1
2022-10-01
2023-12-31
02851601
core:AllAssociates
2022-10-01
2023-12-31
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
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Directors |
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Mr. M F Corrie |
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Mr J L Evans |
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Mrs B Amos |
(Appointed 29 June 2023) |
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Secretary |
M F Corrie |
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Company number |
02851601 |
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Registered office |
Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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Hertfordshire |
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AL5 4EE |
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Accountants |
Hicks and Company |
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Chartered Accountants |
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Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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AL5 4EE |
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Hertfordshire LTA Limited
Company limited by guarantee
Statement of financial position
31 December 2023
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31/12/23 |
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30/09/22 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
|
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|
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Intangible assets |
|
6 |
101,100 |
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|
110,238 |
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Tangible assets |
|
7 |
345 |
|
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|
461 |
|
|
Investments |
|
8 |
10,000 |
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|
10,000 |
|
|
|
|
|
_______ |
|
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_______ |
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111,445 |
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120,699 |
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Current assets |
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Debtors |
|
9 |
4,626 |
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39,033 |
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Cash at bank and in hand |
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|
20,059 |
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4,520 |
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|
_______ |
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_______ |
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24,685 |
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43,553 |
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Creditors: amounts falling due |
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within one year |
|
10 |
(
6,866) |
|
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|
(
5,695) |
|
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|
_______ |
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|
_______ |
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Net current assets |
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17,819 |
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37,858 |
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_______ |
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_______ |
Total assets less current liabilities |
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129,264 |
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158,557 |
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Creditors: amounts falling due |
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|
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after more than one year |
|
11 |
|
|
(
172,204) |
|
|
|
(
187,852) |
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|
|
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|
_______ |
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|
_______ |
Net liabilities |
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|
(
42,940) |
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(
29,295) |
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_______ |
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_______ |
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Capital and reserves |
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Profit and loss account |
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(
42,940) |
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|
(
29,295) |
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|
_______ |
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|
_______ |
Members deficit |
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|
(
42,940) |
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|
(
29,295) |
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_______ |
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_______ |
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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:
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Fittings fixtures and equipment |
- |
15 % |
reducing balance |
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Computer equipment |
- |
3 years straight line
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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
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Other intangible assets |
Total |
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£ |
£ |
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Cost |
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At 1 October 2022 and 31 December 2023 |
349,503 |
349,503 |
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_______ |
_______ |
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Amortisation |
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At 1 October 2022 |
239,265 |
239,265 |
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Charge for the period |
9,138 |
9,138 |
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|
_______ |
_______ |
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At 31 December 2023 |
248,403 |
248,403 |
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_______ |
_______ |
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Carrying amount |
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At 31 December 2023 |
101,100 |
101,100 |
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_______ |
_______ |
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At 30 September 2022 |
110,238 |
110,238 |
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_______ |
_______ |
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7.
Tangible assets
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Fixtures, fittings and equipment |
Computer equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 October 2022 and 31 December 2023 |
4,474 |
1,416 |
5,890 |
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_______ |
_______ |
_______ |
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Depreciation |
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|
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At 1 October 2022 |
4,053 |
1,376 |
5,429 |
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Charge for the year |
77 |
39 |
116 |
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_______ |
_______ |
_______ |
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At 31 December 2023 |
4,130 |
1,415 |
5,545 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 December 2023 |
344 |
1 |
345 |
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_______ |
_______ |
_______ |
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At 30 September 2022 |
421 |
40 |
461 |
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_______ |
_______ |
_______ |
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8.
Investments
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Other investments other than loans |
Total |
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£ |
£ |
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Cost |
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At 1 October 2022 and 31 December 2023 |
10,000 |
10,000 |
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|
|
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|
_______ |
_______ |
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Impairment |
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At 1 October 2022 and 31 December 2023 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 December 2023 |
10,000 |
10,000 |
|
|
|
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_______ |
_______ |
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|
At 30 September 2022 |
10,000 |
10,000 |
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_______ |
_______ |
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9.
Debtors
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|
31/12/23 |
30/09/22 |
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|
£ |
£ |
|
Trade debtors |
|
1,824 |
3,096 |
|
Other debtors |
|
2,802 |
35,937 |
|
|
|
_______ |
_______ |
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|
4,626 |
39,033 |
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|
_______ |
_______ |
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|
10.
Creditors: amounts falling due within one year
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|
|
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).