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Registered number: 12285852
Ipswich Sports Club 2020 Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12285852
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,934,996 1,968,709
Investments 5 2 2
1,934,998 1,968,711
CURRENT ASSETS
Stocks 6 9,196 6,549
Debtors 7 82,252 60,108
Cash at bank and in hand 425,243 595,029
516,691 661,686
Creditors: Amounts Falling Due Within One Year 8 (226,687 ) (181,031 )
NET CURRENT ASSETS (LIABILITIES) 290,004 480,655
TOTAL ASSETS LESS CURRENT LIABILITIES 2,225,002 2,449,366
Creditors: Amounts Falling Due After More Than One Year 9 (335,006 ) (389,295 )
NET ASSETS 1,889,996 2,060,071
RESERVES
Other reserves 263,046 263,113
Income and Expenditure Account 1,626,950 1,796,958
MEMBERS' FUNDS 1,889,996 2,060,071
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr Andrew Isles
Director
9th September 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ipswich Sports Club 2020 Ltd is a private company, limited by guarantee, incorporated in England & Wales, registered number 12285852 . The registered office is Ipswich Sports Club , Henley Road, Ipswich, Suffolk, IP1 4NJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2.5% - 10% on cost
Leasehold Term of lease
Plant & Machinery 10% on cost and 20% of reducing balance
Fixtures & Fittings 10% on cost
Computer Equipment 33.33% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income and expenditure account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
All financial instruments are basic financial instruments and are recognised in the financial statements at transaction price.
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2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned.
All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2022: 14)
21 14
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2023 2,004,978 397,705 673,421 88,595 3,164,699
Additions 100,327 - 15,069 - 115,396
As at 31 December 2023 2,105,305 397,705 688,490 88,595 3,280,095
Depreciation
As at 1 January 2023 508,615 207,157 408,461 71,757 1,195,990
Provided during the period 61,957 26,221 57,257 3,674 149,109
As at 31 December 2023 570,572 233,378 465,718 75,431 1,345,099
Net Book Value
As at 31 December 2023 1,534,733 164,327 222,772 13,164 1,934,996
As at 1 January 2023 1,496,363 190,548 264,960 16,838 1,968,709
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 94,182 137,438
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5. Investments
Other
£
Cost
As at 1 January 2023 2
As at 31 December 2023 2
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 2
As at 1 January 2023 2
The investment is in the shares of the company's subsidiary company Ipswich Sports Club Services Limited company number 10051239 and is shown at cost. The company owns 100% of the issued share capital of Ipswich Sports Club Services Limited that had net assets of £2 at 31 December 2022 (£2 - 2021).
6. Stocks
2023 2022
£ £
Stock 9,196 6,549
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 15,462 9,888
Prepayments and accrued income 61,371 28,160
Other debtors 2,121 -
VAT - 2,232
Amounts owed by subsidiaries 3,298 19,828
82,252 60,108
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 38,042 36,938
Trade creditors 47,920 42,910
Corporation tax 2,101 -
Other taxes and social security - 3,128
VAT 9,000 -
Other loans 5,500 5,500
Other creditors 1,288 850
Accruals and deferred income 122,836 91,705
226,687 181,031
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 167,027 212,339
Other long tem loans 24,750 24,750
Accruals and deferred income 86,354 93,056
Capital grants 56,875 59,150
335,006 389,295
10. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 205,069 249,278
Other Creditors 30,250 30,250
11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 38,042 36,938
Later than one year and not later than five years 106,306 136,960
Later than five years 60,721 75,379
205,069 249,277
205,069 249,277
12. Capital Grants
2023 2022
£ £
Balance at 1 January 2023 59,150 61,425
Increase / (Decrease) in the year (2,275) (2,275)
Balance at 31 December 2023 56,875 59,150
13. Contingent Liabilities
The company had the following contingent liabilities that existed as at 31 December 2023:
Sport England grant
The capital grant of £91,000 received from Sport England could become repayable if the company ceases to operate, becomes insolvent or breaches any other condition of the grant.
Solar panel arrays
In the event of the termination of this contract before the expiry date, there is a potential exit charge that is calculated on a pre-determined formula contingent on the amount of time remaining between the cancellation and expiry dates.
Member legal action
The claim by the estate of a deceased club member against the company that was previously reported has been resolved and closed. In the event that any liability had arisen, the cost would have been covered by the company's insurance policy with liability limited to any value added tax on legal fees.
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14. Capital Commitments
2023 2022
£ £
At the end of the period - 25,000
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
15. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 1,760 1,600
Later than one year and not later than five years 4,840 6,267
6,600 7,867
16. Reserves
In addition to the general income and expenditure account, the club operates the following reserves:
2023
2022
Sinking Funds:
£
£
LTA Tennis Court Fund
161,600
161,600
LTA Tennis Dome
100,500
100,500
Restricted Funds:
Squash Futures Fund
             946 
                   1,013
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image
Total Other Funds
263,046
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263,103
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17. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
18. Ultimate Controlling Party
The company is controlled by its members.
19. Irrecoverable VAT
There is a change to the way in which irrecoverable VAT has been shown in the financial statements. In 2023 irrecoveable VAT has been included in the relevant cost item to which it relates. Prior to 2023, irrecoverable VAT has been shown as one total as aseparate line item in the statement of financial activity.
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