Company Registration No. 13381259 (England and Wales)
THE LAKES SPORTING CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
THE LAKES SPORTING CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE LAKES SPORTING CLUB LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
345,221
243,985
Current assets
Debtors
4
29,896
1,156,625
Cash at bank and in hand
348,952
282,869
378,848
1,439,494
Creditors: amounts falling due within one year
5
(162,827)
(1,508,319)
Net current assets/(liabilities)
216,021
(68,825)
Total assets less current liabilities
561,242
175,160
Reserves
Income and expenditure account
561,242
175,160
Members' funds
561,242
175,160
The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 October 2024
A C Bennett- Baggs
Director
Company Registration No. 13381259
THE LAKES SPORTING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
The Lakes Sporting Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 26-28 Conway Street, London, England, WIT 6BQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line
Fixtures and fittings
10% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets held at call with banks.
THE LAKES SPORTING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE LAKES SPORTING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
49,906
177,080
83,220
310,206
Additions
19,765
113,570
37,053
170,388
Disposals
(1,892)
(1,892)
At 28 February 2024
69,671
290,650
118,381
478,702
Depreciation and impairment
At 1 March 2023
11,032
35,168
20,021
66,221
Depreciation charged in the year
10,325
30,903
27,924
69,152
Eliminated in respect of disposals
(1,892)
(1,892)
At 28 February 2024
21,357
66,071
46,053
133,481
Carrying amount
At 28 February 2024
48,314
224,579
72,328
345,221
At 28 February 2023
38,874
141,912
63,199
243,985
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,400
1,154,375
Other debtors
15,696
1,450
Prepayments and accrued income
800
800
29,896
1,156,625
THE LAKES SPORTING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,776
41,432
Other creditors
551
156,478
Accruals
12,500
5,500
Deferred income
90,000
1,304,909
162,827
1,508,319
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
58,730
91,306
Between two and five years
4,639
8,267
63,369
102,100