18 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09292905 2022-12-01 2023-11-30 09292905 2023-11-30 09292905 2022-11-30 09292905 2021-12-01 2022-11-30 09292905 2022-11-30 09292905 2021-11-30 09292905 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09292905 bus:Director1 2022-12-01 2023-11-30 09292905 core:LandBuildings 2022-11-30 09292905 core:LandBuildings 2023-11-30 09292905 core:LandBuildings 2022-12-01 2023-11-30 09292905 core:WithinOneYear 2023-11-30 09292905 core:WithinOneYear 2022-11-30 09292905 core:RetainedEarningsAccumulatedLosses 2023-11-30 09292905 core:RetainedEarningsAccumulatedLosses 2022-11-30 09292905 core:BetweenOneFiveYears 2023-11-30 09292905 core:BetweenOneFiveYears 2022-11-30 09292905 core:LandBuildings 2022-11-30 09292905 bus:SmallEntities 2022-12-01 2023-11-30 09292905 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 09292905 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 09292905 bus:CompanyLimitedByGuarantee 2022-12-01 2023-11-30 09292905 bus:FullAccounts 2022-12-01 2023-11-30 09292905 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 09292905 core:FurnitureFittingsToolsEquipment 2022-11-30 09292905 core:FurnitureFittingsToolsEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: 09292905
Tamworth Olympic Gymnastics Club
Company Limited by Guarantee
Filleted Unaudited Financial Statements
30 November 2023
Tamworth Olympic Gymnastics Club
Company Limited by Guarantee
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
175,522
29,626
Current assets
Stocks
1,000
3,000
Debtors
7
62,598
4,769
Cash at bank and in hand
17,381
1,025
--------
-------
80,979
8,794
Creditors: amounts falling due within one year
8
33,262
14,715
--------
--------
Net current assets/(liabilities)
47,717
( 5,921)
---------
--------
Total assets less current liabilities
223,239
23,705
---------
--------
Net assets
223,239
23,705
---------
--------
Capital and reserves
Profit and loss account
223,239
23,705
---------
--------
Members funds
223,239
23,705
---------
--------
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.
For the year ending 30 November 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 year 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 .
Tamworth Olympic Gymnastics Club
Company Limited by Guarantee
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
L M Brazier
Director
Company registration number: 09292905
Tamworth Olympic Gymnastics Club
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 November 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 10 Gerard, Lichfield Road Industrial Estate, Tamworth, Staffordshire, B79 7UW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) 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.
(b) Going concern
As the club came out of Covid and was launching an expanded operation, a catastrophic fire in an adjoining property caused major smoke damage to the building and equipment which necessitated the complete closure of the club. This closure lasted 6 months during which there was no membership income and the condemnation of all the gymnastic equipment. As a consequence, a major insurance claim was submitted for replacement equipment and loss of income. After much negotiation the claims were finalised and the club reopened. Naturally during the long shutdown membership numbers reduced and significant efforts have been made to successfully rebuild and increase our base membership. Although the current environment is uncertain with the economic climate and increasing costs, the club believes that the opportunities to re-establish its trading position will present themselves in the coming years. Accordingly the directors are satisfied that the accounts can continue to be prepared on a going concern basis.
(c) Revenue recognition
Income represents members subscriptions and training fees receivable for the period concerned.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(e) 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:
Building Improvements
-
10% straight line
Equipment
-
15% reducing balance
(f) Impairment of fixed assets
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.
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Company limited by guarantee
The liability of each member is limited to a sum not exceeding £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 21 ).
6. Tangible assets
Building improvements
Equipment
Total
£
£
£
Cost
At 1 December 2022
19,000
54,069
73,069
Additions
188,409
188,409
Disposals
( 28,840)
( 28,840)
--------
---------
---------
At 30 November 2023
19,000
213,638
232,638
--------
---------
---------
Depreciation
At 1 December 2022
11,400
32,043
43,443
Charge for the year
1,900
29,967
31,867
Disposals
( 18,194)
( 18,194)
--------
---------
---------
At 30 November 2023
13,300
43,816
57,116
--------
---------
---------
Carrying amount
At 30 November 2023
5,700
169,822
175,522
--------
---------
---------
At 30 November 2022
7,600
22,026
29,626
--------
---------
---------
7. Debtors
2023
2022
£
£
Other debtors
62,598
4,769
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,463
Trade creditors
25,000
Social security and other taxes
4,484
Other creditors
8,262
5,768
--------
--------
33,262
14,715
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
55,800
55,800
Later than 1 year and not later than 5 years
55,800
111,600
---------
---------
111,600
167,400
---------
---------