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REGISTERED NUMBER: 04952689 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: Ms A Jefferson
Mr P Markham
Ms A Christodoulou
Mr L F R Ahl
Ms V M Bird
Mr M Graham
Mr J V Bentinck
Ms M B Jones
Mr H Harrop-Griffiths





SECRETARY: Mr L F R Ahl





REGISTERED OFFICE: 31 Broomhouse Lane
Fulham
London
SW6 3DP





REGISTERED NUMBER: 04952689 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 5 3,698,957 3,684,603

CURRENT ASSETS
Inventories 6 13,474 8,440
Debtors: amounts falling due within one year 7 82,393 31,692
Cash at bank and in hand 442,758 860,242
538,625 900,374
CREDITORS
Amounts falling due within one year 8 (381,595 ) (319,148 )
NET CURRENT ASSETS 157,030 581,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,855,987

4,265,829

CREDITORS
Amounts falling due after more than one year 9 (28,876 ) -
NET ASSETS 3,827,111 4,265,829

RESERVES
Redevelopment reserve 11 4,228,908 4,392,969
Retained earnings 11 (401,797 ) (127,140 )
MEMBERS' FUNDS 3,827,111 4,265,829

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:




Mr P Markham - Director



Mr J V Bentinck - Director


THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

The Parsons Green Sports and Social Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including explanations of future events that are believe to be reasonable under the circumstances.

Going concern
The directors of the company review recurring cash flows monthly and regularly look at income forecasts. As shown in the director's report, the directors look at the figures before depreciation and based on these projections plus the current year's trading performance the directors are confident that the club is a going concern.

Revenue recognition
Revenue is recognised at the fair value of the consideration received or receivable for the provision of services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover
The principal sources of revenue are members' subscriptions, bar and catering sales. Subscriptions are recognised in the period to which they relate. Bar and catering revenues are recognised at the point of sale.

Other income
Other income is recognised on an accruals basis and is presented within other operating income. Some of this amount relates to a service charge recovery on shared property grounds.

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Land & buildings65 years
Sports grounds10 years
Fixtures & fittings5 - 10 years
Plant & machinery3 - 10 years

Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items. Inventories are recognised as an expense in the period in which the related revenue is generated.

Cost is determined on a first in first out basis. Cost includes the purchase price and other directly attributable costs to bring the inventory to its present location and condition.

At the end of each period, inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Basic financial assets
Trade debtors, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 11 ) .

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Sports and Plant &
property Grounds fittings Machinery Totals
£    £    £    £    £   
COST
At 1 April 2023 2,914,909 466,860 399,817 562,823 4,344,409
Additions 7,620 1,181 119,731 109,970 238,502
Disposals - - (5,382 ) - (5,382 )
At 31 March 2024 2,922,529 468,041 514,166 672,793 4,577,529
DEPRECIATION
At 1 April 2023 153,003 159,192 148,202 199,409 659,806
Charge for year 44,962 46,804 67,763 63,797 223,326
Eliminated on disposal - - (4,560 ) - (4,560 )
At 31 March 2024 197,965 205,996 211,405 263,206 878,572
NET BOOK VALUE
At 31 March 2024 2,724,564 262,045 302,761 409,587 3,698,957
At 31 March 2023 2,761,906 307,668 251,615 363,414 3,684,603

6. INVENTORIES
2024 2023
£    £   
Stocks 13,474 8,440

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,241 10,995
Other debtors 28,005 4,537
Prepayments and accrued income 45,147 16,160
82,393 31,692

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 21,824 19,987
Corporation tax - 445
Social security and other taxes 7,986 5,730
VAT 9,894 4,463
Other creditors 9,264 2,088
Deferred income 259,883 230,443
Accruals 72,744 55,992
381,595 319,148

Deferred income includes subscriptions received in advance of £259,833 (2023 - £230,443).

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Deferred income 28,876 -

Deferred income includes subscriptions received in advance of £28,876 (2023 - £nil) to be applied against 2025/26 subscription income.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,492 -
Between one and five years 54,974 -
71,466 -

The non-cancellable operating lease costs relate to gym equipment being hired by the club.

THE PARSONS GREEN SPORTS AND SOCIAL
CLUB LIMITED (REGISTERED NUMBER: 04952689)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


11. RESERVES
Retained Redevelopment
earnings reserve Totals
£    £    £   

At 1 April 2023 (127,140 ) 4,392,969 4,265,829
Deficit for the year (438,718 ) - (438,718 )
Transfer of reserves 164,061 (164,061 ) -
At 31 March 2024 (401,797 ) 4,228,908 3,827,111

The redevelopment reserve represents the historic gains as a result of the development over a period of depleted trading activity dating back to 2010/11.

12. COMPANY STATUS

The company is limited by guarantee to the extent that each member has undertaken to contribute such amount as may be required (not exceeding £1) to the company's assets in the event of a winding up while he or she is a member, or within one year of ceasing to be a member in respect of liabilities incurred during membership.

The Articles of Association of the company prohibit the directors from distributing the profits, reserves or other income of the company to the members, as dividend, bonus or otherwise.