REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE PARSONS GREEN SPORTS AND SOCIAL |
CLUB LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Inventories | 6 |
Debtors: amounts falling due within one year | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) |
NET ASSETS |
RESERVES |
Redevelopment reserve | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
MEMBERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 & buildings | 65 years |
Sports grounds | 10 years |
Fixtures & fittings | 5 - 10 years |
Plant & machinery | 3 - 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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | INVENTORIES |
2024 | 2023 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors | 28,005 | 4,537 |
Prepayments and accrued income |
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 |
Corporation tax |
Social security and other taxes |
VAT | 9,894 | 4,463 |
Other creditors |
Deferred income |
Accruals |
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 |
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 |
Between one and five years |
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 | ( |
) | 4,265,829 |
Deficit for the year | ( |
) | - | ( |
) |
Transfer of reserves | 164,061 | (164,061 | ) | - |
At 31 March 2024 | ( |
) | 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. |