Company registration number 09534146 (England and Wales)
CATFORD WANDERERS SPORTS CLUB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CATFORD WANDERERS SPORTS CLUB LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CATFORD WANDERERS SPORTS CLUB LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
151,877
98,851
Investment properties
5
450,000
450,000
601,877
548,851
Current assets
Stocks
3,084
2,534
Debtors
6
8,581
34,546
Cash at bank and in hand
55,507
85,069
67,172
122,149
Creditors: amounts falling due within one year
7
(34,373)
(57,698)
Net current assets
32,799
64,451
Total assets less current liabilities
634,676
613,302
Creditors: amounts falling due after more than one year
8
(6,566)
(9,192)
Net assets
628,110
604,110
Reserves
Other reserves
577,924
577,924
Income and expenditure account
50,186
26,186
Members' funds
628,110
604,110
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
CATFORD WANDERERS SPORTS CLUB LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2024 and are signed on its behalf by:
M Wilken Smith
Director
Company Registration No. 09534146
CATFORD WANDERERS SPORTS CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Catford Wanderers Sports Club Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE186SS.
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.
1.2
Income and expenditure
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Freehold land and buildings
25 years straight line / 10 years straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
CATFORD WANDERERS SPORTS CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
1.9
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CATFORD WANDERERS SPORTS CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
127,931
574
46,457
174,962
Additions
7,800
1,838
71,245
80,883
Disposals
(325)
(1,432)
(1,757)
At 31 March 2024
135,731
2,087
116,270
254,088
Depreciation and impairment
At 1 April 2023
59,286
417
16,408
76,111
Depreciation charged in the year
11,631
307
15,201
27,139
Eliminated in respect of disposals
(247)
(792)
(1,039)
At 31 March 2024
70,917
477
30,817
102,211
Carrying amount
At 31 March 2024
64,814
1,610
85,453
151,877
At 31 March 2023
68,645
157
30,049
98,851
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
450,000
Investment property comprises of sport club building and surrounding grounds. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The property has been received in prior year from Catford Wanderers Sports Club (unincorporated).
CATFORD WANDERERS SPORTS CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
720
25,729
Other debtors
7,861
8,817
8,581
34,546
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,626
2,626
Trade creditors
5,650
2,714
Taxation and social security
5,218
204
Other creditors
20,879
52,154
34,373
57,698
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,566
9,192
9
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.
10
Other notes
On 1st April 2018 assets and liabilities of Catford Wanderers Sports Club (unincorporated) have been transferred to the Company, balances of which are in other reserves. The transfer has been made at fair value.