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Registration number: 06494901

The Wilbraham Club Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

The Wilbraham Club Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Wilbraham Club Ltd

Company Information

Director

Mr M Cleminson

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
Lancashire
PR2 2YP

Accountants

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

The Wilbraham Club Ltd

(Registration number: 06494901)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,775

5,032

Current assets

 

Stocks

6

3,000

3,000

Debtors

7

18,756

17,796

Cash at bank and in hand

 

10,078

21,984

 

31,834

42,780

Creditors: Amounts falling due within one year

8

(129,466)

(110,464)

Net current liabilities

 

(97,632)

(67,684)

Total assets less current liabilities

 

(93,857)

(62,652)

Creditors: Amounts falling due after more than one year

8

(12,500)

(22,500)

Net liabilities

 

(106,357)

(85,152)

Capital and reserves

 

Called up share capital

75

75

Retained earnings

(106,432)

(85,227)

Shareholders' deficit

 

(106,357)

(85,152)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 November 2024
 

 

The Wilbraham Club Ltd

(Registration number: 06494901)
Balance Sheet as at 29 February 2024

.........................................
Mr M Cleminson
Director

   
     
 

The Wilbraham Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
Lancashire
PR2 2YP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to support the company to enable it to meet its obligations as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured it is
probable that future economic benefits will flow to the entity and specific criteria have been met for
each of the company's activities.

 

The Wilbraham Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

25% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

The cost of stock comprises direct purchase cost and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

 

The Wilbraham Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 14).

 

The Wilbraham Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,258

1,678

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Computer equipment
£

Total
£

Cost or valuation

At 1 March 2023

6,270

26,768

971

34,009

At 29 February 2024

6,270

26,768

971

34,009

Depreciation

At 1 March 2023

5,917

22,088

971

28,976

Charge for the year

88

1,170

-

1,258

At 29 February 2024

6,005

23,258

971

30,234

Carrying amount

At 29 February 2024

265

3,510

-

3,775

At 28 February 2023

353

4,679

-

5,032

6

Stocks

2024
£

2023
£

Stock

3,000

3,000

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

941

-

Prepayments

 

795

776

Other debtors

 

17,020

17,020

   

18,756

17,796

 

The Wilbraham Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and borrowings

9

101,068

86,314

Trade creditors

 

7,359

4,944

Taxation and social security

 

18,729

15,292

Other creditors

 

2,310

3,914

 

129,466

110,464

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,500

22,500

 

The Wilbraham Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,500

22,500

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Director's loan account

91,068

76,314

101,068

86,314

The director's loan account is non-interest bearing and has no formal repayment terms.