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Company registration number: 07573682
Venue 360 Limited
Company limited by guarantee
Financial statements
31 March 2024
Venue 360 Limited
Company limited by guarantee
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Venue 360 Limited
Company limited by guarantee
Directors and other information
Directors N Jackson
J Reep
L Davies
D Carey
R Parmar
C Angus
R Shah
Company number 07573682
Registered office 20 Gipsy Lane
Luton
Bedfordshire
LU1 3JH
Auditor Hicks and Company
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Venue 360 Limited
Company limited by guarantee
Strategic report
Year ended 31 March 2024
Business review
The Company's turnover for the year amounted to £1,938,900 (2023: £1,804,622) giving a gross profit of £916,203 (2023: gross profit £788,651) and a loss after tax of £11,213 (2023: loss after tax £43,485).
Additions to fixed assets during the year ended 31 March 2024 were £310,470 (2023: £636,764).
At 31 March 2024, the net assets of the Company amounted to £3,828,284 (2023: £3,839,497).
Key performance indicators
The main measures to monitor progress and retention of necessary funds are based upon promptly produced consistent monthly management accounts. From the management accounts the directors review:
a) Operating performance for the month and year to date.
b) The balance and ratios between debtors, creditors and cash at bank.
Principle risks and uncertainties
As has been experienced by other businesses in the leisure industry, the Company experienced a downturn in trade from conferences, events and other large group bookings. The company continues to promote the Riverside Suite for events and private bookings. Hospitality income saw a gradual increase of £22,161 on the prior year which was encouraging.
Continued government rates support assisted in keeping the Venue's cost down again this year.
High energy prices continue to be a cause for concern for the Directors with the Company's fixed-price gas contract having ended and the fixed-price electricity contract ending in the year ended 31 March 2025. The Company is working towards reducing its energy usage and making investment in energy efficient plant. The CEO will continue to explore other options to reduce future energy costs and negotiate a new power contract at the renewal date.
This report was approved by the board of directors on 28 November 2024 and signed on behalf of the board by:
J Reep
Director
Venue 360 Limited
Company limited by guarantee
Directors report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
N Jackson
J Reep
L Davies
D Carey
R Parmar
C Angus
R Shah
Dividends
Future developments
The Directors continue to secure the company's place as a major provider in the sports, hospitality and leisure sector in the Luton area through the continued development of its facilities and events.
Our Riverside suite underwent a major refurbishment of approximately £125,000 which included carpet replacements, redecoration throughout, new large projection screen and projector and dance floor rejuvenation.
Nearly all our main facilities have had significant re-investments following the sale of our old bowls land. Next year a more modest investment will be considered to upgrade our balcony bar and ground floor changing areas.
To reduce energy costs for the future, the company will be replacing its 30 year old boiler facilities next year at an approximate cost of £85,000.
A new air handling fan is being renewed in our plant rooms every year to provide a reduction in energy costs (total of 8 fans).
Financial instruments
The Company is exposed to financial risk through its financial assets and liabilities. The key financial risk is that the proceeds from financial assets are not sufficient to fund the obligations arising from liabilities as they fall due. The most important components of financial risk are interest rate risk, currency risk, credit risk, liquidity risk, and cash flow risk.
Liquidity risk - at the year end the Company had cash at bank of £535,346 (31 March 2023: £705,410).
Due to the nature of the Company's activities and the assets and liabilities contained within the balance sheet, the Directors consider that none of the other financial risks are relevant to the Company.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 28 November 2024 and signed on behalf of the board by:
J Reep
Director
Venue 360 Limited
Company limited by guarantee
Independent auditor's report to the members of
Venue 360 Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Venue 360 Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud may occur, by making enquiries of the directors and management as to where they considered there was susceptibility to fraud and considering the internal controls in place to mitigate fraud risks and non-compliance with laws and regulations.In response to the risk of fraud through management bias (including the risk of override of controls) and the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:- performing analytical procedures to identify unusual or unexpected transactions- assessing whether judgements and assumptions made in determining accounting estimates were indicative of potential bias- reviewed a sample of transactions from the client's records for proper authorisation- performing completeness of income tests- test checking the appropriateness of journal entries- agreeing financial statement disclosures to the underlying supporting documentation- checking for correspondence with the HM Revenue & Customs- reading the minutes of directors' meetings- checking for any actual and potential litigation and claims including inspecting legal costsThere are inherent limitations in our audit procedures outlined above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Dean (Senior Statutory Auditor)
For and on behalf of
Hicks and Company
Chartered Accountants and Statutory Auditors
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
28 November 2024
Venue 360 Limited
Company limited by guarantee
Statement of income and retained earnings
Year ended 31 March 2024
2024 2023
Note £ £
Turnover 5 1,938,900 1,804,622
Cost of sales ( 1,022,697) ( 1,015,971)
_________ _________
Gross profit 916,203 788,651
Administrative expenses ( 1,058,914) ( 934,768)
Other operating income 6 140,747 130,850
_________ _________
Operating loss 7 ( 1,964) ( 15,267)
Other interest receivable and similar income 10 9,789 5,829
Interest payable and similar expenses 11 ( 12,794) ( 9,622)
_________ _________
Loss before taxation ( 4,969) ( 19,060)
Tax on loss 12 ( 6,244) ( 24,425)
_________ _________
Loss for the financial year and total comprehensive income ( 11,213) ( 43,485)
_________ _________
Retained earnings at the start of the year 3,839,497 3,882,982
_________ _________
Retained earnings at the end of the year 3,828,284 3,839,497
_________ _________
All the activities of the company are from continuing operations.
Venue 360 Limited
Company limited by guarantee
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 13 3,637,370 3,460,613
_________ _________
3,637,370 3,460,613
Current assets
Stocks 14 21,506 28,727
Debtors 15 94,799 90,183
Cash at bank and in hand 535,346 705,410
_________ _________
651,651 824,320
Creditors: amounts falling due
within one year 16 ( 322,797) ( 246,973)
_________ _________
Net current assets 328,854 577,347
_________ _________
Total assets less current liabilities 3,966,224 4,037,960
Creditors: amounts falling due
after more than one year 17 ( 81,740) ( 141,463)
Provisions for liabilities 19 ( 56,200) ( 57,000)
_________ _________
Net assets 3,828,284 3,839,497
_________ _________
Capital and reserves
Profit and loss account 3,828,284 3,839,497
_________ _________
Members funds 3,828,284 3,839,497
_________ _________
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
J Reep
Director
Company registration number: 07573682
Venue 360 Limited
Company limited by guarantee
Statement of cash flows
Year ended 31 March 2024
2024 2023
£ £
Cash flows from operating activities
Loss for the financial year ( 11,213) ( 43,485)
Adjustments for:
Depreciation of tangible assets 133,716 99,984
Other interest receivable and similar income ( 9,789) ( 5,829)
Interest payable and similar expenses 12,794 9,622
Gain on disposal of tangible assets ( 300) ( 980)
Tax on loss 6,244 24,425
Accrued expenses/(income) 9,639 ( 7,654)
Changes in:
Stocks 7,221 ( 1,096)
Trade and other debtors ( 18,579) 25,028
Trade and other creditors 57,732 ( 72,689)
_________ _________
Cash generated from operations 187,465 27,326
Interest paid ( 12,794) ( 9,622)
Interest received 9,789 5,829
Tax recovered/(paid) 14,369 ( 103,716)
_________ _________
Net cash from/(used in) operating activities 198,829 ( 80,183)
_________ _________
Cash flows from investing activities
Purchase of tangible assets ( 310,470) ( 636,764)
Proceeds from sale of tangible assets 300 980
_________ _________
Net cash used in investing activities ( 310,170) ( 635,784)
_________ _________
Cash flows from financing activities
Repayment of borrowings ( 50,500) ( 50,000)
Payment of finance lease liabilities ( 8,223) 37,227
_________ _________
Net cash used in financing activities ( 58,723) ( 12,773)
_________ _________
Net increase/(decrease) in cash and cash equivalents ( 170,064) ( 728,740)
Cash and cash equivalents at beginning of year 705,410 1,434,150
_________ _________
Cash and cash equivalents at end of year 535,346 705,410
_________ _________
Venue 360 Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 20 Gipsy Lane, Luton, Bedfordshire, LU1 3JH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the current revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The directors consider that there are no key sources of judgements or estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated 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.
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:
Freehold property - Straight line over 50 years
Tennis court surface - Straight line over 15 years
Brache arena developments - Straight line over 5 years
Plant and machinery - Straight line over 4 years
Fittings fixtures and equipment - Straight line over 7- 20 years
Office equipment - Straight line over 4 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution pension plans
Contributions to defined contribution pension 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.
Defined benefit pension plans
The company makes contributions to the Vauxhall Motors Limited Pension Plan ("VMLPP") which is of the "defined benefit" type where pensions are determined by an employee's earnings level and length of service.The VMLPP into which the Club contributes is a multi-employer scheme. In the opinion of the Directors, it is not possible to separate out on a reasonable and consistent basis the assets and liabilities of the scheme between the different companies that contribute to it. Accordingly, the VMLPP is accounted for on a defined contribution basis within Venue 360 Limited. The pension cost charged in the financial statements in respect of the VMLPP represents the contributions payable by the Club during the year.
4. Limited by guarantee
The company is limited by guarantee and has no share capital. In the event of a winding up every director has undertaken to contribute a sum not exceeding £1. At 31 March 2024 there were 7 directors (31 March 2023: 7 directors).
5. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
6. Other operating income
2024 2023
£ £
Rental income 140,747 130,850
_________ _________
7. Operating loss
Operating loss is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 133,716 99,984
Gain on disposal of tangible assets ( 300) ( 980)
Fees payable for the audit of the financial statements 9,790 6,752
Defined contribution pension plans expense 10,803 10,233
Defined benefit pension plans expense 47,045 45,066
_________ _________
8. Auditors remuneration
2024 2023
£ £
Fees payable to Hicks and Company
Fees payable for the audit of the financial statements 9,790 8,692
_________ _________
Fees payable to the company's auditor and its associates for other services:
Other non-audit services 2,000 2,077
_________ _________
9. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024 2023
Directors and staff 58 56
_________ _________
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 738,416 696,573
Social security costs 52,384 48,514
Other pension costs 57,848 55,299
_________ _________
848,648 800,386
_________ _________
10. Other interest receivable and similar income
2024 2023
£ £
Bank deposits 9,789 5,829
_________ _________
11. Interest payable and similar expenses
2024 2023
£ £
Bank loans and overdrafts 10,565 8,734
Other loans made to the company:
Finance leases and hire purchase contracts 2,229 888
_________ _________
12,794 9,622
_________ _________
12. Tax on loss
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense/income 7,530 ( 13,883)
Adjustments in respect of previous periods ( 486) ( 1,792)
_________ _________
Total current tax 7,044 ( 15,675)
Deferred tax:
Origination and reversal of timing differences ( 800) 40,100
_________ _________
Tax on loss 6,244 24,425
_________ _________
Reconciliation of tax expense
The tax assessed on the loss for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19.00 % (2023: 19.00%).
2024 2023
£ £
Loss before taxation ( 4,969) ( 19,060)
_________ _________
Loss multiplied by rate of tax ( 944) ( 3,621)
Adjustments in respect of prior periods ( 486) ( 1,792)
Effect of income not taxable and expenses not deductible for tax purposes 8,474 ( 10,262)
Deferred tax ( 800) 40,100
_________ _________
Tax on loss 6,244 24,425
_________ _________
13. Tangible assets
Freehold property Tennic court surface Brache arena & prozones Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £ £ £ £
Cost
At 1 April 2023 5,811,000 97,720 690,780 651,026 776,003 5,310 57,302 8,089,141
Additions 162,355 - - 133,608 3,325 - 11,182 310,470
Disposals - - - ( 633) ( 3,855) - ( 656) ( 5,144)
_________ _________ _________ _________ _________ _________ _________ _________
At 31 March 2024 5,973,355 97,720 690,780 784,001 775,473 5,310 67,828 8,394,467
_________ _________ _________ _________ _________ _________ _________ _________
Depreciation
At 1 April 2023 2,836,273 84,729 643,843 421,862 584,090 5,310 52,418 4,628,525
Charge for the year 57,549 3,897 6,557 23,512 38,556 - 3,645 133,716
Disposals - - - ( 633) ( 3,855) - ( 656) ( 5,144)
_________ _________ _________ _________ _________ _________ _________ _________
At 31 March 2024 2,893,822 88,626 650,400 444,741 618,791 5,310 55,407 4,757,097
_________ _________ _________ _________ _________ _________ _________ _________
Carrying amount
At 31 March 2024 3,079,533 9,094 40,380 339,260 156,682 - 12,421 3,637,370
_________ _________ _________ _________ _________ _________ _________ _________
At 31 March 2023 2,974,727 12,991 46,937 229,164 191,913 - 4,884 3,460,616
_________ _________ _________ _________ _________ _________ _________ _________
14. Stocks and goods for resale
2024 2023
£ £
Finished goods and goods for resale 21,506 28,727
_________ _________
15. Debtors
2024 2023
£ £
Trade debtors 23,351 22,694
Prepayments and accrued income 71,448 53,526
Other debtors - 13,963
_________ _________
94,799 90,183
_________ _________
16. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 51,500 52,000
Payments received on account 28,857 39,882
Trade creditors 118,394 55,842
Accruals and deferred income 72,214 62,572
Corporation tax 7,450 -
Social security and other taxes 22,191 16,625
Obligations under finance leases 10,452 10,452
Other creditors 11,739 9,600
_________ _________
322,797 246,973
_________ _________
Other creditors includes a loan in the sum of £1,500 due to Bedfordshire LTA which was repayable over 10 years. The loan is interest free and repayable by the company by providing tennis court hours.
17. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 62,500 112,500
Obligations under finance leases 19,240 27,463
Other creditors - 1,500
_________ _________
81,740 141,463
_________ _________
The finance lease obligations above consist of hire purchase agreements which are secured on the assets to which they relate.
18. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year 10,452 10,452
Later than 1 year and not later than 5 years 19,240 27,463
_________ _________
29,692 37,915
_________ _________
Present value of minimum lease payments 29,692 37,915
_________ _________
19. Provisions
Deferred tax (note 20) Total
£ £
At 1 April 2023 57,000 57,000
Additions ( 800) ( 800)
_________ _________
At 31 March 2024 56,200 56,200
_________ _________
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 19) 56,200 57,000
_________ _________
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 56,200 57,000
_________ _________
21. Analysis of changes in net debt
At 1 April 2023 Cash flows At 31 March 2024
£ £ £
Cash and cash equivalents 705,410 (170,064) 535,346
Debt due within one year (62,452) 500 (61,952)
Debt due after one year (139,963) 58,223 (81,740)
_________ _________ _________
502,995 ( 111,341) 391,654
_________ _________ _________
22. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 33,777 39,591
Later than 1 year and not later than 5 years 59,010 92,788
_________ _________
92,787 132,379
_________ _________
23. Controlling party
The Company operates as a Club and therefore in the opinion of the Directors there is no individual controlling party.
24. Pension arrangements
The Company makes contributions to the General Motors (VML) Pension Plan (''GMPP"), formerly called Vauxhall Motors Limited Pension Plan, which is of the "defined benefit" type where pensions are determined by an employee's earnings level and length of service. The assets of the plan are held in trustee-administered funds and are completely separate from the assets of the Company. The amount recognised in profit or loss in relation to defined contribution plans was £47,045 (2023: £45,066). The GMPP into which the Company contributes is a multi-employer scheme. In the opinion of the Directors, it is not possible to separate out on a reasonable and consistent basis the assets and liabilities of the scheme between the different companies which contribute to it. Accordingly, the GMPP is accounted for on a defined contribution basis within the Company. Per the most recent accounts filed for General Motors Europe Ltd, there is currently a surplus in the GMPP scheme of £177.9 million at 31 December 2023 (2022: £192.6 million).