Company registration number 02738977 (England and Wales)
KINGSLEY INDOOR BOWLING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
KINGSLEY INDOOR BOWLING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KINGSLEY INDOOR BOWLING COMPANY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
96,043
85,137
Current assets
Stocks
5,417
4,525
Debtors
4
5,795
1,814
Cash at bank and in hand
52,662
67,880
63,874
74,219
Creditors: amounts falling due within one year
5
(19,399)
(13,458)
Net current assets
44,475
60,761
Total assets less current liabilities
140,518
145,898
Creditors: amounts falling due after more than one year
6
(2,352)
(3,528)
Net assets
138,166
142,370
Capital and reserves
Called up share capital
252
240
Profit and loss reserves
7
137,914
142,130
Total equity
138,166
142,370

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 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.

KINGSLEY INDOOR BOWLING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 December 2024 and are signed on its behalf by:
C Headon
Director
Company Registration No. 02738977
KINGSLEY INDOOR BOWLING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Kingsley Indoor Bowling Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Edwards Drive, Westward Ho!, Bideford, Devon, United Kingdom, EX39 1XW.

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 £.

1.2
Turnover

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Land and buildings Freehold
Straight line over 25 years
Plant and machinery
Straight line over 20 years

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 profit or loss.

1.4
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

KINGSLEY INDOOR BOWLING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
2
KINGSLEY INDOOR BOWLING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Total
£
£
£
Cost
At 1 October 2023
238,157
49,617
287,774
Additions
17,179
3,162
20,341
At 30 September 2024
255,336
52,779
308,115
Depreciation
At 1 October 2023
168,556
34,081
202,637
Depreciation charged in the year
8,017
1,418
9,435
At 30 September 2024
176,573
35,499
212,072
Carrying amount
At 30 September 2024
78,763
17,280
96,043
At 30 September 2023
69,601
15,536
85,137
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,408
1,280
Other debtors
4,387
534
5,795
1,814
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,939
10,771
Corporation tax
52
46
Other taxation and social security
404
302
Other creditors
4,004
2,339
19,399
13,458
KINGSLEY INDOOR BOWLING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loan
2,352
3,528
The amount was awarded to the club by Sport England in 2000. It is being amortised over 25 years on the basis that it could be repayable on a pro rata basis should the club cease.
7
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
142,130
149,807
Loss for the year
(4,216)
(7,677)
At the end of the year
137,914
142,130
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