REGISTERED NUMBER: |
NEATH COMMUNITY TENNIS COURTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 SEPTEMBER 2024 |
REGISTERED NUMBER: |
NEATH COMMUNITY TENNIS COURTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 SEPTEMBER 2024 |
NEATH COMMUNITY TENNIS COURTS LIMITED (REGISTERED NUMBER: 11549871) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 7 |
NEATH COMMUNITY TENNIS COURTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
NEATH COMMUNITY TENNIS COURTS LIMITED (REGISTERED NUMBER: 11549871) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
RESERVES |
Sinking fund |
Retained earnings |
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 financial statements were approved by the Board of Directors and authorised for issue on |
NEATH COMMUNITY TENNIS COURTS LIMITED (REGISTERED NUMBER: 11549871) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Neath Community Tennis Courts Limited is a private company, limited by guarantee, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Company Status |
The company is not for profit and limited by guarantee. Not for profit means its reserves cannot be distributed to the members. However, if the company makes a profit it is possible for the company to pay Corporation Tax. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery etc | - |
A full year's depreciation is charged in the year of purchase. For 2024, no depreciation has been charged on additions in the year as all were purchased late in the year. |
Government grants |
Capital grants are initially deferred and released to the profit and loss account over the life of the asset, in line with the depreciation charge. |
Stocks |
Stocks were valued at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. No deferred taxation has been charged as the company is applying to become a Community Amateur Sports Club (CASC). |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
NEATH COMMUNITY TENNIS COURTS LIMITED (REGISTERED NUMBER: 11549871) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, 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 |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Financial liabilities and equity instruments are classified 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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Membership income |
Money paid by members and patrons has been spread over 12 months in accordance with normal accounting practice. |
Sinking fund |
A term of one of the grants received was that a transfer of £4,000 per year needs to be made to a sinking fund to replace the tennis courts in 30 years time. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NEATH COMMUNITY TENNIS COURTS LIMITED (REGISTERED NUMBER: 11549871) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Long | Plant and |
Floodlights | leasehold | Machinery | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The long leasehold property represents the installation of the tennis courts, and the pickleball courts that were installed in the year to 30th September 2024. |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks | 100 | 1,003 |
Stocks represent tee shirts for resale. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Other creditors |
Deferred membership income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
NEATH COMMUNITY TENNIS COURTS LIMITED (REGISTERED NUMBER: 11549871) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Deferred income represents grants received in the years 2019 and 2021. The monies received have been used to pay for the installation of tennis courts and the purchase of plant and machinery at Dyfed Road, Neath. The analysis of the amount received is as follows: |
£ |
Balance at 1st October 2023 | 113.171 |
Received in the year | 63,492 |
Transferred to profit and loss account | (659 | ) |
Released in the year | (7,266 | ) |
Balance as at 30 September 2023 | 168,738 |
This account is released to the income and expenditure account in line with the depreciation policy. |
No release of capital grant relating to assets purchased in the year has been made in the accounts to 30th September 2024. Release will start from 1st October 2024. |
The company received grants during the year as follows: |
£ |
Be Active Wales Fund (BAWF) | 31,522 |
Neath Port Talbot Council for Voluntary Service- Third Sector Growth Fund | 31,521 |
The capital grants received in the year are analysed as follows: |
£ |
Floodlights | 33,948 |
Pickleball courts | 29,544 |
63,492 |
The company also received capital grants from Tennis Wales, and a Postcode Lottery grant. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
NEATH COMMUNITY TENNIS COURTS LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neath Community Tennis Courts Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Neath Community Tennis Courts Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Neath Community Tennis Courts Limited and state those matters that we have agreed to state to the Board of Directors of Neath Community Tennis Courts Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neath Community Tennis Courts Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Neath Community Tennis Courts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Neath Community Tennis Courts Limited. You consider that Neath Community Tennis Courts Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Neath Community Tennis Courts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |