REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
PERSHORE INDOOR TENNIS CENTRE LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
PERSHORE INDOOR TENNIS CENTRE LIMITED |
PERSHORE INDOOR TENNIS CENTRE LIMITED (REGISTERED NUMBER: 05280414) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
PERSHORE INDOOR TENNIS CENTRE LIMITED |
Company Information |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
PERSHORE INDOOR TENNIS CENTRE LIMITED (REGISTERED NUMBER: 05280414) |
Statement of Financial Position |
31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
PERSHORE INDOOR TENNIS CENTRE LIMITED (REGISTERED NUMBER: 05280414) |
Statement of Financial Position - continued |
31 JULY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PERSHORE INDOOR TENNIS CENTRE LIMITED (REGISTERED NUMBER: 05280414) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Pershore Indoor Tennis Centre Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on the going concern basis. The directors believe the company will continue to meet all of its operational costs without the need for a bank overdraft, and will maintain the support of its lenders. |
Turnover |
Turnover represents income received from the hire of the indoor tennis facilities and income received from tennis subscriptions. |
Tangible fixed assets |
The cost of equipment to be held by the company for the long term is capitalised as tangible fixed assets. Depreciation is provided so as to charge the cost of tangible fixed assets by equal instalments over their estimated useful economic lives as follows: |
Buildings 20 years |
Equipment 5 years |
IT 3 years |
Capital grants |
Capital grants are released in line with the depreciation policy of the related asset. |
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. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PERSHORE INDOOR TENNIS CENTRE LIMITED (REGISTERED NUMBER: 05280414) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Sinking fund |
The directors have a policy to set aside monies to cover the cost of repairs and renewals. Provision is being made to create a fund of £100,000 over the next six years, with a balance of £57,375 at the year-end (2023: £57,375). |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
PERSHORE INDOOR TENNIS CENTRE LIMITED (REGISTERED NUMBER: 05280414) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
The loan agreement with Warwickshire College (£146,500) is for an interest free loan, repayable in 24 equal half yearly instalments, commencing April 2008. The loan period has been amended to 36 equal half yearly payments and repayments commenced in April 2010. This loan is secured by way of a second charge on the lease held by the Company. An 18 month repayment moratorium was in place which expired in October 2014. Repayments re-commenced in April 2015. Repayments are scheduled for a further five years. |
The loan agreement with Pershore Tennis Centre (£41,500) is for an interest free loan, repayable in 10 equal annual instalments, commencing July 2010. The loan period has been amended to 15 equal annual payments. The first seven repayments due in July 2010 -July 2016 were deferred by Pershore Tennis Centre; repayments re-commenced on July 2017. |
The loan agreement with the Lawn Tennis Association (£159,000) is for an interest free loan, repayable in 20 equal half yearly instalments. The loan period has been amended to 30 half yearly payments. Repayments were made against the original agreement in April 2008 and October 2009, repayments against the revised agreement commenced in April 2010. This loan is secured by way of a first charge on the lease held by the Company. A 24 month repayment moratorium was in place which expired in April 2015. Repayments re-commenced in October 2015 and are scheduled for a further 18 months. |
8. | OPERATING LEASE COMMITMENTS |
The land the company uses is on a 25 year lease from Warwickshire College with an annual commitment of peppercorn rent, this lease is due to expire in 2030. There were no finance commitments at 31 July 2023 (2022: £nil). |
9. | RELATED PARTY DISCLOSURES |
The company is jointly owned by Warwickshire College and Pershore Tennis Centre and consequently neither party has a controlling interest. In the year Pershore Tennis Centre paid the company £25,015 (2023: £41,667) to the company for the use of its facilities, while Warwickshire College received £1,850 (2023 £nil) from the company for accountancy services received. |