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COMPANY REGISTRATION NUMBER: 08288209
Maldon Hockey Club Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 March 2024
Maldon Hockey Club Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
(restated)
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,767
3,807
Current assets
Cash at bank and in hand
40,890
24,866
Creditors: amounts falling due within one year
6
18,834
9,254
--------
--------
Net current assets
22,056
15,612
--------
--------
Total assets less current liabilities
24,823
19,419
--------
--------
Net assets
24,823
19,419
--------
--------
Capital and reserves
Profit and loss account
24,823
19,419
--------
--------
Members funds
24,823
19,419
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Maldon Hockey Club Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
Mrs S Shires
Director
Company registration number: 08288209
Maldon Hockey Club 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 12 Prince of Wales Road, Great Totham, Essex, CM9 8PX, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis which is dependent on the continued support of the company's director. The director has indicated his willingness to support the company for the foreseeable future.
Revenue recognition
Turnover comprises amounts received from making the all weather pitch facilities available for hire along with management fees received from the local Council. Grant income Capital based grant income is being released to the profit and loss account over a period of 10 years in accordance with the useful life of the asset acquired. The balance of grant income yet to be released is included within deferred income at the year-end.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
All Weather Pitch
-
10% straight line
Plant and machinery
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Company limited by guarantee
The company does not have a share capital with its members acting as guarantors rather than shareholders. The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the company in the event of its winding up.
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023 (as restated) and 31 March 2024
35,000
5,200
40,200
--------
-------
--------
Depreciation
At 1 April 2023
34,999
1,394
36,393
Charge for the year
1,040
1,040
--------
-------
--------
At 31 March 2024
34,999
2,434
37,433
--------
-------
--------
Carrying amount
At 31 March 2024
1
2,766
2,767
--------
-------
--------
At 31 March 2023
1
3,806
3,807
--------
-------
--------
6. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Accruals and deferred income
678
992
Corporation tax
106
Director loan accounts
156
156
Amounts owed to related parties
18,000
8,000
--------
-------
18,834
9,254
--------
-------
7. Prior period errors
The comparative figures have been restated as turnover was overstated by £8,000. The brought forward profit and loss account as at 1 April 2023 has been reduced by £8,000 as a result of the adjustment.
8. Related party transactions
At the year end, the company owed the director £156 (2023: £156) which is shown amongst creditors. At the year end, the company owed £18,000 (2023: £8,000) to a Maldon Hockey Club which is shown amongst creditors. Investments made on behalf of Maldon Hockey Club have not been recognised in the accounts.