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COMPANY REGISTRATION NUMBER: 9494894
Saundersfoot Sports & Social Club Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 May 2024
Saundersfoot Sports & Social Club Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Saundersfoot Sports & Social Club Limited
Company Limited by Guarantee
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
322,749
327,033
Current assets
Stocks
6,800
5,900
Debtors
8
2,750
3,250
Cash at bank and in hand
21,909
20,393
--------
--------
31,459
29,543
Creditors: amounts falling due within one year
9
( 83,307)
( 81,592)
--------
--------
Net current liabilities
( 51,848)
( 52,049)
---------
---------
Total assets less current liabilities
270,901
274,984
Creditors: amounts falling due after more than one year
10
( 75,877)
( 87,874)
Provisions
11
( 5,543)
( 6,220)
---------
---------
Net assets
189,481
180,890
---------
---------
Capital and reserves
Profit and loss account
189,481
180,890
---------
---------
Members funds
189,481
180,890
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 May 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 .
Saundersfoot Sports & Social Club Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
Mr AJ Miller
Mr DA Gritton
Director
Director
Mr RJ Preece
Director
Company registration number: 9494894
Saundersfoot Sports & Social Club Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 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 King George V Playing Fields, Milford Street, Saundersfoot, Pembrokeshire, SA69 9NG, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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 and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
No depreciation is provided on the property improvements made by the club. The club house is registered to the company under a title number CYM558058 which records the club's interest in a 21 year lease ending on 31 December 2044. The terms of the lease were agreed upon and the lease was renewed on 28 February 2024. Historically the club has not provided for depreciation on the property on the basis that it considered and disclosed its interest as a freehold equivalent. The rights of the club to continue to benefit from the lease asset at the end of the lease will be subject to the legal regulations and contracts with the landlord arising at that time. These accounts do not make any provision for depreciation of the leasehold costs as noted in the Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Saundersfoot Sports & Social Club Limited .
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The company is limited by guarantee.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 11 ).
6. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
2,284
2,786
Adjustments in respect of prior periods
( 13)
-------
-------
Total current tax
2,284
2,773
-------
-------
Deferred tax:
Origination and reversal of timing differences
( 677)
( 776)
-------
-------
Tax on profit
1,607
1,997
-------
-------
7. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
290,301
48,139
12,206
903
351,549
Additions
1,443
1,443
---------
--------
--------
----
---------
At 31 May 2024
290,301
49,582
12,206
903
352,992
---------
--------
--------
----
---------
Depreciation
At 1 June 2023
15,676
8,589
251
24,516
Charge for the year
5,086
543
98
5,727
---------
--------
--------
----
---------
At 31 May 2024
20,762
9,132
349
30,243
---------
--------
--------
----
---------
Carrying amount
At 31 May 2024
290,301
28,820
3,074
554
322,749
---------
--------
--------
----
---------
At 31 May 2023
290,301
32,463
3,617
652
327,033
---------
--------
--------
----
---------
8. Debtors
2024
2023
£
£
Other debtors
2,750
3,250
-------
-------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
8,631
8,260
Trade creditors
11,964
10,900
Accruals and deferred income
3,095
3,641
Corporation tax
5,172
4,229
Social security and other taxes
5,085
2,441
Other creditors
49,360
52,121
--------
--------
83,307
81,592
--------
--------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
58,338
67,239
Accruals and deferred income
17,539
20,635
--------
--------
75,877
87,874
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £22,768 (2023: £37,513) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The Wales Council for Voluntary Action loan facilities are secured by a fixed and floating charge held over the assets of the company.
11. Provisions
Deferred tax (note 12)
£
At 1 June 2023
6,220
Charge against provision
( 677)
-------
At 31 May 2024
5,543
-------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
5,543
6,220
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
5,543
6,220
-------
-------