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Registration number: 03921422

Fleetwey Limited (A company limited by guarantee)

Annual Report and Unaudited Financial Statements Year Ended 30 September 2024

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Chartered Accountants

 

Fleetwey Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Fleetwey Limited

Company Information

Directors

Helen Monelle

Steven Wilson

Douglas Obee

Ian Locke

Shirley Bowley

Company secretary

Shirley Bowley

Registered office

Moonfleet 2000 Bowls Club
Knightsdale Road
Weymouth
DT4 0HU

Accountants

Edwards & Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fleetwey Limitedfor the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fleetwey Limited for the year ended 30 September 2024 as set out on pages 3 to 7 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Fleetwey Limited, as a body, in accordance with the terms of our engagement letter dated 25 January 2025. Our work has been undertaken solely to prepare for your approval the accounts of Fleetwey Limited and state those matters that we have agreed to state to the Board of Directors of Fleetwey Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fleetwey Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fleetwey Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Fleetwey Limited. You consider that Fleetwey 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 accounts of Fleetwey 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 accounts.






Edwards & Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

28 February 2025

 

Fleetwey Limited

(Registration number: 03921422)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

188,380

 

200,959

Current assets

   

 

Stocks

5

12,205

 

10,013

 

Debtors

6

4,190

 

2,780

 

Cash at bank and in hand

 

205,376

 

138,903

 

 

221,771

 

151,696

 

Creditors: Amounts falling due within one year

7

(74,059)

 

(33,948)

 

Net current assets

   

147,712

 

117,748

Net assets

   

336,092

 

318,707

Capital and reserves

   

 

Other reserves

306,970

 

284,724

 

Profit and loss account

29,122

 

33,983

 

Total equity

   

336,092

 

318,707

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 February 2025 and signed on its behalf by:
 



Shirley Bowley
Company secretary and director

 

Fleetwey Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Moonfleet 2000 Bowls Club
Knightsdale Road
Weymouth
DT4 0HU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS102) and the Companies Act 2006, but for the specific item detailed below.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Departure from requirements of FRS 102 and Companies Act 2006

The cost of land and buildings within fixed assets is recognised net of associated capital grant income. Depreciation is calculated on this net amount accordingly. This is a departure from FRS 102 and the Companies Act 2006 but it is the directors' view that this does not prevent the financial statements from providing a true and fair view of the company's financial performance and position at the reporting date.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation and is recognised net of related capital grant income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Over 99 years of lease

 

Fleetwey Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

Plant and equipment, fixtures and fittings

10-20% straight line

Trophies and regalia

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Corporation tax

The company is not liable to corporation tax as it qualifies as a Community Amateur Sports Club.

Capital grants

Grants received towards the cost of the building have been netted off against the cost of the building in the balance sheet.

Cyclical repairs

Other reserves are to be accumulated to ensure funds are retained for cyclical repairs. These will be utilised as and when the actual cost of the repair or replacement is incurred.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Fleetwey Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Trophies and regalia
£

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 October 2023

208,322

2,645

123,353

334,320

Additions

-

-

3,113

3,113

At 30 September 2024

208,322

2,645

126,466

337,433

Depreciation

At 1 October 2023

49,477

2,645

81,239

133,361

Charge for the year

4,266

-

11,426

15,692

At 30 September 2024

53,743

2,645

92,665

149,053

Carrying amount

At 30 September 2024

154,579

-

33,801

188,380

At 30 September 2023

158,845

-

42,114

200,959

The net cost of the bowls hall includes the irrecoverable percentage of the total VAT incurred on the construction. This percentage reflects the fact that although the sporting activities of the members are exempt from VAT, all other activities are chargeable to VAT.

The cost of land and buildings are shown net of deferred capital grant income of £592,805 (2023 - £600,760)

Included within the net book value of land and buildings above is £154,579 (2023 - £158,845) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Goods for resale

12,205

10,013

 

Fleetwey Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

383

-

Prepayments

2,494

2,088

Other debtors

1,313

692

 

4,190

2,780

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,724

3,258

Taxation and social security

-

395

Accruals and deferred income

46,060

20,546

Other creditors

18,275

9,749

74,059

33,948