REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Ryde Marina Bowls Club Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
Ryde Marina Bowls Club Limited |
Ryde Marina Bowls Club Limited (Registered number: 04832760) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Ryde Marina Bowls Club Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
16c Sandown Road |
Lake |
Isle of Wight |
PO36 9JP |
Ryde Marina Bowls Club Limited (Registered number: 04832760) |
Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
RESERVES |
Revaluation reserve | 8 |
Income and expenditure account |
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 surplus or deficit 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. |
Ryde Marina Bowls Club Limited (Registered number: 04832760) |
Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ryde Marina Bowls Club Limited (Registered number: 04832760) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Ryde Marina Bowls Club Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 balance sheet date. As a members club much of the income is derived from the members themselves and so is not chargeable to tax under mutual trading rules. |
Deferred tax is recognised based on temporary differences between the carrying value of assets and liabilities in the accounts compared to their value for tax purposes. In practice the club recognises a deferred tax liability on the revaluation of the clubhouse, which represents the potential capital gains tax arising on the sale of the property based in its value at the balance sheet date. |
Ryde Marina Bowls Club Limited (Registered number: 04832760) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
and 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 |
Cost or valuation at 30 September 2024 is represented by: |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
Valuation in 2003 | 525,000 | - | 525,000 |
Valuation in 2012 | 114,730 | - | 114,730 |
Cost | 50,628 | 53,284 | 103,912 |
690,358 | 53,284 | 743,642 |
Ryde Marina Bowls Club Limited (Registered number: 04832760) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
If leasehold land and buildings had not been revalued they would have been included at the following historical cost: |
30.9.24 | 30.9.23 |
£ | £ |
Cost | 50,628 | 50,628 |
Aggregate depreciation | 7,752 | 7,340 |
Leasehold land and buildings were valued on existing use basis basis on by TF Property Solutions . |
The company was granted a 125 year lease on 9 September 2003, at a premium of £20,000, by the Isle of Wight Council for the bowling facility and pavilion on the Esplanade in Ryde, plus costs of £25,270 for total costs of £45,270. The company has agreed to a fully repairing lease and has full control of the premises. The directors have accordingly capitalised the interest in this property, and subsequently revalued the property at fair value. The value of the asset is being depreciated over 125 years. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
The provision for liabilities of £137,625 is made up of deferred tax, which is a calculation of the tax that would be payable by the company should the land and buildings be sold at the value shown on the balance sheet. |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2023 |
and 30 September 2024 |