Company Registration No. 14163000 (England and Wales)
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
19th Floor
1 Westfield Avenue
London
E20 1HZ
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
334,133
Current assets
Stocks
5,040
-
Debtors
6
21,256
Cash at bank and in hand
155,060
181,356
Creditors: amounts falling due within one year
7
(103,925)
Net current assets
77,431
Total assets less current liabilities
411,564
Creditors: amounts falling due after more than one year
8
(44,214)
Net assets
367,350
Reserves
Other reserves
326,882
Income and expenditure account
40,468
Members' funds
367,350
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
Mr N C Gamble
Director
Company registration number 14163000 (England and Wales)
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
The Connaught Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Barn Hoppett, Rangers Road, London, E4 7QH.
On 1st October 2023, the company acquired all the assets and all liabilities from the non-incorporated club. The transfer was made as part of a restructuring process and has been fully recorded in the company's books as of that date. The assets and liabilities were transferred at their fair value, and the company has recognised them in accordance with applicable accounting standards.
For the purpose of the financial statements, the company has treated the transaction as a transfer of assets and has made appropriate adjustments to reflect their inclusion in the company's financial position.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Pavilion squash courts
Straight line over 5, 10 or 25 years
Tennis airdrome
Straight line over 5, 10 or 25 years
Bar Fixtures and fittings
Straight line over 5, 10 or 25 years
Tennis court and equipment
Straight line over 5, 10 or 25 years
Bowls, pavilion and green
Straight line over 5, 10 or 25 years
Gym Portakabin
Straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
The assets were transferred at their net book value as of 1st October 2023. For the purposes of the members, both the cost and accumulated depreciation of the assets have been presented on a gross basis.
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Exceptional item
2024
2023
£
£
Income
Donation income
85,268
-
This balance represents a donation income left to the Club through the will of a member. It is important to note that this donation is not part of the regular operating income of the Club and is not derived from activities conducted in the normal course of business. As such, it is considered a non-recurring, exceptional item, and its inclusion in the financial statements reflects a one-time contribution, rather than ongoing revenue.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Tangible fixed assets
Pavilion squash courts
Tennis airdrome
Bar Fixtures and fittings
Tennis court and equipment
Bowls, pavilion and green
Gym Portakabin
Total
£
£
£
£
£
£
£
Cost
Transferred as at 1st October 2023
457,596
148,972
114,101
590,088
67,426
30,458
1,408,641
Additions
7,069
3,247
-
10,316
At 30 September 2024
457,596
148,972
121,170
593,335
67,426
30,458
1,418,957
Depreciation and impairment
Transferred as at 1st October 2023
441,193
7,449
99,295
428,044
50,786
14,725
1,041,492
Depreciation charged in the year
1,769
7,076
2,188
29,768
1,744
787
43,332
At 30 September 2024
442,962
14,525
101,483
457,812
52,530
15,512
1,084,824
Carrying amount
At 30 September 2024
14,634
134,447
19,687
135,523
14,896
14,946
334,133
At 30 September 2023
-
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,776
Amounts owed by group undertakings
1,200
Other debtors
11,280
21,256
7
Creditors: amounts falling due within one year
2024
2023
£
£
ECLTA Loan
12,179
Trade creditors
10,960
Taxation and social security
5,136
Deferred income
49,886
Accruals
25,764
103,925
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
ECLTA Loan
44,214
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Middleton
Statutory Auditor:
Affinia (Stratford)
Date of audit report:
19 March 2025
THE CONNAUGHT CLUB LIMITED
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
(Continued)
- 8 -
11
Related party transactions
The Connaught Club Limited leases the land and buildings on which the Club is situated from Barn Hoppett Limited. The shares in Barn Hoppett Limited 2024: £1,200 (2023: £1,200) are held by the The Connaught Trust and on behalf of The Connaught Club Limited and its members.
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