15 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 05496224 2023-07-01 2024-06-30 05496224 2024-06-30 05496224 2023-06-30 05496224 2022-07-01 2023-06-30 05496224 2023-06-30 05496224 2022-06-30 05496224 bus:RegisteredOffice 2023-07-01 2024-06-30 05496224 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 05496224 bus:LeadAgentIfApplicable 2023-07-01 2024-06-30 05496224 bus:Director1 2023-07-01 2024-06-30 05496224 bus:Director2 2023-07-01 2024-06-30 05496224 bus:Director3 2023-07-01 2024-06-30 05496224 bus:Director4 2023-07-01 2024-06-30 05496224 bus:Director5 2023-07-01 2024-06-30 05496224 core:LandBuildings 2023-06-30 05496224 core:FurnitureFittings 2023-06-30 05496224 core:MotorVehicles 2023-06-30 05496224 core:LandBuildings 2024-06-30 05496224 core:FurnitureFittings 2024-06-30 05496224 core:MotorVehicles 2024-06-30 05496224 core:LandBuildings 2023-07-01 2024-06-30 05496224 core:FurnitureFittings 2023-07-01 2024-06-30 05496224 core:MotorVehicles 2023-07-01 2024-06-30 05496224 core:WithinOneYear 2024-06-30 05496224 core:WithinOneYear 2023-06-30 05496224 core:ShareCapital 2024-06-30 05496224 core:ShareCapital 2023-06-30 05496224 core:SharePremium 2024-06-30 05496224 core:SharePremium 2023-06-30 05496224 core:RetainedEarningsAccumulatedLosses 2024-06-30 05496224 core:RetainedEarningsAccumulatedLosses 2023-06-30 05496224 core:LandBuildings 2023-06-30 05496224 core:FurnitureFittings 2023-06-30 05496224 core:MotorVehicles 2023-06-30 05496224 bus:SmallEntities 2023-07-01 2024-06-30 05496224 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05496224 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05496224 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05496224 bus:FullAccounts 2023-07-01 2024-06-30 05496224 bus:OrdinaryShareClass1 2024-06-30 05496224 bus:OrdinaryShareClass1 2023-06-30 05496224 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 05496224
Fords Social and Sports Club Limited
Filleted Unaudited Financial Statements
30 June 2024
Fords Social and Sports Club Limited
Financial Statements
Year ended 30 June 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Fords Social and Sports Club Limited
Officers and Professional Advisers
The board of directors
Mr L Cartwright (Deceased - 20 October 2023)
Mr K Chapman
Mr J Elvins
Mr V Hellier
Mr R Williams
Registered office
815 Llangyfelach Road
Treboeth
Swansea
SA5 9AX
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Fords Social and Sports Club Limited
Statement of Financial Position
30 June 2024
2024
2023
(restated)
Note
£
£
£
FIXED ASSETS
Tangible assets
6
350,871
364,432
CURRENT ASSETS
Stocks
7
8,918
8,971
Cash at bank and in hand
10,014
18,113
--------
--------
18,932
27,084
CREDITORS: amounts falling due within one year
8
91,733
57,612
--------
--------
NET CURRENT LIABILITIES
72,801
30,528
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
278,070
333,904
PROVISIONS
Taxation including deferred tax
( 1)
14,797
---------
---------
NET ASSETS
278,071
319,107
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
1
1
Share premium account
298,156
298,156
Profit and loss account
( 20,086)
20,950
---------
---------
SHAREHOLDERS FUNDS
278,071
319,107
---------
---------
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 30 June 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 .
Fords Social and Sports Club Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
Kevin Chapman
Mr K Chapman
Director
Company registration number: 05496224
Fords Social and Sports Club Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. GENERAL INFORMATION
Fords Social & Sports Club Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is that of a Social & Sports Club.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements is 12 months and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 June 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable in one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. ii) Stock provision The company sells food & drink. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. iii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. iv) Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes v) Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of activities of sports & social club is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on consumption of goods. Interest receivable Interest income is recognised using the effective interest method.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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:
Land and Buildings
-
2% per annum of cost
Fixtures & Fittings
-
15% per annum of cost
Motor Vehicles
-
25% per annum of cost
Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 15 (2023: 14 ).
5. PRIOR YEAR ADJUSTMENT
The prior year adjustment relates to a loan that was included in error in purchases, this has been adjusted to increase purchases and increase creditors.
6. TANGIBLE ASSETS
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023 (as restated)
586,391
79,809
10,000
676,200
Additions
2,490
2,490
---------
--------
--------
---------
At 30 June 2024
586,391
82,299
10,000
678,690
---------
--------
--------
---------
Depreciation
At 1 July 2023
229,343
73,487
8,938
311,768
Charge for the year
11,728
3,261
1,062
16,051
---------
--------
--------
---------
At 30 June 2024
241,071
76,748
10,000
327,819
---------
--------
--------
---------
Carrying amount
At 30 June 2024
345,320
5,551
350,871
---------
--------
--------
---------
At 30 June 2023
357,048
6,322
1,062
364,432
---------
--------
--------
---------
7. STOCKS
2024
2023
(restated)
£
£
Raw materials and consumables
8,918
8,971
------
------
8. CREDITORS: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
1,576
Trade creditors
10,768
10,410
Social security and other taxes
4,493
9,413
Other creditors
74,896
37,789
--------
--------
91,733
57,612
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 0.01 each
10
10
----
----
----
----
The total value of the share capital disclosed in the Statement of Financial Position is rounded up to the nearest pound however the actual total share capital value is £0.10.
10. RELATED PARTY TRANSACTIONS
The shareholders of Fords Social & Sports Club Limited hold the shares in the company on trust for Fords Social & Sports Club members. Entities with control, joint control or significant influence over the entity:
2024 2023
£ £
Balances owed to related parties 25,000 15,000