REGISTERED NUMBER: |
Burntwood Sports Limited |
Strategic Report, Report of the Director and |
Financial Statements For The Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Burntwood Sports Limited |
Strategic Report, Report of the Director and |
Financial Statements For The Year Ended 31 March 2024 |
Burntwood Sports Limited (Registered number: 01328623) |
Contents of the Financial Statements |
For The Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
Burntwood Sports Limited |
Company Information |
For The Year Ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BANKERS: |
5 Market Hill |
Barnsley |
South Yorkshire |
S70 2PY |
Burntwood Sports Limited (Registered number: 01328623) |
Strategic Report |
For The Year Ended 31 March 2024 |
The director presents his strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Following a successful year of trade in 2023, the company has continued its strong performance following the effects of the national lockdowns imposed during the Covid-19 pandemic. The company saw year-on-year growth in turnover of 2.1%, with a gross profit margin of 35.4% compared with 38.6% in 2023. Profit before tax of £1.1m (2023: £1.3m) reflects a good year of trade across the operations of the company. |
The company continued its development on the new facilities at Bawtry Park Golf Club in the year. |
Key Performance Indicators |
The principal key performance indicators for the company are levels of turnover, gross profit and net profit and employee numbers. The key sums are as follows: |
2024 | 2023 |
£ | £ |
Turnover | 5,649,599 | 5,534,044 |
Gross profit / (loss) | 2,001,204 | 2,136,229 |
Profit before tax | 1,117,852 | 1,322,473 |
Employee numbers | 98 | 97 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Senior management continue to monitor potential threats on an ongoing basis. Following the change of government, legislative changes, such as the recent increase in employer's national insurance rates, may continue to affect the company. As such threats are identified, the company attempts to mitigate any potential consequences where possible. |
The main threats for the next couple of years continue to be the impact of inflation, wage rates and energy costs. |
ON BEHALF OF THE BOARD: |
Burntwood Sports Limited (Registered number: 01328623) |
Report of the Director |
For The Year Ended 31 March 2024 |
The director presents his report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the operation of a hotel, leisure complex and golf course. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
The director does not recommend a dividend. |
FUTURE DEVELOPMENTS |
The company is continuing its development of the new facilities at Bawtry Park Golf Club, with £4.7m invested by 31 March 2024. The facilities are likely to open to the public in 2025. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Kingswood Allotts Limited, will be proposed for re-appointment as auditor at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Burntwood Sports Limited |
Opinion |
We have audited the financial statements of Burntwood Sports Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Burntwood Sports Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- | Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
- | Performing audit work over completeness of income, including cash income, including analytical review and substantive procedures. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
Burntwood Sports Limited (Registered number: 01328623) |
Statement of Comprehensive |
Income |
For The Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
870,445 | 1,103,528 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Burntwood Sports Limited (Registered number: 01328623) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Burntwood Sports Limited (Registered number: 01328623) |
Statement of Changes in Equity |
For The Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
Burntwood Sports Limited (Registered number: 01328623) |
Cash Flow Statement |
For The Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | - | 7,226 |
Amount withdrawn by directors | (16,732 | ) | - |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 3,052,575 |
Cash and cash equivalents at end of year | 2 | 1,780,296 | 2,745,897 |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Cash Flow Statement |
For The Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Government grants | ( |
) | ( |
) |
Finance income | (83,403 | ) | (55,903 | ) |
1,145,617 | 1,446,723 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,780,296 | 2,745,897 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,745,897 | 3,052,575 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,745,897 | (965,601 | ) | 1,780,296 |
2,745,897 | ( |
) | 1,780,296 |
Total | 2,745,897 | (965,601 | ) | 1,780,296 |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements |
For The Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Burntwood Sports limited is a private company, limited by shares, registered in England and Wales. the company's registered number and registered office address can be found on the Company Information page. |
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
Sale of goods |
Turnover from the sale of goods is recognised when all of the following conditions are satisfied |
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Membership fees |
Turnover from membership fees is recognised on a straight-line basis over the term of the contract. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Website costs are being amortised evenly over the estimated useful life of 3 years. |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their |
estimated useful lives, using the straight-line method. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Freehold land | - not provided |
Freehold buildings | - 2% on straight line |
Plant and machinery | - 20% on reducing balance and 15% straight line |
Fixtures and fittings | - 20% on reducing balance and 15% straight line |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 33% on straight line |
Assets under construction | - 0% |
Depreciation on assets under construction will commence once the asset is brought into use. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. |
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. |
The company’s policies for its major classes of financial assets and financial liabilities are set out below. |
Financial assets: |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Financial liabilities: |
Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Impairment of financial assets: |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets and financial liabilities: |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Trust |
The company created a trust whose beneficiaries include employees of the company and their dependents. Assets held under this trust are controlled by trustees who are acting independently and entirely at their own discretion. |
Where assets are held in the trust and these are considered by the company to be in respect of services already provided by employees to the company, the company will account for these as assets of the company until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefit from these assets. |
Going concern |
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements. |
Interest income |
Interest income is recognised in the statement of comprehensive income using the effective interest method. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
Turnover is made up of the following: |
2024 | 2023 |
£ | £ |
Sale of goods | 2,878,231 | 2,984,415 |
Rendering of services | 2,771,368 | 2,549,629 |
5,649,599 | 5,534,044 |
All turnover arose in the UK and from one class of business, being the leisure industry. |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration and directors | 3 | 3 |
Hotel and bar | 69 | 67 |
Health Club | 26 | 27 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Adjustment for prior periods | (175,415 | ) | - |
Total current tax | ( |
) |
Deferred tax: |
Deferred tax |
Deferred tax re previous year | 230,871 | - |
Total deferred tax |
Tax on profit |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation on non-allowable items |
Change in tax rates |
Super deduction | ( |
) |
Prior year deferred tax adjustment |
Prior year tax adjustment | ( |
) |
Bonus not paid within nine months |
Movement in pension creditor |
Total tax charge | 355,977 | 257,677 |
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | Plant and | and | Computer |
buildings | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost of land and buildings is freehold land of £ 790,265 (2023 - £ 790,265 ) which is not depreciated. |
Freehold land and buildings includes £4,746,086 (2023: £3,546,086) of assets under construction, which are not depreciated until brought into use. |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Food and consumables |
There is no significant difference between the replacement cost of the stock and its carrying amount. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation |
Other taxes and social security |
Other creditors |
Directors' current accounts | 68,343 | 85,075 |
Accruals and deferred income |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 550,030 | 72,656 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Movement in the year | 477,374 |
Balance at 31 March 2024 |
Deferred tax has been provided at 25% (2023: 25%). Subject to further capital expenditure, £19,000 is expected to reverse within one year (2023: £38,000). |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
15. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,493 (2023: £36,890). Contributions totalling £13,877 (2023: £14,256) were payable to the fund at the balance sheet date and are included in creditors. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party was J R Saul, a director and shareholder of the company. |
17. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Burntwood Sports Limited (Registered number: 01328623) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
18. | RELATED PARTY DISCLOSURES |
During the year the following balances were outstanding:- |
2024 | 2023 |
£ | £ |
Amount due from other related parties | 179,000 | 161,000 |
Amount due to other related parties | 659,500 | 1,615,992 |
Amount due to the directors | 68,343 | 85,075 |
The amounts due are unsecured, interest free and repayable on demand. |
During the year, the company provided services to related parties amounting to £95,000 (2023: £95,000) and received services from a related party amounting to £1,200,000 (2023: £2,100,000). |
Key Management Personnel Remuneration |
There are no key management personnel except the directors, whose remuneration is disclosed in the employees and directors note. |