WIRRAL GYMNASTICS CLUB CIC

Company limited by guarantee

Company Registration Number:
12283230 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 1 May 2023

End date: 30 April 2024

WIRRAL GYMNASTICS CLUB CIC

Contents of the Financial Statements

for the Period Ended 30 April 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

WIRRAL GYMNASTICS CLUB CIC

Directors' report period ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Principal activities of the company

The principal activity of the company continued to be that of a gymnastics club.



Directors

The directors shown below have held office during the whole of the period from
1 May 2023 to 30 April 2024

M T Stalker
K J Richards


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
10 April 2025

And signed on behalf of the board by:
Name: M T Stalker
Status: Director

WIRRAL GYMNASTICS CLUB CIC

Profit And Loss Account

for the Period Ended 30 April 2024

2024 2023


£

£
Turnover: 237,618 184,999
Cost of sales: ( 28,505 ) ( 77,803 )
Gross profit(or loss): 209,113 107,196
Administrative expenses: ( 194,814 ) ( 133,588 )
Operating profit(or loss): 14,299 (26,392)
Profit(or loss) before tax: 14,299 (26,392)
Profit(or loss) for the financial year: 14,299 (26,392)

WIRRAL GYMNASTICS CLUB CIC

Balance sheet

As at 30 April 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 47,759 54,954
Total fixed assets: 47,759 54,954
Current assets
Debtors: 4 20,887 1,205
Cash at bank and in hand: 23,690 23,539
Total current assets: 44,577 24,744
Creditors: amounts falling due within one year: 5 ( 68,191 ) ( 69,852 )
Net current assets (liabilities): (23,614) (45,108)
Total assets less current liabilities: 24,145 9,846
Total net assets (liabilities): 24,145 9,846
Members' funds
Profit and loss account: 24,145 9,846
Total members' funds: 24,145 9,846

The notes form part of these financial statements

WIRRAL GYMNASTICS CLUB CIC

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 10 April 2025
and signed on behalf of the board by:

Name: M T Stalker
Status: Director

The notes form part of these financial statements

WIRRAL GYMNASTICS CLUB CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The main sources of income for the club include but are not limited to, membership subscriptions and competition entrance fees, which are accounted for on an accruals basis.

    Tangible fixed assets depreciation policy

    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: Gymnastic equipment 10% straight line Fixtures and fittings 10% straight line 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 profit or loss.

    Other accounting policies

    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 profit or loss, 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 profit or loss, 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. 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. 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. 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. Equity instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Leases Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

WIRRAL GYMNASTICS CLUB CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

WIRRAL GYMNASTICS CLUB CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2023 68,839 3,109 71,948
Additions
Disposals
Revaluations
Transfers
At 30 April 2024 68,839 3,109 71,948
Depreciation
At 1 May 2023 16,061 933 16,994
Charge for year 6,884 311 7,195
On disposals
Other adjustments
At 30 April 2024 22,945 1,244 24,189
Net book value
At 30 April 2024 45,894 1,865 47,759
At 30 April 2023 52,778 2,176 54,954

WIRRAL GYMNASTICS CLUB CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Debtors

2024 2023
£ £
Other debtors 20,887 1,205
Total 20,887 1,205

WIRRAL GYMNASTICS CLUB CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 68,191 69,852
Total 68,191 69,852

WIRRAL GYMNASTICS CLUB CIC

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Financial Commitments

In August 2022 the CIC began operating from shared facilities and coaches expenses from that point forward began being paid centrally by the premises provider. There is no fixed recharge for the provision of these services but an agreement is in place for the CIC to contribute an amount equal to the regular subscriptions it receives as an equivalent rental for the use of the premises and provision of coaches. During the financial period ended 30 April 2024 the rent expense was £183,747, it is expected to be similar in future periods (assuming subscription receipts remain broadly similar).

COMMUNITY INTEREST ANNUAL REPORT

WIRRAL GYMNASTICS CLUB CIC

Company Number: 12283230 (England and Wales)

Year Ending: 30 April 2024

Company activities and impact

The companies activities provide benefit to both children and adults who wish to take part in physical activities. Our services are mainly accessed by residents within the Wirral but are not restricted to those living near our facilities. Our classes cater for various ages and abilities and are aligned to framework of our National Governing Body - British Gymnastics. In addition to providing classes for our memebrs we also suport the local authority School Games Organisers by hosting Wirral School games competitions and festivals and support the wider school community by hosting the Merseyside School Games. We are committed to providing fair opportunities for all participants, regardless of gender, sexual orientation, age, parental or marital stauts, disability, religion, colour, race, ethnic or national origins or socio/economic background.

Consultation with stakeholders

Our members and their families are our main stakeholders. We largely communicate with parents/carers via email but coaches are available for informal chats or for more formal meetings when requested. Meetings may also be initiated by coaches when appropriate. We consult informally regarding progress, personal goals, competition schedules, aims and ambitions. The feedback we receive informs the type, timings and structure of the classes we offer and the ‘extra-curricular’ activities we take part in such as competitions, social events and fundraising activities.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
10 April 2025

And signed on behalf of the board by:
Name: M T Stalker
Status: Director