Company Registration No. 00244132 (England and Wales)
THE LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
COMMUNITY AMATEUR SPORTS CLUB
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SOMERBYS LIMITED
CHARTERED ACCOUNTANTS
30 NELSON STREET
LEICESTER
LE1 7BA
THE LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
559,890
607,993
Investments
4
50,000
50,000
609,890
657,993
Current assets
Stocks
5,310
4,272
Debtors
5
7,160
29,276
Cash at bank and in hand
39,631
43,679
52,101
77,227
Creditors: amounts falling due within one year
6
(63,627)
(63,447)
Net current (liabilities)/assets
(11,526)
13,780
Total assets less current liabilities
598,364
671,773
Creditors: amounts falling due after more than one year
7
(280,399)
(307,256)
Net assets
317,965
364,517
Reserves
Income and expenditure account
317,965
364,517
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 7 April 2025 and are signed on its behalf by:
M Piper - President & Honorary Treasurer
Director
Company Registration No. 00244132
THE LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
The Leicestershire Lawn Tennis Club Limited is a private company limited by guarantee incorporated in England and Wales. The company registered as a Community Amateur Sports Club with effect from 22 March 2018. The registered office is 4 Westernhay Road, Stoneygate, Leicester, LE2 3HF.
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 irrecoverable VAT where the company is unable to reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
over 50 years
Tennis and squash courts
over 7 to 20 years
Fixtures, fittings and equipment
over 5 years
Clubhouse development
over 5 to 10 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.
1.4
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.
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.
1.5
Cash at bank and in hand
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.
THE LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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 LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2023 - 10).
2024
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Land and buildings
Fixtures, fittings and equipment
Tennis and squash courts
Clubhouse development
Total
£
£
£
£
£
Cost
At 1 January 2024
296,663
107,763
995,392
261,099
1,660,917
Additions
3,182
4,550
7,732
At 31 December 2024
296,663
110,945
995,392
265,649
1,668,649
Depreciation and impairment
At 1 January 2024
57,938
91,711
698,259
205,016
1,052,924
Depreciation charged in the year
5,810
7,294
31,010
12,360
55,835
At 31 December 2024
63,748
98,366
729,269
217,376
1,108,759
Carrying amount
At 31 December 2024
232,915
12,579
266,123
48,273
559,890
At 31 December 2023
238,725
16,052
297,133
56,083
607,993
4
Fixed asset investments
Sinking fund
£
Cost or valuation
At 1 January 2024 & 31 December 2024
50,000
Carrying amount
At 31 December 2024
50,000
At 31 December 2023
50,000
THE LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,490
1,210
Other debtors
5,670
28,066
7,160
29,276
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
19,591
17,421
Trade creditors
7,198
12,982
Taxation and social security
2,802
328
Other creditors
34,036
32,716
63,627
63,447
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
255,399
272,256
Other creditors
25,000
35,000
280,399
307,256
Bank borrowings amounting to £243,509 (2023 - £252,640) are secured by a fixed and floating charge over the assets of the Club.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
178,637
194,126
8
Called up share capital
The company is limited by guarantee and therefore does not have any share capital.
THE LEICESTERSHIRE LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
9
Members' liability
The company is limited by guarantee, not having a share capital On a winding up the remaining assets of the club will not be paid to members but transferred to another CASC, a registered charity or the sports governing bodies for use in community sports.
10
Cash generated from operations
2024
2023
£
£
Deficit for the year after tax
(46,552)
(31,826)
Adjustments for:
Finance costs
21,353
20,752
Investment income
(1,636)
(1,438)
Depreciation and impairment of tangible fixed assets
55,835
59,409
Movements in working capital:
(Increase)/decrease in stocks
(1,038)
1,661
Decrease/(increase) in debtors
22,116
(23,358)
Decrease in creditors
(1,990)
(227)
Cash generated from operations
48,088
24,973
Difference
-
1
Per cash flow statement page
48,088
24,974
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