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Registration number: 02141338

Fromeside Gymnastics Club (1987) Limited

(A company limited by guarantee)

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Fromeside Gymnastics Club (1987) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Fromeside Gymnastics Club (1987) Limited

Company Information

Directors

Mr Darren David Wall

Mr Graeme Cappi

Mrs Karen Gingell

Mr Greg Andrew Hale

Mr Robert Paul Blackman

Company secretary

Mr Graeme Cappi

Registered office

Fromeside Gymnastics Club
Watleys End Road
Winterbourne
Bristol
BS36 1PW

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Fromeside Gymnastics Club (1987) Limited

(Registration number: 02141338)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

177,794

193,728

Current assets

   

Stocks

5

14,139

 

11,143

Debtors

6

93,181

 

76,175

Cash at bank and in hand

 

100,274

 

100,828

 

207,594

 

188,146

Creditors: Amounts falling due within one year

7

(26,760)

 

(31,058)

Net current assets

   

180,834

157,088

Total assets less current liabilities

   

358,628

350,816

Creditors: Amounts falling due after more than one year

7

 

(9,595)

(19,796)

Net assets

   

349,033

331,020

Reserves

   

Retained earnings

349,033

 

331,020

Surplus

   

349,033

331,020

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Fromeside Gymnastics Club (1987) Limited

(Registration number: 02141338)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................

Mr Darren David Wall
Director

.........................................

Mr Graeme Cappi
Company secretary and director

.........................................

Mrs Karen Gingell
Director

.........................................

Mr Greg Andrew Hale
Director

.........................................

Mr Robert Paul Blackman
Director

 

Fromeside Gymnastics Club (1987) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Fromeside Gymnastics Club
Watleys End Road
Winterbourne
Bristol
BS36 1PW
England

These financial statements were authorised for issue by the Board on 25 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Fromeside Gymnastics Club (1987) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Freehold property

Market value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Fromeside Gymnastics Club (1987) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 35).

 

Fromeside Gymnastics Club (1987) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

158,565

280,931

439,496

Additions

-

1,930

1,930

At 31 December 2024

158,565

282,861

441,426

Depreciation

At 1 January 2024

34,515

211,253

245,768

Charge for the year

-

17,864

17,864

At 31 December 2024

34,515

229,117

263,632

Carrying amount

At 31 December 2024

124,050

53,744

177,794

At 31 December 2023

124,050

69,678

193,728

Included within the net book value of land and buildings above is £124,050 (2023 - £124,050) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

14,139

11,143

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,950

5,037

Prepayments

88

3,896

Other debtors

88,143

67,242

 

93,181

76,175

 

Fromeside Gymnastics Club (1987) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,271

10,017

Trade creditors

 

-

6,315

Taxation and social security

 

4,721

3,364

Accruals and deferred income

 

4,861

1,615

Other creditors

 

6,907

9,747

 

26,760

31,058

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9,595

19,796

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,500 (2023 - £9,000). Financial commitments relate to future minimum lease payments under non-cancellable leases.

 

Fromeside Gymnastics Club (1987) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £19,866 (2023 - £29,813). This is a Coronavirus Bounce Back Loan supported by the government.