Registration number:
Sevenoaks IBC Limited
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Sevenoaks IBC Limited
Statement of Financial Position as at 30 September 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Reserves |
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Retained earnings |
133,525 |
70,795 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Mr M E Maltby
Director
Company registration number: 05210938
Sevenoaks IBC Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a company limited by guarantee, incorporated in England and Wales. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation.
The address of its registered office is:
The principal activity of the company is that of an indoor flat green bowls club.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The club had net assets at 30 September 2024 of £133,525, including cash at bank of £95,064.
The club continues to have a loyal membership within the local area, and with the resources that the club has, it is well positioned to meet its financial obligations for the next 12 months following the approval of the financial statements.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the club has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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 turnover from subscriptions evenly over the period to which the membership relates. Turnover from the use of the rink, shop, catering sales and other similar income is recognised on the date of sale.
Sevenoaks IBC Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Other grants
Donations
Donations are recognised upon contractual entitlement when legally due, which is usually upon receipt of funds. Donations are recognised within other operating income.
Tangible assets
Tangible assets are stated in the statement of financial position 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, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Bowling and office fittings & equipment |
10% - 20% straight line |
Kitchen equipment |
20% straight line |
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.
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.
Staff numbers |
The average number of persons employed by the company during the year was
Sevenoaks IBC Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
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Government grants |
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Voluntary donations |
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Tangible assets |
Bowling and office fittings & equipment |
Kitchen equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Stocks |
2024 |
2023 |
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Stock |
2,620 |
550 |
Debtors |
2024 |
2023 |
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Other debtors |
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Sevenoaks IBC Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Other creditors |
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Commitments under operating leases |
The total of future minimum lease payments not reflected in the statement of financial position amounts to £546,333 (2023 - £132,000).