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Registration number: 01169098

Torbay Area Indoor Bowling Association Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Torbay Area Indoor Bowling Association Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Torbay Area Indoor Bowling Association Limited

(Registration number: 01169098)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

47,068

65,009

Current assets

 

Stocks

5,606

8,598

Debtors

5

811

768

Cash at bank and in hand

 

194,042

169,371

 

200,459

178,737

Creditors: Amounts falling due within one year

6

(2,989)

(3,909)

Net current assets

 

197,470

174,828

Net assets

 

244,538

239,837

Reserves

 

Other reserves

213,802

213,802

Profit and loss account

30,736

26,035

Surplus

 

244,538

239,837

For the financial year ending 31 July 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 


Mr D L Singleton
Director

 

Torbay Area Indoor Bowling Association Limited

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

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £ 0.05 towards the assets of the company in the event of liquidation. The total sum guaranteed varies from year to year, and is approximately £30 at 31 July 2024 (£30 at 31 July 2023).

The address of its registered office is:
Oldway Drive
Torquay Road
Paignton
Devon
TQ3 2AJ

Principal activity

The principal activity of the company is the operation of an indoor bowling centre.

2

Accounting policies

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered in the form of subscriptions and fees.

Tax

As a Community Amateur Sports Club the company is only liable to pay Corporation Tax on any income or capital gains that do not qualify for tax relief. This includes gross profits from trading over £50,000 a year.

 

Torbay Area Indoor Bowling Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold properties

Straight line over the life of the lease

Central heating

10% - 20% straight line

Furniture and fixtures

10% - 20% straight line

General equipment

10% - 20% straight line

Sports equipment

10% - 20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Torbay Area Indoor Bowling Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Central heating
£

Office equipment
£

Sports equipment
 £

Total
£

Cost or valuation

At 1 August 2023

55,457

68,336

53,370

87,169

5,418

269,750

Disposals

-

(16,841)

(15,656)

(32,319)

(5,418)

(70,234)

At 31 July 2024

55,457

51,495

37,714

54,850

-

199,516

Depreciation

At 1 August 2023

44,233

54,976

42,748

57,366

5,418

204,741

Charge for the year

860

3,771

5,312

7,999

-

17,942

Eliminated on disposal

-

(16,841)

(15,656)

(32,320)

(5,418)

(70,235)

At 31 July 2024

45,093

41,906

32,404

33,045

-

152,448

Carrying amount

At 31 July 2024

10,364

9,589

5,310

21,805

-

47,068

At 31 July 2023

11,224

13,360

10,622

29,803

-

65,009

Included within the net book value of land and buildings above is £10,364 (2023 - £11,224) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Prepayments

811

768

811

768

 

Torbay Area Indoor Bowling Association Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

2,989

3,909

7

Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

Other reserves represent the general refurbishment fund:
This fund records accumulated profits designated for future refurbishment.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,250

2,250

Later than one year and not later than five years

11,000

11,000

Later than five years

16,000

18,250

29,250

31,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,250 (2023 - £2,263).