Registration number:
Torbay Area Indoor Bowling Association Limited
(A company limited by guarantee)
for the Year Ended 31 July 2024
Torbay Area Indoor Bowling Association Limited
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
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 |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
Torbay Area Indoor Bowling Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
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:
Principal activity
The principal activity of the company is the operation of an indoor bowling centre.
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Torbay Area Indoor Bowling Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Central heating |
Office equipment |
Sports equipment |
Total |
|
Cost or valuation |
||||||
At 1 August 2023 |
|
|
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
( |
At 31 July 2024 |
|
|
|
|
- |
|
Depreciation |
||||||
At 1 August 2023 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
- |
|
Eliminated on disposal |
- |
( |
( |
( |
( |
( |
At 31 July 2024 |
|
|
|
|
- |
|
Carrying amount |
||||||
At 31 July 2024 |
|
|
|
|
- |
|
At 31 July 2023 |
|
|
|
|
- |
|
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.
Debtors |
2024 |
2023 |
|
Prepayments |
|
|
|
|
Torbay Area Indoor Bowling Association Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Accruals and deferred income |
|
|
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.
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 |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £