Company registration number 00460917 (England and Wales)
NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
908,951
910,446
Current assets
Stocks
250
250
Debtors
4
769
770
Cash at bank and in hand
123,970
108,981
124,989
110,001
Creditors: amounts falling due within one year
5
(7,146)
(11,108)
Net current assets
117,843
98,893
Total assets less current liabilities
1,026,794
1,009,339
Creditors: amounts falling due after more than one year
6
(24,047)
(37,036)
Net assets
1,002,747
972,303
Reserves
Revaluation reserve
9
875,310
881,150
Sinking fund
10
70,000
50,000
Income and expenditure account
57,437
41,153
Members' funds
1,002,747
972,303

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.

NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
M H Lynch
Director
Company Registration No. 00460917
NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Newmarket Lawn Tennis Club Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Newmarket Lawn Tennis Club Ltd, Hamilton Road, Newmarket, Suffolk, CB8 0NQ.

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 VAT where applicable as the company cannot reclaim it.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Tennis courts
over 10 years straight line
Floodlights and equipment
over 10 years straight line
Improvements to tennis courts
over 7 years straight line

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.

NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.6
Cash and cash equivalents

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.

1.7
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.

NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.8
Taxation

The company is not carrying on a business for the purposes of making a profit, however corporation tax is payable on any interest and net rental income received during the year

1.9
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 cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Freehold land and buildings
Tennis courts
Floodlights and equipment
Improvements to tennis courts
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
895,375
35,747
73,141
146,331
1,150,594
Additions
-
0
-
0
13,994
-
0
13,994
At 31 December 2024
895,375
35,747
87,135
146,331
1,164,588
Depreciation and impairment
At 1 January 2024
35,375
30,093
60,926
113,754
240,148
Depreciation charged in the year
-
0
1,412
3,219
10,858
15,489
At 31 December 2024
35,375
31,505
64,145
124,612
255,637
Carrying amount
At 31 December 2024
860,000
4,242
22,990
21,719
908,951
At 31 December 2023
860,000
5,654
12,215
32,577
910,446

Freehold property with a carrying amount of £245,719 was revalued on 9th August 2023 by Keylocks Ltd on an open market basis.

 

NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Tangible fixed assets
(Continued)
- 7 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold Property
2024
2023
£
£
Cost
281,093
281,093
Accumulated depreciation
(35,374)
(35,374)
245,719
245,719
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
769
770
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
2,218
1,819
Other creditors
4,928
9,289
7,146
11,108
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
7
4,750
8,090
Government grants
19,297
28,946
24,047
37,036

Deferred grants relate to funding from Sports England and the West Suffolk Council which are being released to the profit and loss account on a systematic basis, over the same period as the related assets are being depreciation (7 years).

NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Loans and overdrafts
2024
2023
£
£
Other loans
8,090
11,588
Payable within one year
3,340
3,498
Payable after one year
4,750
8,090
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Reserves
Income & Expenditure account
Sinking fund
Land and building reserve
Total
Balance brought forward
41,153
50,000
881,150
972,303
Surplus for the year
30,444
30,444
Amortisation of grants
(9,649)
9,649
-
Transfer to sinking fund
(20,000)
20,000
Depreciation transfer
15,489
(15,489)
-
Balance carried forward
57,437
70,000
875,310
1,002,747
NEWMARKET LAWN TENNIS CLUB LTD
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Sinking Fund
Bubble New Skin
£
Estimated Future Costs
50,000
Brought forward
50,000
Additions
20,000
Carried forward
70,000
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