PENRYN GYMNASTICS CENTRE C.I.C.

Company limited by guarantee

Company Registration Number:
09359207 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

PENRYN GYMNASTICS CENTRE C.I.C.

Contents of the Financial Statements

for the Period Ended 31 July 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

PENRYN GYMNASTICS CENTRE C.I.C.

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 48,246 41,349
Total fixed assets: 48,246 41,349
Current assets
Stocks: 4 3,356 3,398
Debtors: 5 23,667 19,216
Cash at bank and in hand: 11,682 30,345
Total current assets: 38,705 52,959
Creditors: amounts falling due within one year: 6 ( 23,473 ) ( 66,460 )
Net current assets (liabilities): 15,232 (13,501)
Total assets less current liabilities: 63,478 27,848
Creditors: amounts falling due after more than one year: 7 ( 8,436 ) ( 20,958 )
Total net assets (liabilities): 55,042 6,890
Members' funds
Profit and loss account: 55,042 6,890
Total members' funds: 55,042 6,890

The notes form part of these financial statements

PENRYN GYMNASTICS CENTRE C.I.C.

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 29 April 2025
and signed on behalf of the board by:

Name: Jill Punter
Status: Director

The notes form part of these financial statements

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income is included in the financial statements as it becomes receivable or due.

    Tangible fixed assets depreciation policy

    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 basis: Fixtures and Fittings 10% per annum on a reducing balance basis. Computers 50% per annum on a straight-line basis.

    Other accounting policies

    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. 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. 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. 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, 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. 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. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 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. Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 29 22

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 83,892 83,892
Additions 13,972 13,972
Disposals
Revaluations
Transfers
At 31 July 2024 97,864 97,864
Depreciation
At 1 August 2023 42,543 42,543
Charge for year 7,075 7,075
On disposals
Other adjustments
At 31 July 2024 49,618 49,618
Net book value
At 31 July 2024 48,246 48,246
At 31 July 2023 41,349 41,349

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Stocks

2024 2023
£ £
Stocks 3,356 3,398
Total 3,356 3,398

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Debtors

2024 2023
£ £
Trade debtors 11,939 16,849
Prepayments and accrued income 3,396 2,257
Other debtors 8,332 110
Total 23,667 19,216

Other debtors (2023) comprise a loan to a company in which two of the directors have an interest which is unsecured, interest free and repayable on demand. Other debtors (2024) includes a loan to the directors which is repayable within 9 months of the year end. Interest at a rate of 2.25% has been charged on the loan balance.

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 10,441 8,140
Trade creditors 2,199 45,688
Taxation and social security 4,699 3,758
Accruals and deferred income 5,884 7,158
Other creditors 250 1,716
Total 23,473 66,460

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 8,436 20,958
Total 8,436 20,958

PENRYN GYMNASTICS CENTRE C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

8. Loans to directors

Name of director receiving advance or credit: Jill Punter
Description of the transaction:
Loaned during the year
£
Balance at 31 July 2023
Advances or credits made: 8,332
Advances or credits repaid:
Balance at 31 July 2024 8,332

COMMUNITY INTEREST ANNUAL REPORT

PENRYN GYMNASTICS CENTRE C.I.C.

Company Number: 09359207 (England and Wales)

Year Ending: 31 July 2024

Company activities and impact

THE COMPANY’S PRINCIPAL ACTIVITY DURING THE PERIOD WAS THAT OF A GYMNASTICS CLUB. BENEFIT WAS PROVIDED TO THE COMMUNITY THROUGH THE PROVISION OF GYMNASTICS FACILITIES AND TRAINING.

Consultation with stakeholders

THE COMPANY’S STAKEHOLDERS ARE THE DIRECTORS, THE NATWEST BANK, IT’S MEMBERS AND THE GENERAL PUBLIC. THE COMPANY REGULARLY CONSULTS WITH ITS DIRECTORS AND MEMBERS REGARDING ITS ONGOING ACTIVITIES AND CAPITAL EXPENDITURE.

Directors' remuneration

THERE WERE NO OTHER TRANSACTIONS OR ARRANGEMENTS IN CONNECTION WITH THE REMUNERATION OF DIRECTORS, OR COMPENSATION FOR DIRECTORS LOSS OF OFFICE, WHICH REQUIRE TO BE DISCLOSED.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 April 2025

And signed on behalf of the board by:
Name: Jill Punter
Status: Director