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Registration number: 01424812

Rowley Olympic Sports & Social Club Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Rowley Olympic Sports & Social Club Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Rowley Olympic Sports & Social Club Ltd

Company Information

Directors

Mr M J Southall

Miss K L Willis

Company secretary

Mr M J Southall

Registered office

Portway Hill
Tividale
Warley
West Midlands
B65 9DL

Accountants

Munslows Accountants Ltd
Chartered Certified Accountants32 High Street
Wall Heath
Kingswinford
West Midlands
DY6 0HB

 

Rowley Olympic Sports & Social Club Ltd

(Registration number: 01424812)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,122

16,877

Investment property

5

653,755

653,755

 

666,877

670,632

Current assets

 

Debtors

6

4,381

3,406

Cash at bank and in hand

 

52,023

50,954

 

56,404

54,360

Creditors: Amounts falling due within one year

7

(392,769)

(416,704)

Net current liabilities

 

(336,365)

(362,344)

Total assets less current liabilities

 

330,512

308,288

Creditors: Amounts falling due after more than one year

7

(133,401)

(141,100)

Net assets

 

197,111

167,188

Capital and reserves

 

Called up share capital

8

3,498

3,498

Retained earnings

193,613

163,690

Shareholders' funds

 

197,111

167,188

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:

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 Profit and Loss Account.

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

.........................................
Mr M J Southall
Company secretary and director

 

Rowley Olympic Sports & Social Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Portway Hill
Tividale
Warley
West Midlands
B65 9DL

These financial statements were authorised for issue by the Board on 2 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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.

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 revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rowley Olympic Sports & Social Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet 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:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Rowley Olympic Sports & Social Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

70,173

70,173

Additions

1,868

1,868

At 30 September 2024

72,041

72,041

Depreciation

At 1 October 2023

53,296

53,296

Charge for the year

5,623

5,623

At 30 September 2024

58,919

58,919

Carrying amount

At 30 September 2024

13,122

13,122

At 30 September 2023

16,877

16,877

 

Rowley Olympic Sports & Social Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Investment properties

2024
£

At 1 October

653,755

At 30 September

653,755

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,425

1,600

Prepayments

1,956

1,806

 

4,381

3,406

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,760

9,300

Trade creditors

 

240

-

Taxation and social security

 

8,096

13,840

Accruals and deferred income

 

4,264

5,692

Other creditors

 

371,409

387,872

 

392,769

416,704

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

133,401

141,100

 

Rowley Olympic Sports & Social Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3,498

3,498

3,498

3,498

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

133,401

141,100

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,760

9,300