| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED |
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| 4th Floor Tuition House |
| 27-37 St George's Road |
| Wimbledon |
| London |
| SW19 4EU |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS |
| RESERVES |
| Income and expenditure account | 12 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Wimbledon Racquets and Fitness Club Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Wimbledon Racquets and Fitness Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from services is recognised when the service is provided and the right to consideration earned. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. |
| Turnover comprises: |
| (i) Subscriptions received from the club's members, |
| (ii) Section results, being income generated from running tournaments, |
| (iii) Hire of the squash and badminton courts and associated coaches, |
| (iiii) Income generated from the bar and restaurant. |
| Development costs |
| Architects' fees and other professional fees incurred relating to the future development of the club have been capitalised as development costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Each year the intangible assets are assessed for impairment by the directors. |
| Tangible fixed assets |
| Freehold building | written off over 50 years |
| Fixtures, fittings and equipment | written off over 3,5,7 and 10 years |
| Computer equipment and software | written off over 3 years |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Cash at bank is measured at transaction price. |
| Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due. |
| Leasing commitments |
| Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
| Intercompany loan |
| The intercompany loan owed to the subsidiary company is recognised initially at fair value and discounted to give the present value of the asset. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| On 25 November 2022 the company's subsidiary, The Wimbledon Squash and Badminton Courts Limited transferred the freehold of the property occupied by the Wimbledon Racquets and Fitness Club to the company at a valuation of £2,300,000. |
| 6. | FIXED ASSET INVESTMENTS |
| 2024 | 2023 |
| £ | £ |
| Shares in group undertakings |
| Loans to group undertakings |
| Additional information is as follows: |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| The Wimbledon Squash and Badminton Courts Limited, a company registered in England. |
| Loans to |
| group |
| undertakings |
| £ |
| At 1 October 2023 |
| and 30 September 2024 |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Finished goods |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 11) |
| Other loans (see note 11) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Deferred subscription income |
| Accruals |
| Deferred capital grant |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 11) |
| Amounts owed to group undertakings |
| 11. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | LOANS - continued |
| Intercompany loan |
| See the related party disclosure note. The loan balance at the year end is made up of £130,188 loan interest and a £2,169,812 loan balance. |
| Coronavirus Business Interruption Loan |
| In July 2020 the company arranged a 5 year Coronavirus Business Interruption Loan with Lloyds Bank plc. Interest on the loan is to be charged at bank rate plus 2.8%. The loan is to be repaid in instalments over of 5 years commencing 13 months after the first drawdown. The scheme provides the bank with a government guarantee against the balance on the loan. The Government will make Business Interruption Payments to cover the first 12 months of interest payments and any bank levied charges. |
| Unsecured Loan Notes |
| In July 2021 the company issued £350,000 6% fixed rate unsecured loan notes of with a capital repayment date of 30 June 2024. During the year the final £123,000 (2023: £227,000) of loan notes were repaid. |
| 12. | RESERVES |
| Income |
| and |
| expenditure |
| account |
| £ |
| At 1 October 2023 |
| Surplus for the year |
| At 30 September 2024 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| In 2021 the directors invested in 6% fixed rate unsecured 2024 loan notes alongside other members, during the prior year all of these loan notes were fully repaid. The loan notes were on the same terms and rates available to all members. |
| WIMBLEDON RACQUETS AND FITNESS CLUB |
| LIMITED (REGISTERED NUMBER: 00974894) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | RELATED PARTY DISCLOSURES |
| Included in investments at the year end was a loan of £7,892 (2023 - £7,892) owed to the company by its subsidiary company, The Wimbledon Squash and Badminton Courts Limited. No interest was receivable on this balance. |
| On 25 November 2022 the company's subsidiary, The Wimbledon Squash and Badminton Courts Limited transferred the freehold of the property occupied by the Wimbledon Racquets and Fitness Club to the company at a valuation of £2,300,000. |
| Included in creditors: amounts falling due in more than one year is an intercompany loan amount of £2,300,000 (2023: £2,300,000) owed to The Wimbledon Squash and Badminton Courts Limited. No interest is payable on this balance.The loan will only become payable 12 months and one day after the date on which repayment is requested. The loan was initially discounted at a 6% interest rate which resulted in a distribution from the subsidiary of £130,188 and notional interest payable of £130,188. The carrying value will remain unchanged until notice is given. |
| 16. | ULTIMATE CONTROLLING PARTY |
| The Wimbledon Racquets and Fitness Club Limited is a member's only club, incorporated in England and Wales. The Board considers that due to the broad membership of the club, the company has no ultimate controlling party. |
| 17. | LIMITED BY GUARANTEE |
| The company is limited by guarantee and does not have share capital. |
| 18. | RESTATEMENT OF COMPARATIVES |
| The club has made changes to its allocation of event costs and payment processing fees in the current year between expenses and cost of sales. The comparative items in these financial statements have been restated to show a true and fair comparative to the current year figures. The overall impact of these changes on the income statement and surplus reserves is £Nil (2023: £Nil). |