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REGISTERED NUMBER: 00974894 (England and Wales)









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: G I Chapman
J Chee
B J Eley
M Eyles
L McLean
N L Baldwin
R Ragunathan





REGISTERED OFFICE: Cranbrook Road
Wimbledon
London
SW19 4HD





REGISTERED NUMBER: 00974894 (England and Wales)





AUDITORS: Hartley Fowler LLP
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 2,987,594 3,026,807
Investments 6 15,364 15,364
3,002,958 3,042,171

CURRENT ASSETS
Stocks 7 11,821 13,267
Debtors 8 20,861 6,143
Cash at bank 486,900 585,819
519,582 605,229
CREDITORS
Amounts falling due within one year 9 158,832 324,034
NET CURRENT ASSETS 360,750 281,195
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,363,708

3,323,366

CREDITORS
Amounts falling due after more than one
year

10

2,316,667

2,336,667
NET ASSETS 1,047,041 986,699

RESERVES
Income and expenditure account 12 1,047,041 986,699
1,047,041 986,699

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





G I Chapman - Director


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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold buildingwritten off over 50 years
Fixtures, fittings and equipmentwritten off over 3,5,7 and 10 years
Computer equipment and softwarewritten 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 21 (2023 - 21 ) .

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 3,234,993 397,195 3,632,188
DEPRECIATION
At 1 October 2023 313,082 292,299 605,381
Charge for year 18,672 20,541 39,213
At 30 September 2024 331,754 312,840 644,594
NET BOOK VALUE
At 30 September 2024 2,903,239 84,355 2,987,594
At 30 September 2023 2,921,911 104,896 3,026,807

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 7,472 7,472
Loans to group undertakings 7,892 7,892
15,364 15,364

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 7,472
NET BOOK VALUE
At 30 September 2024 7,472
At 30 September 2023 7,472

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 7,892

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 11,821 13,267

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,364 -
Other debtors 14,497 6,143
20,861 6,143

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 20,000 20,000
Other loans (see note 11) - 123,000
Trade creditors 5,890 42,205
Social security and other taxes 6,333 8,226
Other creditors 39,761 47,294
Deferred subscription income 46,484 43,575
Accruals 35,004 33,304
Deferred capital grant 5,360 6,430
158,832 324,034

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 11) 16,667 36,667
Amounts owed to group undertakings 2,300,000 2,300,000
2,316,667 2,336,667

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 20,000 20,000
Other loans - 123,000
20,000 143,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 16,667 20,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 16,667

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 986,699
Surplus for the year 60,342
At 30 September 2024 1,047,041

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Askew (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

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).