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REGISTERED NUMBER: 08232030 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Formby Village Sports Club Ltd

Formby Village Sports Club Ltd (Registered number: 08232030)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Formby Village Sports Club Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: S W Chaplin
J C Scorgie
Mrs C A Robertshaw





REGISTERED OFFICE: 5 Victoria Buildings
Victoria Road
Freshfield
Liverpool
Merseyside
L37 7DB





REGISTERED NUMBER: 08232030 (England and Wales)





ACCOUNTANTS: Harding & Humphries
5 Victoria Buildings
Victoria Road
Freshfield
Liverpool
Merseyside
L37 7DB

Formby Village Sports Club Ltd (Registered number: 08232030)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 186,771 68,368

CURRENT ASSETS
Debtors 5 3,597 3,878
Cash at bank and in hand 76,939 125,493
80,536 129,371
CREDITORS
Amounts falling due within one year 6 7,892 5,874
NET CURRENT ASSETS 72,644 123,497
TOTAL ASSETS LESS CURRENT
LIABILITIES

259,415

191,865

CREDITORS
Amounts falling due after more than one
year

7

48,620

-
NET ASSETS 210,795 191,865

RESERVES
Income and expenditure account 210,795 191,865
210,795 191,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 25 April 2025 and were signed on its behalf by:




S W Chaplin - Director Mrs C A Robertshaw - Director



J C Scorgie - Director


Formby Village Sports Club Ltd (Registered number: 08232030)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Formby Village Sports Club Ltd 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Improvements - Straight line over 15 years
Equipment - 25% on reducing balance
Padel Court - 5% on cost

Taxation
Taxation for the year comprises current 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 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. As the company has Community Amateur Sports Club status it is subject to the CASC rules with regards to income and expenditure.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Grant income
The company has adopted the performance model when recognising the receipt of grant income. This involves the following:

(a) A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable.

(b) A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met.

(c) Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Formby Village Sports Club Ltd (Registered number: 08232030)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Leasehold Padel
Improvements Equipment Court Totals
£    £    £    £   
COST
At 1 January 2024 64,946 22,578 - 87,524
Additions - 21,528 115,378 136,906
At 31 December 2024 64,946 44,106 115,378 224,430
DEPRECIATION
At 1 January 2024 8,662 10,494 - 19,156
Charge for year 4,332 8,402 5,769 18,503
At 31 December 2024 12,994 18,896 5,769 37,659
NET BOOK VALUE
At 31 December 2024 51,952 25,210 109,609 186,771
At 31 December 2023 56,284 12,084 - 68,368

Leasehold improvements relate to the resurfacing of the tennis courts. The cost incurred during 2022 was £64,946 and the expected life is 15 years. Depreciation will be charged over 15 years on a straight line basis assuming no residual value after 15 years.

The padel court is being depreciated over it's expected life of 20 years at 5% cost straight line.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other debtors 3,597 3,878

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other creditors 7,892 5,874

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans 48,620 -

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 6,573 6,444
Between one and five years 27,633 27,091
In more than five years 88,304 95,419
122,510 128,954

The lease to the premises is a 25 year lease commencing in 2016 and due to expire in 2040. The annual cost commenced at £5,500 per annum, increasing by 2% compound per annum for the period of the lease.