Company registration number 00224678 (England and Wales)
Streetly Lawn Tennis Club Limited
Unaudited financial statements
For the year ended 30 September 2024
Streetly Lawn Tennis Club Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Streetly Lawn Tennis Club Limited
Statement of financial position
As at 30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
204,891
244,461
Current assets
Stocks
500
500
Debtors
5
8,967
5,513
Cash at bank and in hand
132,180
147,879
141,647
153,892
Creditors: amounts falling due within one year
6
(63,587)
(57,561)
Net current assets
78,060
96,331
Total assets less current liabilities
282,951
340,792
Creditors: amounts falling due after more than one year
7
-
(66,709)
Net assets
282,951
274,083
Reserves
Other reserves
140,000
125,000
Income and expenditure account
142,951
149,083
Total members' funds
282,951
274,083
Streetly Lawn Tennis Club Limited
Statement of financial position (continued)
As at 30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Mr J E Davis
Director
Company registration number 00224678 (England and Wales)
Streetly Lawn Tennis Club Limited
Notes to the financial statements
For the year ended 30 September 2024
- 3 -
1
Accounting policies
Company information
Streetly Lawn Tennis Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor, International House, 20 Hatherton Street, Walsall, England, WS4 2LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
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 bases:
Freehold land and buildings
10% straight line
Fixtures and Fittings
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Streetly Lawn Tennis Club Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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
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.
Classification of financial liabilities
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
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.
1.7
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.8
Employee benefits
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.
1.9
Leases
As lessee
Streetly Lawn Tennis Club Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Court replacement reserve
In accordance with the Lawn Tennis Association requirements a fund is maintained by transfers to and from general reserves to cover the estimated future cost of replacing the courts and lights on a cyclical basis.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Total
£
Cost
At 1 October 2023 and 30 September 2024
1,055,389
Depreciation and impairment
At 1 October 2023
810,928
Depreciation charged in the year
39,570
At 30 September 2024
850,498
Carrying amount
At 30 September 2024
204,891
At 30 September 2023
244,461
Streetly Lawn Tennis Club Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,055
3,649
Prepayments and accrued income
1,912
1,864
8,967
5,513
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,500
4,000
Trade creditors
45,267
47,061
Other creditors
6,820
Accruals and deferred income
7,000
6,500
63,587
57,561
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
59,209
Other borrowings
7,500
66,709
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.