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Registered number: 00112288 FULWOOD SPORTS CLUB LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
FULWOOD SPORTS CLUB LIMITED REGISTERED NUMBER:00112288
BALANCE SHEET AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 989,767 |  | 1,028,901
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 8,994 |  | 10,804 |
Cash at bank and in hand |  | 74,162 |  | 58,979 |
|  | 83,156 |  | 69,783 |
Creditors: amounts falling due within one year | 6 | (29,432) |  | (29,759) |
Net current assets |  |  | 53,724 |  | 40,024
Total assets less current liabilities |  |  | 1,043,491 |  | 1,068,925
Creditors: amounts falling due after more than one year | 7 |  | (53,137) |  | (64,581)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (187,727) |  | - |
|  |  | (187,727) |  | -
Net assets |  |  | 802,627 |  | 1,004,344
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2,450 |  | 2,340
Revaluation reserve |  |  | 563,180 |  | 750,907
Profit and loss account |  |  | 236,997 |  | 251,097
|  |  | 802,627 |  | 1,004,344
Page 1
FULWOOD SPORTS CLUB LIMITED REGISTERED NUMBER:00112288
BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2025.
N R Pye Smith
Director
The notes on pages 3 to 9 form part of these financial statements. Page 2
FULWOOD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. | General information
Fulwood Sports Club Limited is a private company, limited by shares, registered in England and Wales (registered number: 00112288). It's registered office address is Chorley Road, Sheffield, South Yorkshire, S10 3RL. The principal activity is the provision of sports club activities. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling. In preparing these accounts, some adjustments were made to the classification of certain items which is explained in more detail below. In the prior year, there was £7,500 included in other creditors due within one year and £31,537 included in other creditors due after one year which related to loans. These figures have been restated in the prior year to other loans within creditors (see note 7 and 8). The amounts previously included as accruals and deferred income on the face of the balance sheet have also been reclassified into the relevant creditor headings. The total value of creditors included in the Balance Sheet has not been impacted by this change. In addition, it was identified that expenditure totalling £57,170 was classified as administrative expenses but should have been included within cost of sales. The overall expenditure has not been impacted by this reclassification. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
FULWOOD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.3 | Government and other grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Page 4
FULWOOD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Freehold property | - |  | 1 - 4%
|  |  |  | Plant and machinery | - |  | 10%
|  |  |  | Fixtures and fittings | - |  | 10%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.9 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. Page 5
FULWOOD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 10 (2024 - 11).
4. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 February 2024 | 1,097,093 | 177,464 | 218,642 | 1,493,199
| At 31 January 2025 | 1,097,093 | 177,464 | 218,642 | 1,493,199
| Depreciation |  |  |  |
| At 1 February 2024 | 199,619 | 111,696 | 152,983 | 464,298
| Charge for the year on owned assets | 10,965 | 15,296 | 12,873 | 39,134
| At 31 January 2025 | 210,584 | 126,992 | 165,856 | 503,432
| Net book value |  |  |  |
| At 31 January 2025 | 886,509 | 50,472 | 52,786 | 989,767
| At 31 January 2024 | 897,474 | 65,768 | 65,659 | 1,028,901
Page 6
FULWOOD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 404 | 404
| Prepayments and accrued income | 8,590 | 10,400
|  | 8,994 | 10,804
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 7,500 | 7,497
| Other taxation and social security | - | 61
| Accruals and deferred income | 21,932 | 22,201
|  | 29,432 | 29,759
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 23,718 | 31,537
| Accruals and deferred income | 29,419 | 33,044
|  | 53,137 | 64,581
Page 7
FULWOOD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 7,500 | 7,497
| Amounts falling due 1-2 years |  |
| Other loans | 23,718 | 31,537
|  | 31,218 | 39,034
| Included within other loans is a loan due to Lawn Tennis Association totalling £22,468 (2024: £27,468). The loan is repayable by six monthly instalments and is due for repayment by June 2029. The loan is interest free and unsecured. Included within other loans is a loan due to Yorkshire Tennis totalling £8,750 (2024: £11,250). The loan is repayable by six monthly instalments and is due to repayment by April 2028. The loan is interest free and unsecured.
9. | Deferred taxation
|  | 2025
|  | £
| Charged to revaluation reserve | 187,727
| At end of year | 187,727
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Arising on revaluation | 187,727 | -
|  | 187,727 | -
Page 8
FULWOOD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 490 (2024 - 468) Ordinary shares of £5.00 each | 2,450 | 2,340
During the year, 60 (2024 - 58) ordinary shares of £5 each were issued for total consideration of £300 (2024 - £290) and 38 (2024 - 66) ordinary shares of £5 each were cancelled by refund or donation amounting to £190 (2024 - £330).
11. | Grants - deferred income
During the 2022 year end the company a received grant of £16,366 in respect of squash development. In accordance with the accounting policy, this grant is amortised over the assets' estimated useful lives. An amount of £655 (2024: £546) has been recognised in this financial year. During the 2019 year end the company received a grant of £8,500 from National Lawn Tennis Association in respect of redevelopment of the tennis courts. In accordance with the accounting policy, this grant is amortised over the assets' useful lives. An amount of £850 (2024: £708) has been recognised in this financial year. During the 2018 year end the company received a grant of £5,000 from Yorkshire Tennis, part of National Lawn Tennis Association in respect of redevelopment of the tennis courts. In accordance with the accounting policy, this grant is amortised over the assets' useful lives. An amount of £500 (2024: £417) has been recognised in this financial year. During the 2016 year end, the company received grants from Sport England in respect of the Inspired Facilities programme comprising assistance with capital investment in improving the energy efficiency of squash courts building. The total grant received was £34,951. In accordance with the accounting policy, this grant is amortised over the assets' estimated useful lives. An amount of £1,620 (2024: £1,681) has been recognised in this financial year.
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £153 (2024: £nil). Contributions totalling £nil (2024: £nil) were payable to the fund at the balance sheet date and are included in creditors.
13. | Controlling party
There is no ultimate controlling party of Fulwood Sports Club.
Page 9