Garon_Park_Community_Centre_Limited_31_Dec_2024_companies_house_set_of

Garon Park Community Centre Limited

Statement of Financial Position

31 December 2024

		2024		2023
	Note	£		£
Fixed assets
Tangible assets	5	31,161		33,171
Current assets
Stocks		-		125
Cash at bank and in hand		1,539		2,378
		1,539		2,503
Creditors: amounts falling due within one year	6	(8,482	)	(2,629	)
Net current liabilities		(6,943	)	(126	)
Total assets less current liabilities		24,218		33,045
Creditors: amounts falling due after more than one year	7	(2,113	)	(4,069	)
Net assets		22,105		28,976
Capital and reserves
Profit and loss account		22,105		28,976
Members funds		22,105		28,976

For the year ending

31 December 2024

, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 Act 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, the income statement has not been delivered.

These

financial statements

were approved by the board of directors and authorised for issue on

4 September 2025

, and are signed on behalf of the board by:

Mr C Shiret

Director

Company registration number:

01670110

Garon Park Community Centre Limited

Notes to the Financial Statements

Year ended

31 December 2024

1 General information

The company is a private company limited by guarantee and is registered in England and Wales. The address of the registered office is

1st Floor 19 Clifftown Road

Southend-On-Sea

Essex

SS1 1AB

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis, as modified by the revaluation of certain assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings	Straight line over the remainder of the lease (2044)
Fixtures, fittings and equipment	15% reducing balance basis

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was nil (2023:

5 Tangible assets

	Land and buildings	Plant and machinery etc.	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	63,737	29,640	93,377
Depreciation
At 1 January 2024	34,086	26,120	60,206
Charge	1,482	528	2,010
At 31 December 2024	35,568	26,648	62,216
Carrying amount
At 31 December 2024	28,169	2,992	31,161
At 31 December 2023	29,651	3,520	33,171

6 Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,956	1,956
Taxation and social security	-	101
Other creditors	6,526	572
	8,482	2,629

7 Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans and overdrafts	2,113		4,069

8 Operating leases

	2024	2023
The company as lessee
	£	£
Not later than 1 year	8,376	8,376
Later than 1 year and not later than 5 years	33,504	33,504
Later than 5 years	134,016	142,392
	175,896	184,272