Company No: 03960554 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	856,237		860,596
		856,237		860,596
Current assets
Stocks		3,323		2,761
Debtors	4	26,321		33,691
Cash at bank and in hand		351,522		291,009
		381,166		327,461
Creditors: amounts falling due within one year	5	( 160,179)		( 157,628)
Net current assets		220,987		169,833
Total assets less current liabilities		1,077,224		1,030,429
Creditors: amounts falling due after more than one year	6	( 40,825)		( 109,747)
Net assets		1,036,399		920,682
Reserves
Profit and loss account		1,036,399		920,682
Total reserves		1,036,399		920,682

For the financial year ending 31 March 2025 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 financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Taunton Vale Sports Club Limited (registered number: 03960554) were approved and authorised for issue by the Board of Directors on 21 August 2025. They were signed on its behalf by:

M Davenport Director

L Elliott Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Taunton Vale Sports Club Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Taunton Vale Sports Club, Gipsy Lane, Staplegrove, Taunton, TA2 6LL, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable and is comprised of:

Letting of courts and pitches are recognised in the period in which the land or property is occupied by the lessee.
Match fees are recognised at the time the match is scheduled to conclude.
Bar, food, and kit sales are recognised at the point of sale.
Sponsorship and subscription fees are recognised over the period to which they relate.
Donations and fundraising proceeds are recognised at the point at which funds are transferred.
Proceeds from tournaments and functions are recognised over the period to which they relate.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other creditors or other debtors in the Balance Sheet.

Other Operating Income

Amounts receivable for goods or services provided that do not align with the principal activity of the company have been included under other operating income. This represents the fair value of the consideration received or receivable for the following goods and services provided:

Proceeds from car park permits are recognised in the period in which the car park space is occupied by the lessee.
Rental income is recognised in the period the tenant occupies the land and property.
Government grants are recognised as stated in the corresponding accounting policy.

Transition to FRS102/1A accounts

This is the first year that the financial statements have been prepared under Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. No transitional adjustments have arisen on adoption of FRS102 Section 1A and therefore no restatement of the comparative financial period presented in these financial statements has taken place.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 100 years straight line
Plant and machinery etc.	3 - 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and resale stocks for the bar. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants have been classified as either relating to revenue or relating to an asset.

Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as deferred income within the balance sheet.

Grants that are directly attributable to an asset are depreciated over the useful life of the asset and are presented as fixed assets within the balance sheet.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	12		12

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	2,453,863		536,794		2,990,657
Additions	6,644		42,055		48,699
Disposals	( 77,755)		( 272,829)		( 350,584)
At 31 March 2025	2,382,752		306,020		2,688,772
Accumulated depreciation
At 01 April 2024	1,681,755		448,306		2,130,061
Charge for the financial year	30,837		20,651		51,488
Disposals	( 77,755)		( 271,259)		( 349,014)
At 31 March 2025	1,634,837		197,698		1,832,535
Net book value
At 31 March 2025	747,915		108,322		856,237
At 31 March 2024	772,108		88,488		860,596

4. Debtors

	2025		2024
	£		£
Trade debtors	19,301		30,118
Other debtors	7,020		3,573
	26,321		33,691

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,448		10,204
Trade creditors	11,012		5,788
Other taxation and social security	10,469		11,855
Obligations under finance leases and hire purchase contracts (secured)	0		1,519
Other creditors	128,250		128,262
	160,179		157,628

Hire purchase liabilities are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	1,788		12,235
Other creditors	39,037		97,512
	40,825		109,747

7. Liability of members

The members of the Taunton Vale Sports Club Limited have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.