1.
General Information
Ipswich Sports Club 2020 Ltd
is a private company, limited by guarantee, incorporated in England & Wales, registered number
12285852
. The registered office is Ipswich Sports Club , Henley Road, Ipswich, Suffolk, IP1 4NJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Leasehold |
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| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income and expenditure account as incurred.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7.
Financial Instruments
All financial instruments are basic financial instruments and are recognised in the financial statements at transaction price.
Ipswich Sports Club 2020 Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the Income and Expenditure Account as they become payable in accordance with the rules of the scheme.
2.9.
Government Grant
Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned.
All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 21)
4.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Leasehold | Plant & Machinery | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 January 2024 |
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| Additions |
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| As at 31 December 2024 |
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| Depreciation | |||||
| As at 1 January 2024 |
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| Provided during the period |
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| Transfers |
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( |
( |
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| As at 31 December 2024 |
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| Net Book Value | |||||
| As at 31 December 2024 |
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| As at 1 January 2024 |
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Plant & Machinery |
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Ipswich Sports Club 2020 Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
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| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
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| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
The investments are in the shares of the company's subsidiary companies: Ipswich Sports Club Services Limited company number 10051239 and Ipswich Sports Club Padel Limited company number 15995593 incorporated on 3 October 2024. The company owns 100% of the issued share capital of both subsidiary companies and the investments are shown at cost.
6.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
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7.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors | - |
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| Amounts owed by subsidiaries |
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8.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Corporation tax |
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| VAT |
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| Other creditors |
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| Other creditors (1) |
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| Accruals and deferred income |
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Ipswich Sports Club 2020 Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Other creditors |
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| Accruals and deferred income |
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| Capital grants | 54,600 | 56,875 | |
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10.
Secured Creditors
Of the creditors the following amounts are secured.
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | 167,026 | 205,069 | |
| Other Creditors | 30,250 | 30,250 |
11.
Obligations Under Finance Leases and Hire Purchase
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
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| Later than one year and not later than five years |
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| Later than five years |
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12.
Capital Grants
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Balance at 1 January 2024 | 56,875 | 59,150 | |
| Increase / (Decrease) in the year | (2,275) | (2,275) | |
| Balance at 31 December 2024 | 54,600 | 56,875 | |
13.
Contingent Liabilities
The company had the following contingent liabilities that existed as at 31 December 2023:
Sport England grant
The capital grant of £91,000 received from Sport England could become repayable if the company ceases to operate, becomes insolvent or breaches any other condition of the grant.
Solar panel arrays
In the event of the termination of this contract before the expiry date, there is a potential exit charge that is calculated on a pre-determined formula contingent on the amount of time remaining between the cancellation and expiry dates.
Member legal action
The claim by the estate of a deceased club member against the company that was previously reported has been resolved and closed. In the event that any liability had arisen, the cost would have been covered by the company's insurance policy with liability limited to any value added tax on legal fees.
14.
Capital Commitments
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
Ipswich Sports Club 2020 Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
15.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
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| Later than one year and not later than five years |
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16.
Reserves
In addition to the general income and expenditure account, the club operates the following reserves:
|
2024
|
2023
|
||
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Sinking Funds:
|
£
|
£
|
|
|
LTA Tennis Court Fund
|
161,600
|
161,600
|
|
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LTA Tennis Dome
|
100,500
|
100,500
|
|
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Restricted Funds:
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|||
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Squash Futures Fund
|
4,115
|
946
|
|
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|
|
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Total Other Funds
|
266,215
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
263,046
|
17.
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
18.
Ultimate Controlling Party
The company is controlled by its members.
19.
Audit Information
The auditor's report on the accounts of
Ipswich Sports Club 2020 Ltd
for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by
Statutory Auditor.