CourtX Ltd 31/12/2024 iXBRL

Company registration number: 08803582

CourtX Ltd

Filleted financial statements

31 December 2024

CourtX Ltd

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

CourtX Ltd

Directors and other information


	Directors	Mr John Cooke
		Mr Angus Ball
		Mrs Molly Ball


	Company number	08803582


	Registered office	Eastern Parade
		Southsea
		Hampshire
		England
		PO4 9RB


	Auditor	Barnett & Turner Accountants Ltd
		Cromwell House
		68 West Gate
		Mansfield
		Nottinghamshire
		NG18 1RR


	Accountants	The John Doyle Partnership
		Marian House
		62-64 Priory Crescent
		Southsea
		Hampshire
		PO4 8RN

CourtX Ltd

Directors responsibilities statement

Year ended 31 December 2024

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CourtX Ltd

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	4,847,483		3,003,153
		_______		_______
			4,847,483		3,003,153

Current assets
Stocks		3,500		3,500
Debtors	6	92,001		69,060
Cash at bank and in hand		540,826		335,351
		_______		_______
		636,327		407,911
Creditors: amounts falling due
within one year	7	( 47,807)		( 333,074)
		_______		_______
Net current assets			588,520		74,837
			_______		_______
Total assets less current liabilities			5,436,003		3,077,990

			_______		_______
Net assets			5,436,003		3,077,990
			_______		_______

Capital and reserves
Called up share capital			4,328,299		4,328,299
Patch Foundation Restricted Reserve	8		575,664		59,731
Profit and loss account	8		532,040		( 1,310,040)
			_______		_______
Shareholders funds			5,436,003		3,077,990
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 10 September 2025 , and are signed on behalf of the board by:

Mr John Cooke

Director

CourtX Ltd

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Patch Foundation Restricted Reserve	Profit and loss account	Total
	£	£	£	£


At 1 January 2023	4,328,299	24,628	( 2,234,966)	2,117,961

Profit for the year			960,029	960,029
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account			( 35,103)	( 35,103)
Patch Foundation Restricted Reserve	-	35,103	-	35,103
	_______	_______	_______	_______
Total comprehensive income for the year	-	35,103	924,926	960,029

	_______	_______	_______	_______
At 31 December 2023 and 1 January 2024	4,328,299	59,731	( 1,310,040)	3,077,990

Profit for the year			2,358,013	2,358,013
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account			( 515,933)	( 515,933)
Patch Foundation Restricted Reserve	-	515,933	-	515,933
	_______	_______	_______	_______
Total comprehensive income for the year	-	515,933	1,842,080	2,358,013

	_______	_______	_______	_______
At 31 December 2024	4,328,299	575,664	532,040	5,436,003
	_______	_______	_______	_______

CourtX Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England registration number 08803582 . The address of the registered office is COURTX Tennis Pavilion, Eastern Parade, Southsea, Hampshire, England, PO4 9RB.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company maintains a positive balance in its reserves, reflecting its stable financial position. It has continued to operate effectively, supported by funding from its parent organisation, which has provided loans to further strengthen its operations.The directors have reviewed the company’s financial outlook and, based on current resources and the ongoing support of the parent organisation, are confident that the company has sufficient means to continue trading for the foreseeable future, and at least until December 2026. Accordingly, the financial statements have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible 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.Depreciation is provided on the following basis:Fixtures and fittings – 12.5% reducing balance basisBuildings (including professional fees) – straight line over the term of the leaseArt Trail Project (including professional fees) - there is no depreciation of the accumulated costs until the project is completed and the asset is placed into service.

Depreciation

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

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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.

Grants

Grants of a revenue nature are recognised in the statement of comprehensive income in the sameperiod as the related expenditure. The deferred element of grants is included in creditors as deferred income.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these 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 plans

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 39 (2023: 34 ).

5. Tangible assets

	Freehold property	Long leasehold property	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 January 2024	839,281	2,201,320	586,913	3,627,514
Additions	298,597	1,585,251	136,599	2,020,447
	_______	_______	_______	_______
At 31 December 2024	1,137,878	3,786,571	723,512	5,647,961
	_______	_______	_______	_______
Depreciation
At 1 January 2024	30,978	181,776	411,607	624,361
Charge for the year	15,889	90,888	69,340	176,117
	_______	_______	_______	_______
At 31 December 2024	46,867	272,664	480,947	800,478
	_______	_______	_______	_______
Carrying amount
At 31 December 2024	1,091,011	3,513,907	242,565	4,847,483
	_______	_______	_______	_______
At 31 December 2023	808,303	2,019,544	175,306	3,003,153
	_______	_______	_______	_______

6. Debtors

	2024	2023
	£	£
Other debtors	92,001	69,060
	_______	_______

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	23,440	56,682
Social security and other taxes	13,652	12,836
Other creditors	10,715	263,556
	_______	_______
	47,807	333,074
	_______	_______

8. Reserves

The Patch Foundation Restricted Reserve is a restricted Art Trail reserve due to the terms of the grant income received.

9. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2024	2023
	£	£
Tangible assets	661,645	-
	_______	_______

At 31 December 2024, the company had entered into contractual arrangements in respect of the Art Trail project, resulting in capital commitments totalling £661,645.

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	10,000	10,000
Later than 1 year and not later than 5 years	40,000	40,000
Later than 5 years	99,167	109,167
	_______	_______
	149,167	159,167
	_______	_______

The company has entered into a 25 year lease agreement for the Cafe with Portsmouth City Council. There are 14 years 11 months remaining on this agreement.The company recognised lease expenses of £10,000 for the year ended 31 December 2024 in the statement of comprehensive income.

11. Summary audit opinion

The auditor's report for the year is dated 24 September 2025

The audit report for the year ended 31 December 2024 is unqualified.

The senior statutory auditor was Jonathan Wilson FCA,CTA for and on behalf of Barnett & Turner Accountants Ltd

12. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Amounts written off	Balance o/standing
		£	£	£
	Mr Angus Ball	-	-	-
		_______	_______	_______

2023
		Balance brought forward	Amounts written off	Balance o/standing
		£	£	£
	Mr Angus Ball	( 173,002)	173,002	-
		_______	_______	_______

13. Related party transactions

The company's transactions with The Patch Foundation CIO have not been disclosed because the results of the company are incorporated within the group's consolidated financial statements. Mr Angus Ball is acting as guarantor for the Cafe and Pavilion lease agreements with Portsmouth City Council.

14. Key management personnel

The total compensation paid or payable to key management personnel for employee services for the year ended 31 December 2024 were £94,356 (2023 £89,363).

15. Controlling party

The company is a wholly owned subsidiary of The Patch Foundation CIO, Charity Number 1196435.Address: Courtx Ltd, Eastern Parade, Southsea, Hampshire, PO4 9RF.