Tangible fixed assets are initially measured at cost.

Depreciation

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

Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Capital grants in respect of capital expenditure are treated as deferred income and are credited to the income and expenditure account over the estimated useful life of the assets to which they relate.

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

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average number of staff employed by the company during the financial year amounted to:

The company entered into an arrangement with Craigavon Borough Council (now Armagh City Banbridge & Craigavon Borough Council) 'the Council' to construct four all weather tennis courts at Edenvilla Park, Portadown. Grants were received in a previous period from The Sports Council for Northern Ireland Lottery Fund and The Foundation for Sports and the Arts as detailed in note 11 to the filleted financial statements.

The company made a contribution of £20,000 towards the expenditure and this has been charged in the income and expenditure account for a previous period.

The company has renewed its lease with the Council for a period of 21 years from March 2025 under which the company undertakes to manage and maintain the property. The Council contributes 50% of the costs of maintaining and operating the tennis complex to a maximum agreed amount imposed by the Council.

Cash and cash equivalents comprise Cash at bank and in hand of £54,960 (2023: £50,381).

The Council has confirmed it will no longer contribute to this sinking fund which was established for the purpose of the replacement and/or refurbishment of the tennis courts at the premises at Edenvilla. The Club has not made a contribution to the sinking fund in the year.

The Sports Council for Northern Ireland Lottery Fund made an award of £90,000 in 2003 to the company in respect of expenditure on the provision of tennis courts at Edenvilla Park, Portadown. The monies were paid direct to the Council which managed and financed the project.

The Foundation for Sport and the Arts originally offered a grant of £40,000 in 2003 to the company, but the original letter of offer was withdrawn and a replacement letter of offer was made to the Council.

The income and expenditure relating to the amount of £130,000 is not included in the financial statements of the company.

The amount of capital grants of £4,923 included in the financial statements was received from the Council as follows:

£

- funding for disability ramp 3,000

- contribution towards cost of maintenance equipment at the beginning of the project 1,923

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

No individual acting on their own behalf can exercise control over the company.

A number of the directors of the company are representatives of the Council. Details of transactions between the company and the Council are shown in the notes to the financial statements. Contributions for expenses due from the Council are included within "Other debtors" in note 7 to the filleted financial statements.

Key management personnel are considered to be the directors.

No other transactions were undertaken such as are required to be disclosed under FRS 102 Section 1A and the Companies Act 2006.

The company is limited by guarantee, having no share capital.

On a winding up the members may be required to contribute a maximum of £1 each.

There is a contingent liability to repay grants if the company fails to comply with certain conditions stipulated in the letters of offer under which the grants were paid. The members do not expect any claims to be made in this respect.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its surplus for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.