Trustees’ Annual Report for the period
From 1/2/2022 Period start date To 31/1/23 Period end date
Charity name: Snitterfield Sports Club
Charity registration number:1114954
Objectives and Activities: The promotion of community participation in healthy recreation by the provision of facilities for playing, tennis, bowls,, football and other sports as appropriate
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | The promotion of community participation in healthy recreation by the provision of facilities for playing, tennis, bowls, football and other sports as appropriate |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
The club offers a safe environment for individuals to play their chosen sport, socially and competitively. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | The Trustees are aware of their obligations as issued by the Charity Commission |
Additional information (optional)
You may choose to include further statements where relevant about:
SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other
Achievements and Performance
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | The club provides an environment enabling individuals, both from the village of Snitterfield and surrounding villages and towns, to participate in their chosen sport(s). Emphasis is placed on participation along with coaching, specifically with regard to juniors. All sporting sections operate within financial rules; all had increased membership during the year to 31/1/23 and all operated within local competitive leagues. All provided social opportunities |
Additional information (optional) You may choose to include further statements where relevant about:
| Achievements against objectives set |
Para 1.41 | |
| Performance of fundraising activities against objectives set |
Para 1.41 | |
| Investment performance against objectives |
Para 1.41 | |
| Other |
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | The club has no borrowings and held cash reserves as at 31/1/23 enabling obligations with regard to maintenance and running costs to be met. |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | Reserves are held to accommodate working and capital expenditure to enable the club to offer continued quality facilites. By way of example, tennis, which is the largest section at the club has considerable expenditure needs to continue to be able to offer facilities enabling coaching (junior and senior) |
| Amount of reserves held | Para 1.22 | Cash balances as at 31/1/23 totalled £91048 |
| Reasons for holding zero reserves |
Para 1.22 | n/a |
| Details of fund materially in deficit |
Para 1.24 | n/a |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | n/a |
Additional information (optional)
You may choose to include further statements where relevant about:
| The charity’s principal sources of funds (including any fundraising) |
Para 1.47 | |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 1.46 | |
| A description of the principal risks facing the charity |
Para 1.46 | |
| Other |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Memoarandum & Articles of Association, Constitution |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | Company Ltd by Guarantee |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Volunteers, then elected by Membership |
Additional information (optional) You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction Para 1.51 and training of trustees The charity’s organisational structure and any wider Para 1.51 network with which the charity works Relationship with any related Para 1.51 parties Other
Reference and Administrative details
| Charity name | Snitterfield Sports Club |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1114954 |
| Charity’s principal address | Wolverton Rd, Snitterfield, Stratford-upon-Avon, Warwickshire, CV37 0JH |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (if any) |
|---|---|---|---|---|
| Julian Michael Straker |
Treasurer | |||
| Emma Anderson | Chair | |||
| Mark Donald | Trustee | |||
| Louise Walter | Trustee | Appointed 25/7/2023 | ||
– Corporate trustees names of the directors at the date the report was approved
Director name
Name of trustees holding title to property belonging to the charity
Trustee name Dates acted if not for whole year
Funds held as custodian trustees on behalf of others
Description of the assets N/a held in this capacity
Name and objects of the n/a charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for n/a safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of Name Address adviser
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
On 25/7/2023 (after the period to which this TAR relates) a serious incident came to light, as reported to the Charity Commission. This was given report number 645111; a detailed report was filed, in short our accounts were incorrect for the year ended 31/1/22, understating our cash balance by £5512. 3 individuals hid this amount from the club in a bank account not discovered til 25/7/23; this amount is now held in an appropriate club account, external accountants have issued accounts accordingly; strong disciplinary action was taken(expulsion from the club).
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
| Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date |
||
|---|---|---|
| Julian Michael Straker | ||
Treasurer |
||
| 23/10/2023 | ||
| 23/10/2023 |
Company Registration No. 04347235 (England and Wales)
SNITTERFIELD SPORTS CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
SNITTERFIELD SPORTS CLUB LIMITED
CONTENTS
| Page | |
|---|---|
| Company information | 1 |
| Directors' report | 2 |
| Accountants' report | 3 |
| Income and expenditure account | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 8 |
| Detailed trading and profit and loss account | 9 |
SNITTERFIELD SPORTS CLUB LIMITED
COMPANY INFORMATION
Directors Ms Emma Anderson Mr Julian Straker Secretary Mr Julian Straker Company number 04347235 Registered office Snitterfield Sports Club Wolverton Road Snitterfield Stratford Upon Avon Warwckshire CV37 0HB Accountants Grineaux Accountants Limited 20 Market Hill Southam Warwickshire CV47 0HF Business address Snitterfield Sports Club Wolverton Road Snitterfield Stratford Upon Avon Warwckshire CV37 0HB
- 1 -
SNITTERFIELD SPORTS CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The directors present their annual report and financial statements for the year ended 31 January 2023.
Principal activities
The principal activity of the company continued to be that of a non-profit local sports club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms Emma Anderson
Mr Julian Straker
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
Mr Julian Straker Secretary
7 July 2023
- 2 -
SNITTERFIELD SPORTS CLUB LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SNITTERFIELD SPORTS CLUB LIMITED
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 January 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Grineaux Accountants Limited
20 Market Hill Southam Warwickshire CV47 0HF
7 July 2023
- 3 -
SNITTERFIELD SPORTS CLUB LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income | 33,467 | 39,030 |
| Cost of sales | (17,049) | (17,355) |
| Gross surplus | 16,418 | 21,675 |
| Administrative expenses | (28,563) | (55,259) |
| Other operating income | 2,667 | 19,608 |
| Operating deficit | (9,478) | (13,976) |
| Interest receivable and similar income | 78 | 8 |
| Deficit before taxation | (9,400) | (13,968) |
| Tax on deficit | - | - |
| Deficit for the financial year | (9,400) | (13,968) |
- 4 -
SNITTERFIELD SPORTS CLUB LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
| Notes Fixed assets Tangible assets 2 Investments 3 Current assets Stocks Debtors 4 Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Net assets Reserves Income and expenditure account Members' funds |
£ 724 4,619 91,048 96,391 (1,591) |
2023 £ 176,199 1 176,200 94,800 271,000 271,000 271,000 |
£ 533 3,551 95,670 99,754 (2,414) |
2022 £ 183,059 1 |
|---|---|---|---|---|
| 183,060 97,340 |
||||
| 280,400 | ||||
| 280,400 | ||||
| 280,400 |
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 July 2023 and are signed on its behalf by:
Ms Emma Anderson Director
Company Registration No. 04347235
- 5 -
SNITTERFIELD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
1 Accounting policies
Company information
Snitterfield Sports Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Snitterfield Sports Club, Wolverton Road, Snitterfield, Stratford Upon Avon, Warwckshire, CV37 0HB.
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings varying rates on cost Plant and equipment 20%/ 30% on cost
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 surplus or deficit.
1.4 Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5 Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
- 6 -
SNITTERFIELD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
1 Accounting policies
(Continued)
1.6 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7 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 current liabilities.
1.8 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9 Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.10 Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2 Tangible fixed assets
| Land and buildings Plant and machinery etc £ £ Cost At 1 February 2022 and 31 January 2023 268,784 1,879 Depreciation and impairment At 1 February 2022 85,994 1,610 Depreciation charged in the year 6,800 60 At 31 January 2023 92,794 1,670 Carrying amount At 31 January 2023 175,990 209 At 31 January 2022 182,790 269 |
Total £ 270,663 |
|---|---|
| 87,604 6,860 |
|
| 94,464 | |
| 176,199 | |
| 183,059 |
- 7 -
SNITTERFIELD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
| 3 Fixed asset investments Shares in group undertakings and participating interests 4 Debtors Amounts falling due within one year: Other debtors 5 Creditors: amounts falling due within one year Other creditors 6 Members' liability |
2023 £ 1 2023 £ 4,619 2023 £ 1,591 |
2022 £ 1 |
|---|---|---|
| 2022 £ 3,551 |
||
| 2022 £ 2,414 |
||
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.
- 8 -
SNITTERFIELD SPORTS CLUB LIMITED
DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023
| Income Subscriptions Sponsorship and donations Activities and fund raising Cost of sales Activities and fund direct costs Total cost of sales Gross surplus Other operating income Government grants receivable Administrative expenses Rates Power, light and heat Repairs and maintenance Professional subscriptions Legal and professional fees Accountancy Donations Credit card charges Insurance Post and stationery Advertising Sundry expenses Depreciation Operating deficit Interest receivable and similar income Bank interest received Deficit before taxation |
2023 £ £ 15,528 2,878 15,061 33,467 17,049 (17,049) 16,418 2,667 2,064 911 7,244 338 5,815 600 1,691 83 2,045 294 444 174 6,860 (28,563) (9,478) 78 78 (9,400) |
2022 £ £ 19,149 4,250 15,631 39,030 17,355 (17,355) 21,675 19,608 2,580 852 1,472 510 441 540 35,077 - 2,395 300 - 53 11,039 (55,259) (13,976) 8 8 (13,968) |
|---|---|---|
- 9 -
Company Registration No. 04347235 (England and Wales)
SNITTERFIELD SPORTS CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
SNITTERFIELD SPORTS CLUB LIMITED
CONTENTS
| Page | |
|---|---|
| Company information | 1 |
| Directors' report | 2 |
| Accountants' report | 3 |
| Income and expenditure account | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 8 |
| Detailed trading and profit and loss account | 9 |
SNITTERFIELD SPORTS CLUB LIMITED
COMPANY INFORMATION
Directors Ms Emma Anderson Mr Julian Straker Secretary Mr Julian Straker Company number 04347235 Registered office Snitterfield Sports Club Wolverton Road Snitterfield Stratford Upon Avon Warwckshire CV37 0HB Accountants Grineaux Accountants Limited 20 Market Hill Southam Warwickshire CV47 0HF Business address Snitterfield Sports Club Wolverton Road Snitterfield Stratford Upon Avon Warwckshire CV37 0HB
- 1 -
SNITTERFIELD SPORTS CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The directors present their annual report and financial statements for the year ended 31 January 2023.
Principal activities
The principal activity of the company continued to be that of a non-profit local sports club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms Emma Anderson
Mr Julian Straker
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
Mr Julian Straker Secretary
7 July 2023
- 2 -
SNITTERFIELD SPORTS CLUB LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SNITTERFIELD SPORTS CLUB LIMITED
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 January 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Grineaux Accountants Limited
20 Market Hill Southam Warwickshire CV47 0HF
7 July 2023
- 3 -
SNITTERFIELD SPORTS CLUB LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income | 33,467 | 39,030 |
| Cost of sales | (17,049) | (17,355) |
| Gross surplus | 16,418 | 21,675 |
| Administrative expenses | (28,563) | (55,259) |
| Other operating income | 2,667 | 19,608 |
| Operating deficit | (9,478) | (13,976) |
| Interest receivable and similar income | 78 | 8 |
| Deficit before taxation | (9,400) | (13,968) |
| Tax on deficit | - | - |
| Deficit for the financial year | (9,400) | (13,968) |
- 4 -
SNITTERFIELD SPORTS CLUB LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
| Notes Fixed assets Tangible assets 2 Investments 3 Current assets Stocks Debtors 4 Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Net assets Reserves Income and expenditure account Members' funds |
£ 724 4,619 91,048 96,391 (1,591) |
2023 £ 176,199 1 176,200 94,800 271,000 271,000 271,000 |
£ 533 3,551 95,670 99,754 (2,414) |
2022 £ 183,059 1 |
|---|---|---|---|---|
| 183,060 97,340 |
||||
| 280,400 | ||||
| 280,400 | ||||
| 280,400 |
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 July 2023 and are signed on its behalf by:
Ms Emma Anderson Director
Company Registration No. 04347235
- 5 -
SNITTERFIELD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023
1 Accounting policies
Company information
Snitterfield Sports Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Snitterfield Sports Club, Wolverton Road, Snitterfield, Stratford Upon Avon, Warwckshire, CV37 0HB.
1.1 Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings varying rates on cost Plant and equipment 20%/ 30% on cost
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 surplus or deficit.
1.4 Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5 Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
- 6 -
SNITTERFIELD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
1 Accounting policies
(Continued)
1.6 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7 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 current liabilities.
1.8 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9 Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.10 Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2 Tangible fixed assets
| Land and buildings Plant and machinery etc £ £ Cost At 1 February 2022 and 31 January 2023 268,784 1,879 Depreciation and impairment At 1 February 2022 85,994 1,610 Depreciation charged in the year 6,800 60 At 31 January 2023 92,794 1,670 Carrying amount At 31 January 2023 175,990 209 At 31 January 2022 182,790 269 |
Total £ 270,663 |
|---|---|
| 87,604 6,860 |
|
| 94,464 | |
| 176,199 | |
| 183,059 |
- 7 -
SNITTERFIELD SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023
| 3 Fixed asset investments Shares in group undertakings and participating interests 4 Debtors Amounts falling due within one year: Other debtors 5 Creditors: amounts falling due within one year Other creditors 6 Members' liability |
2023 £ 1 2023 £ 4,619 2023 £ 1,591 |
2022 £ 1 |
|---|---|---|
| 2022 £ 3,551 |
||
| 2022 £ 2,414 |
||
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.
- 8 -
SNITTERFIELD SPORTS CLUB LIMITED
DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023
| Income Subscriptions Sponsorship and donations Activities and fund raising Cost of sales Activities and fund direct costs Total cost of sales Gross surplus Other operating income Government grants receivable Administrative expenses Rates Power, light and heat Repairs and maintenance Professional subscriptions Legal and professional fees Accountancy Donations Credit card charges Insurance Post and stationery Advertising Sundry expenses Depreciation Operating deficit Interest receivable and similar income Bank interest received Deficit before taxation |
2023 £ £ 15,528 2,878 15,061 33,467 17,049 (17,049) 16,418 2,667 2,064 911 7,244 338 5,815 600 1,691 83 2,045 294 444 174 6,860 (28,563) (9,478) 78 78 (9,400) |
2022 £ £ 19,149 4,250 15,631 39,030 17,355 (17,355) 21,675 19,608 2,580 852 1,472 510 441 540 35,077 - 2,395 300 - 53 11,039 (55,259) (13,976) 8 8 (13,968) |
|---|---|---|
- 9 -