THE NEWMARKET LAWN TENNIS CLUB LIMITED

Transcription

1 Registered number: THE NEWMARKET LAWN TENNIS CLUB LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS WHITING & PARTNERS Chartered Accountants & Business Advisers George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW

2 COMPANY INFORMATION DIRECTORS P Lewis (appointed 1 February 2013) A E Mead C C Wilson C M Arnold E Gibson C McDonnell M Rodolakis K J Chilvers S Hicks (appointed 1 March 2013 & resigned 1 July 2013) J Byrd REGISTERED NUMBER REGISTERED OFFICE Hamilton Road Newmarket Suffolk CB8 0NQ ACCOUNTANTS Whiting & Partners George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW BANKERS HSBC

3 CONTENTS Page Directors' report 1 Accountants' report 2 Income and expenditure account 3 Balance sheet 4-5 Notes to the financial statements 6-11

4 DIRECTORS' REPORT The directors present their report and the financial statements for the Year ended 31 December DIRECTORS The directors who served during the Year were: P Lewis (appointed 1 February 2013) A E Mead C C Wilson C M Arnold E Gibson C McDonnell M Rodolakis K J Chilvers S Hicks (appointed 1 March 2013 & resigned 1 July 2013) J Byrd In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act This report was approved by the board and signed on its behalf.... C C Wilson Director Date: Page 1

5 CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE NEWMARKET LAWN TENNIS CLUB LIMITED In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Newmarket Lawn Tennis Club Limited for the Year ended 31 December 2013 which comprise the Income and expenditure account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us. As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations. This report is made solely to the Board of directors of The Newmarket Lawn Tennis Club Limited, as a body, in accordance with the terms of our engagement letter dated 14 September Our work has been undertaken solely to prepare for your approval the financial statements of The Newmarket Lawn Tennis Club Limited and state those matters that we have agreed to state to the Board of directors of The Newmarket Lawn Tennis Club Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Newmarket Lawn Tennis Club Limited and its Board of directors, as a body, for our work or for this report. It is your duty to ensure that The Newmarket Lawn Tennis Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that The Newmarket Lawn Tennis Club Limited is exempt from the statutory audit requirement for the Year. We have not been instructed to carry out an audit or review of the financial statements of The Newmarket Lawn Tennis Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Whiting & Partners George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW Date: Page 2

6 INCOME AND EXPENDITURE ACCOUNT Note TURNOVER 1 39,190 35,632 Cost of sales (8,198) (7,643) GROSS SURPLUS 30,992 27,989 Administrative expenses (19,502) (14,257) Other operating income 2 5,898 4,338 OPERATING SURPLUS 3 17,388 18,070 Interest receivable and similar income 24 1 SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION 17,412 18,071 Tax on surplus on ordinary activities 4 (974) (791) SURPLUS FOR THE FINANCIAL YEAR 11 16,438 17,280 The notes on pages 6 to 11 form part of these financial statements. Page 3

7 REGISTERED NUMBER: BALANCE SHEET AS AT 31 DECEMBER 2013 FIXED ASSETS Note Tangible assets 5 272, ,569 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 52,176 52,422 53,009 53,255 CREDITORS: amounts falling due within one year 7 (7,143) (6,921) NET CURRENT ASSETS 45,866 46,334 TOTAL ASSETS LESS CURRENT LIABILITIES 318, ,903 CREDITORS: amounts falling due after more than one year 8 (7,500) (12,500) ACCRUALS AND DEFERRED INCOME 9 (13,000) (15,000) NET ASSETS 297, ,403 CAPITAL AND RESERVES Other reserves , ,773 Income and expenditure account 11 28,265 15, , ,403 Page 4

8 BALANCE SHEET (continued) AS AT 31 DECEMBER 2013 The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the Year in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2013 and of its profit for the Year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:... C C Wilson Director Date: The notes on pages 6 to 11 form part of these financial statements. Page 5

9 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). 1.2 Turnover Turnover comprises revenue recognised by the company in respect of goods and services supplied during the Year. 1.3 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Tennis courts - over 10 years straight line Floodlights - over 10 years straight line Improvements to tennis court - over 7 years straight line 1.4 Revaluation of tangible fixed assets As permitted by the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective April 2008) the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 31 December 1992 and will not update that valuation. 1.5 Stocks Stocks 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. 1.6 Land and buildings reserve A separate reserve fund was established in 2008, which equals the net book value of land and buildings, as disclosed in note 5. This reserve fund has been established to be represent the previous spend or revaluations on such assets. 1.7 Deferred capital grants Deferred capital grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. 2. OTHER OPERATING INCOME Rents receivable 5,386 4,338 Page 6

10 NOTES TO THE FINANCIAL STATEMENTS Bank compensation received 512-5,898 4, OPERATING SURPLUS The operating surplus is stated after charging: Depreciation of tangible fixed assets: - owned by the company 1,126 1,126 During the Year, no director received any emoluments ( NIL). 4. TAXATION Analysis of tax charge in the Year UK corporation tax charge on surplus for the Year Adjustments in respect of prior periods - 10 Tax on surplus on ordinary activities Page 7

11 NOTES TO THE FINANCIAL STATEMENTS 5. TANGIBLE FIXED ASSETS Cost Freehold property Tennis courts Floodlights and equipment Improvement s to tennis ocurts At 1 January ,094 20,608 42,283 70,322 Additions - 11, At 31 December ,094 31,640 42,283 70,322 Depreciation At 1 January ,375 20,607 25,434 70,322 Charge for the Year - - 1,126 - At 31 December ,375 20,607 26,560 70,322 Net book value At 31 December ,719 11,033 15,723 - At 31 December , ,849 - Cost Total At 1 January ,307 Additions 11,032 At 31 December ,339 Depreciation At 1 January ,738 Charge for the Year 1,126 At 31 December ,864 Net book value At 31 December ,475 At 31 December ,569 Page 8

12 NOTES TO THE FINANCIAL STATEMENTS 6. DEBTORS Other debtors CREDITORS: Amounts falling due within one year Other loans 5,000 5,000 Corporation tax Other creditors 1,169 1,140 7,143 6, CREDITORS: Amounts falling due after more than one year Other loans 7,500 12,500 Included within the above are amounts falling due as follows: Between two and five years Other loans 7,500 12,500 The loan is secured by a fixed charge on the freehold property of the company. It is interest free and repayable by twenty half yearly equal instalments. 9. ACCRUALS AND DEFERRED INCOME Grants 13,000 15,000 Deferred grants relate to funding from the LTA which are being released to the profit and loss accounts on a systematic basis, over the same period as the related assets are being depreciated (10 years). Page 9

13 NOTES TO THE FINANCIAL STATEMENTS 10. COMPANY STATUS The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding 1 towards the assets of the company in the event of liquidation. 11. RESERVES Income and Other expenditure reserves account At 1 January ,773 15,630 Surplus for the Year 16,438 Movement on other reserves 3,803 Transfer between reserves (3,803) At 31 December ,576 28,265 RESERVE MOVEMENTS Income and expenditure account Sinking fund Land and buildings reserve Total Balance B/fwd 15,630 35, , ,403 Surplus for the year 16, ,438 Other movements Depreciation transfer 2,229 - (2,229) - Amortisation of grants (2,000) - 2,000 - LTA loan repayments (5,000) - 5,000 - Capital expenditure in year (11,032) - 11,032 - Transfer from sinking fund 12,000 (12,000) - - Balance carried forward 28,265 23, , ,841 Page 10

14 NOTES TO THE FINANCIAL STATEMENTS SINKING FUND In order to comply with past capital funding agreements and to exercise sensible financial management, for a number of years, the company has been retaining surpluses to provide for future planned capital expenditure. To more clearly evidence this practice and to make the company balance sheet more meaningful, a Sinking Fund has been established, as follows: Capital project Estimated Future Cost Funding Period <<< Brought forward Sinking fund Annual Transfer >>> Carried forward Court 1 Resurfacing 12, Years to Y/E 31 Dec ,000 (12,000) - Court 7 Resurfacing 12, Years to Y/E 31 Dec ,704-7,704 Bubble New Skin 16,000 6 Years to Y/E 31 Dec ,000-16,000 Court 4 Resurfacing 15, years to Y/E 31 Dec ,704 (12,000) 23,704 LAND AND BUILDINGS RESERVE The land and buildings reserve is represented by: Net book value of fixed assets 271, ,569 Revaluation reserve - - LTA loan payable (12,500) (17,500) LTA deferred grant (13,000) (15,000) Total 245, ,069 Page 11

15 Registered number: THE NEWMARKET LAWN TENNIS CLUB LIMITED DETAILED ACCOUNTS - UNAUDITED

16 DETAILED INCOME AND EXPENDITURE ACCOUNT Page TURNOVER 14 39,190 35,632 Cost of sales 14 (8,198) (7,643) GROSS SURPLUS 30,992 27,989 Gross profit % 79.1 % 78.6 % Other operating income 14 5,898 4,338 LESS: OVERHEADS 36,890 32,327 Administration expenses 15 (19,502) (14,257) OPERATING SURPLUS 17,388 18,070 Interest receivable SURPLUS FOR THE YEAR 17,412 18,071 Page 13

17 SCHEDULE TO THE DETAILED ACCOUNTS TURNOVER Subscriptions 29,251 25,417 Wimbledon tickets 3,040 2,559 Bar sales and takings (inc balls) Court rental 3,227 2,327 Coach court fees 1,897 4,022 Match fees ,190 35,632 COST OF SALES Opening stock Closing stocks (250) (250) Wimbledon ticket purchases 3,082 2,609 Ball purchases 1,706 2,126 Bar expenses Coach fees 3,250 2,750 League entry fees League and match fees 74-8,198 7,643 OTHER OPERATING INCOME Rents receivable 5,386 4,338 Bank compensation received 512-5,898 4,338 Page 14

18 SCHEDULE TO THE DETAILED ACCOUNTS ADMINISTRATION EXPENSES Printing, stationery and postage Telephone and internet Advertising and promotion Charity donations 50 - Accountancy fees 1,170 1,590 Bank charges Sundry expenses Rates and electricity 7,261 4,427 Insurances 1,711 1,277 Repairs, maintenance and cleaning 7,938 5,534 Depn of floodlights and equipment 1,126 1,126 Affiliation and membership fees Licences and PRS (36) 241 Amortisation of government grants (2,000) (2,000) 19,502 14,257 INTEREST RECEIVABLE Bank interest receivable 24 1 Page 15