The Magdala Lawn Tennis Club Limited - Period Ending 2018-12-31
The Magdala Lawn Tennis Club Limited - Period Ending 2018-12-31
Registration number:
The Magdala Lawn Tennis Club Limited
(A company limited by guarantee)
for the Year Ended 31 December 2018
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ
The Magdala Lawn Tennis Club Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Magdala Lawn Tennis Club Limited
Company Information
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Directors |
Mr R M Wright Mr E R J Benson Mr J Greenwood Mrs R H E Coupe Mrs A M Davidson Mrs M Kersh |
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Registered office |
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Accountants |
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Page 1 |
The Magdala Lawn Tennis Club Limited
(Registration number: 00389149)
Balance Sheet as at 31 December 2018
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Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Page 2 |
The Magdala Lawn Tennis Club Limited
(Registration number: 00389149)
Balance Sheet as at 31 December 2018
Approved and authorised by the
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Page 3 |
The Magdala Lawn Tennis Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, 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.
The address of its registered office is:
The principal place of business is:
Magdala Road
Mapperley Park
Nottingham
NG3 5DH
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts received for subscriptions, fees, bar profits, legacies and donations.
Other grants
Capital grants are recognised over the useful economic life of the related asset as follows;-
Artificial grass courts - 12.5% straight line basis
Flood lights - 12.5% straight line basis
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Page 4 |
The Magdala Lawn Tennis Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold land |
Nil |
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Flood lights, courts and hut |
12.5% - 20% straight line basis |
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Pavilions |
6.67% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 5 |
The Magdala Lawn Tennis Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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Tangible assets |
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Freehold land |
Flood lights and Pavilion |
Gardeners hut |
Courts |
Total |
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Cost or valuation |
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At 1 January 2018 |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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- |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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- |
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At 31 December 2017 |
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- |
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Included within the net book value of freehold land above is £1,833 (2017 - £1,833) in respect of freehold land and buildings.
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Page 6 |
The Magdala Lawn Tennis Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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Stocks |
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2018 |
2017 |
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Merchandise |
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Debtors |
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2018 |
2017 |
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Trade debtors |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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11,373 |
14,588 |
Creditors: amounts falling due after more than one year
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Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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11,373 |
14,588 |
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Page 7 |
The Magdala Lawn Tennis Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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Loans and borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Other borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
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Page 8 |