The Magdala Lawn Tennis Club Limited - Period Ending 2019-12-31

Registration number: 00389149

The Magdala Lawn Tennis Club Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

The Magdala Lawn Tennis Club Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

The Magdala Lawn Tennis Club Limited

Company Information

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

Registered office

Northgate House North Gate New Basford Nottingham NG7 7BQ

Accountants

RWB CA Limited Northgate House North Gate New Basford Nottingham NG7 7BQ

Page 1

The Magdala Lawn Tennis Club Limited

(Registration number: 00389149)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	5,264	6,979
Current assets
Stocks	5	300	193
Debtors	6	660	665
Cash at bank and in hand		27,441	26,673
		28,401	27,531
Creditors: Amounts falling due within one year	7	(4,226)	(3,247)
Net current assets		24,175	24,284
Total assets less current liabilities		29,439	31,263
Creditors: Amounts falling due after more than one year	7	(8,158)	(11,373)
Net assets		21,281	19,890
Capital and reserves
Other reserves		18,754	17,413
Profit and loss account		2,527	2,477
Total equity		21,281	19,890

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

Approved and authorised by the Board on 22 June 2020 and signed on its behalf by:
 

......................................... Mr R M Wright Director

......................................... Mr J Greenwood Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

The Magdala Lawn Tennis Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	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:
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

The principal place of business is:
Magdala Road
Mapperley Park
Nottingham
NG3 5DH

These financial statements were authorised for issue by the Board on 22 June 2020.

2	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

Revenue grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute.

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

Page 3

The Magdala Lawn Tennis Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

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:

Asset class	Depreciation method and rate
Freehold land	Nil
Flood lights, courts and hut	12.5% - 20% straight line basis
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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2018 - 6).

Page 4

The Magdala Lawn Tennis Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

4	Tangible assets

	Freehold land £	Flood lights and Pavilion  £	Gardeners hut  £	Courts  £	Total £
Cost or valuation
At 1 January 2019	1,833	61,158	347	52,904	116,242
At 31 December 2019	1,833	61,158	347	52,904	116,242
Depreciation
At 1 January 2019	-	56,013	347	52,903	109,263
Charge for the year	-	1,715	-	-	1,715
At 31 December 2019	-	57,728	347	52,903	110,978
Carrying amount
At 31 December 2019	1,833	3,430	-	1	5,264
At 31 December 2018	1,833	5,145	-	1	6,979

Included within the net book value of freehold land above is £1,833 (2018 - £1,833) in respect of freehold land and buildings.
 

Page 5

The Magdala Lawn Tennis Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

5

Stocks

	2019 £	2018 £
Merchandise	300	193

6

Debtors

	2019 £	2018 £
Other debtors	660	665
	660	665

7

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	8	1,500	1,500
Other creditors		2,726	1,747
		4,226	3,247

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	8	6,445	7,945
Deferred income		1,713	3,428
		8,158	11,373

8	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Other borrowings	1,500	1,500

	2019 £	2018 £
Non-current loans and borrowings
Other borrowings	6,445	7,945

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