Ryde Marina Bowls Club Limited - Accounts to registrar (filleted) - small 18.2
Ryde Marina Bowls Club Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
| FOR |
| RYDE MARINA BOWLS CLUB LIMITED |
| RYDE MARINA BOWLS CLUB LIMITED (REGISTERED NUMBER: 04832760) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 5 |
| RYDE MARINA BOWLS CLUB LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Exchange House |
| St. Cross Lane |
| Newport |
| Isle of Wight |
| PO30 5BZ |
| BANKERS: |
| Ryde |
| Isle of Wight |
| PO30 5WA |
| RYDE MARINA BOWLS CLUB LIMITED (REGISTERED NUMBER: 04832760) |
| BALANCE SHEET |
| 30 SEPTEMBER 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 7 |
| NET ASSETS |
| RESERVES |
| Revaluation reserve | 8 |
| Income and expenditure account | 8 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RYDE MARINA BOWLS CLUB LIMITED (REGISTERED NUMBER: 04832760) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
| 1. | STATUTORY INFORMATION |
| Ryde Marina Bowls Club Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. As a members club much of the income is derived from the members themselves and so is not chargeable to tax under the mutual trading rules. |
| Deferred tax is recognised based on temporary differences between the carrying value of assets and liabilities in the accounts compared to their value for tax purposes. In practice the club recognizes a deferred tax liability on the revaluation of the clubhouse, which represents the potential capital gains tax arising on the sale of the property based on its value at the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| RYDE MARINA BOWLS CLUB LIMITED (REGISTERED NUMBER: 04832760) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2021 |
| DEPRECIATION |
| At 1 October 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2021 |
| NET BOOK VALUE |
| At 30 September 2021 |
| At 30 September 2020 |
| The company was granted a 125 year lease on 29 September 2003, at a premium of £20,000, by the Isle of Wight Council for the bowling facility and pavilion on the Esplanade in Ryde, plus costs of £25,270 for total costs of £45,270. The company has agreed to a fully repairing lease and has full control of the premises. The directors have accordingly capitalised the interest in this property, and subsequently revalued the property at fair value. The value of the asset is being depreciated over 125 years. |
| Cost or valuation at 30 September 2021 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2003 | 525,000 | - | 525,000 |
| Valuation in 2012 | 114,730 | - | 114,730 |
| Cost | 45,270 | 40,739 | 86,009 |
| 685,000 | 40,739 | 725,739 |
| If leasehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2021 | 2020 |
| £ | £ |
| Cost | 45,270 | 45,270 |
| Aggregate depreciation | 6,154 | 6,154 |
| Leasehold land and buildings were valued on existing use basis on 23 November 2012 by TF Property Solutions . |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| RYDE MARINA BOWLS CLUB LIMITED (REGISTERED NUMBER: 04832760) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2021 |
| 7. | PROVISIONS FOR LIABILITIES |
| The provision for liabilities of £106,858 (2020: £107,980) is made up of deferred tax, which is a calculation of the tax that would be payable by the company should the land and buildings be sold at the value shown on the balance sheet. |
| 8. | RESERVES |
| Income |
| and |
| expenditure | Revaluation |
| account | reserve | Totals |
| £ | £ | £ |
| At 1 October 2020 | 625,727 |
| Deficit for the year | ( |
) | ( |
) |
| Revaluation adjustment | - | 1,122 | 1,122 |
| Transfer between reserves | 5,543 | (5,543 | ) | - |
| At 30 September 2021 | 621,230 |