The Magdala Lawn Tennis Club Limited - Period Ending 2016-12-31

Registration number: 00389149

The Magdala Lawn Tennis Club Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

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

The Magdala Lawn Tennis Club Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Balance Sheet	5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 10

The Magdala Lawn Tennis Club Limited

Company Information

Directors

Mr R M Wright Mr E R J Benson Mr J Greenwood Mrs M Kersh Mrs A M Davidson Mrs R H E Coupe Mrs B Birch von Richter

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

Directors' Report for the Year Ended 31 December 2016

The directors present their report and the financial statements for the year ended 31 December 2016.

Directors of the company

The directors who held office during the year were as follows:

Mr P S Kirkland (Resigned 20 March 2017)

Mr R M Wright

Mr J Greenwood

Mrs M Kersh

Mrs J M Wheelhouse (Resigned 20 March 2017)

Mrs R H E Coupe

Mrs B Birch von Richter

The following directors were appointed after the year end:

Mr E R J Benson (appointed 20 March 2017)

Mrs A M Davidson (appointed 20 March 2017)

Principal activity

The principal activity of the company is the management of a tennis and social club

Business review

During the year under review it was necessary to have a complete overhaul of the floodlight system at a cost of £2,475 and this, coupled with a decrease in membership income, has meant that it has not been possible to make a transfer to our Sinking Fund this year out of club funds. Despite this the Club achieved an increase in operating income over expenditure of £1,256.

Fund raising activities generated £859 this year and this sum will be added to the Sinking Fund bringing the balance to £4,368.

On the playing front, the Club continues to prosper and the directors have confidence in the club's future.

Small companies provision statement

This report has 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.

Approved by the Board on 20 March 2017 and signed on its behalf by:

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

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Magdala Lawn Tennis Club Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Magdala Lawn Tennis Club Limited for the year ended 31 December 2016 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of The Magdala Lawn Tennis Club Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2017. Our work has been undertaken solely to prepare for your approval the accounts of The Magdala Lawn Tennis Club Limited and state those matters that we have agreed to state to the Board of Directors of The Magdala Lawn Tennis Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Magdala 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 Magdala Lawn Tennis Club Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Magdala Lawn Tennis Club Limited. You consider that The Magdala 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 a review of the accounts of The Magdala 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 accounts.

......................................

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

20 March 2017

Page 3

The Magdala Lawn Tennis Club Limited

Profit and Loss Account for the Year Ended 31 December 2016

	Note	Total 31 December 2016 £	Total 31 December 2015 £
Turnover		18,779	20,784
Administrative expenses		(19,247)	(15,706)
Other operating income		2,574	2,224
Operating surplus		2,106	7,302
Other interest receivable and similar income		9	-
		9	-
Surplus before tax		2,115	7,302
Surplus for the financial year		2,115	7,302

The above results were derived from continuing operations.

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 4

The Magdala Lawn Tennis Club Limited

(Registration number: 00389149)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	10,409	12,124
Current assets
Stocks	5	276	204
Debtors	6	855	840
Cash at bank and in hand		24,974	21,940
		26,105	22,984
Creditors: Amounts falling due within one year	7	(16,314)	(13,808)
Net current assets		9,791	9,176
Total assets less current liabilities		20,200	21,300
Creditors: Amounts falling due after more than one year	7	(17,803)	(21,018)
Net assets		2,397	282
Capital and reserves
Other reserves		4,368	3,509
Profit and loss account		(1,971)	(3,227)
Total equity		2,397	282

For the financial year ending 31 December 2016 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.

Approved and authorised by the Board on 20 March 2017 and signed on its behalf by:
 

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

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 5

The Magdala Lawn Tennis Club Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Sinking fund £	Profit and loss account £	Total £
At 1 January 2016	3,509	(3,227)	282
Surplus for the year	-	2,115	2,115
Other comprehensive income	859	(859)	-
Total comprehensive income	859	1,256	2,115
At 31 December 2016	4,368	(1,971)	2,397

	Sinking fund £	Profit and loss account £	Total £
At 1 January 2015	-	(7,020)	(7,020)
Surplus for the year	-	7,302	7,302
Other comprehensive income	3,509	(3,509)	-
Total comprehensive income	3,509	3,793	7,302
At 31 December 2015	3,509	(3,227)	282

Other comprehensive income relates to donations from members of £859 (2015: £509) and transfers between reserves of £Nil (2015: £3,000).

The notes on pages 7 to 10 form an integral part of these financial statements.

Page 6

The Magdala Lawn Tennis Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a company limited by guarantee incorporated in England and Wales.

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 20 March 2017.

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 7

The Magdala Lawn Tennis Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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 7 (2015 - 7).

Page 8

The Magdala Lawn Tennis Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Land and buildings £	Flood lights and Pavilion  £	Gardeners hut  £	Courts  £	Total £
Cost or valuation
At 1 January 2016	1,833	61,158	347	52,904	116,242
At 31 December 2016	1,833	61,158	347	52,904	116,242
Depreciation
At 1 January 2016	-	50,868	347	52,903	104,118
Charge for the year	-	1,715	-	-	1,715
At 31 December 2016	-	52,583	347	52,903	105,833
Carrying amount
At 31 December 2016	1,833	8,575	-	1	10,409
At 31 December 2015	1,833	10,290	-	1	12,124

Included within the net book value of land and buildings above is £1,833 (2015 - £1,833) in respect of freehold land and buildings.
 

Page 9

The Magdala Lawn Tennis Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Stocks

	2016 £	2015 £
Merchandise	276	204

6

Debtors

	2016 £	2015 £
Trade debtors	195	180
Other debtors	660	660
Total current trade and other debtors	855	840

7

Creditors

	Note	2016 £	2015 £
Due within one year
Loans and borrowings	8	1,500	1,500
Other creditors		14,814	12,308
		16,314	13,808
Due after one year
Loans and borrowings	8	10,945	12,445
Deferred income		6,858	8,573
		17,803	21,018

8	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Other borrowings	1,500	1,500

	2016 £	2015 £
Non-current loans and borrowings
Other borrowings	10,945	12,445

9	Transition to FRS 102

These are the first financial statement that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2016. No transitional adjustments were required in equity or profit or loss for the year.

Page 10

The Magdala Lawn Tennis Club Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2016

	2016  £	2015  £
Turnover (analysed below)	18,779	20,784
Administrative expenses
Establishment costs (analysed below)	(15,449)	(11,998)
General administrative expenses (analysed below)	(2,083)	(1,993)
Depreciation costs (analysed below)	(1,715)	(1,715)
	(19,247)	(15,706)
Other operating income (analysed below)	2,574	2,224
Operating surplus	2,106	7,302
Other interest receivable and similar income (analysed below)	9	-
Surplus before tax	2,115	7,302

This page does not form part of the statutory financial statements.

Page 11

The Magdala Lawn Tennis Club Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2016

2016 £

2015 £

Turnover
Receipts	18,779	20,784

Establishment costs
Rates, water and electricity	(3,184)	(3,342)
Insurance	(769)	(727)
Repairs and court maintenance	(10,639)	(7,415)
Balls	(857)	(514)
	(15,449)	(11,998)

General administrative expenses
Coaching	(526)	(835)
Printing, postage and stationery	(127)	-
Subscriptions payable	(660)	(572)
Sundry expenses	(770)	(586)
	(2,083)	(1,993)

Depreciation costs
Depreciation of fixtures and fittings	(1,715)	(1,715)

Other operating income
Donations from members	859	509
Grants and subsidies receivable	1,715	1,715
	2,574	2,224

Other interest receivable and similar income
Bank interest receivable	9	-

This page does not form part of the statutory financial statements.

Page 12