Company registration number 00284748 (England and Wales)
THE CHANDOS LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE CHANDOS LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE CHANDOS LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
321,807
324,186
Current assets
Debtors
5
6,920
8,633
Cash at bank and in hand
630,264
496,598
637,184
505,231
Creditors: amounts falling due within one year
6
(243,803)
(230,472)
Net current assets
393,381
274,759
Total assets less current liabilities
715,188
598,945
Creditors: amounts falling due after more than one year
7
(85,500)
(85,500)
Net assets
629,688
513,445
Reserves
Income and expenditure account
629,688
513,445
Members' funds
629,688
513,445
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2023 and are signed on its behalf by:
B Belhomme
M Helfgott
Director
Director
Company Registration No. 00284748
THE CHANDOS LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
The Chandos Lawn Tennis Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 120 East End Road, London, N2 0RZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Income
Income represents subscriptions, hiring charges, fees and sundry associated income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the expected life of the asset
Fixtures, fittings & equipment
10% / 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the income and expenditure account or against the revaluation reserve if the asset has been revalued.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE CHANDOS LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Corporation tax is payable on any investment income such as interest received.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
THE CHANDOS LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Leasehold land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2022
217,293
238,829
456,122
Additions
13,185
13,185
At 31 March 2023
217,293
252,014
469,307
Depreciation and impairment
At 1 April 2022
131,936
131,936
Depreciation charged in the year
15,564
15,564
At 31 March 2023
147,500
147,500
Carrying amount
At 31 March 2023
217,293
104,514
321,807
At 31 March 2022
217,293
106,893
324,186
Leasehold land and buildings represents the site at East End Road N2 acquired in December 2015 under a 999 year lease together with further structural costs incurred. The directors consider the residual value of the leasehold land and buildings to be higher than the capitalised cost and therefore in line with the accounting policy no depreciation has been applied to this asset.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
6,920
8,633
6
Creditors: amounts falling due within one year
2023
2022
£
£
Loan
9,500
9,500
Subscriptions, coaching fees & other items received in advance
202,608
172,548
Corporation tax
1,378
1,000
Other taxation and social security
(191)
733
Other creditors
30,508
46,691
243,803
230,472
THE CHANDOS LAWN TENNIS CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loan
85,500
85,500
8
Members' liability
The members have a liability not exceeding £1 a member.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Gavin Zeiderman BA(Hons) FCA
Statutory Auditor:
F M C B
10
Financial commitments, guarantees and contingent liabilities
To assist financing the structural works required for the covered courts the Club entered in to a loan agreement with the LTA in 2018. The loan facility was approved for £100,000 of which by the balance sheet date £95,000 had been drawn down. The loan is on an interest free basis and repayable over 10 years with the first instalment due to be paid in the next year. The loan is shown in the financial statements under Creditors amounts due within one year and after more than one year.