Company Registration No. 02615056 (England and Wales)
Surbiton Racket and Fitness Club Limited
Unaudited accounts
for the year ended 31 March 2021
Surbiton Racket and Fitness Club Limited
Unaudited accounts
Contents
Surbiton Racket and Fitness Club Limited
Company Information
for the year ended 31 March 2021
Directors
Mr J A Spalton
Dr B D Pollard
Mr W M A Carroll
Mr M Fisher
Mr R E Staniland
Dr N F Camus
Mr D E Bruneau
Ms J R Bunn
Ms K R Wooldridge
Company Number
02615056 (England and Wales)
Registered Office
Berrylands
Surbiton
Surrey
KT5 8JT
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Surbiton Racket and Fitness Club Limited
Statement of financial position
as at
31 March 2021
Tangible assets
1,191,381
1,215,306
Inventories
36,725
43,700
Cash at bank and in hand
266,577
179,550
Creditors: amounts falling due within one year
(211,741)
(138,640)
Net current assets
290,783
252,983
Total assets less current liabilities
1,482,165
1,468,290
Creditors: amounts falling due after more than one year
(108,843)
(114,030)
Net assets
1,373,322
1,354,260
Revaluation reserve
950,000
950,000
Profit and loss account
423,322
404,260
Members' funds
1,373,322
1,354,260
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2021 and were signed on its behalf by
Mr R E Staniland
Director
Company Registration No. 02615056
Surbiton Racket and Fitness Club Limited
Notes to the Accounts
for the year ended 31 March 2021
Surbiton Racket and Fitness Club Limited is a private company, limited by guarantee, registered in England and Wales, registration number 02615056. The registered office is Berrylands, Surbiton, Surrey, KT5 8JT.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There were no material departures from the standard.
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.
The Company is a parent company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Company's activities.
Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
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.
Surbiton Racket and Fitness Club Limited
Notes to the Accounts
for the year ended 31 March 2021
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:
Plant & machinery
5% -25% straight line basis
Fixtures & fittings
5% -33% straight line basis
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.
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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Surbiton Racket and Fitness Club Limited
Notes to the Accounts
for the year ended 31 March 2021
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
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.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
3
Intangible fixed assets
Goodwill
Surbiton Racket and Fitness Club Limited
Notes to the Accounts
for the year ended 31 March 2021
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2020
950,000
762,132
279,184
30,775
2,022,091
Additions
-
16,361
1,258
529
18,148
At 31 March 2021
950,000
778,493
280,442
31,304
2,040,239
At 1 April 2020
-
541,982
234,029
30,774
806,785
Charge for the year
-
37,178
4,866
29
42,073
At 31 March 2021
-
579,160
238,895
30,803
848,858
At 31 March 2021
950,000
199,333
41,547
501
1,191,381
At 31 March 2020
950,000
220,150
45,155
1
1,215,306
The 2021 valuations of land & buildings were made by directors, on an open market value for existing use basis.
5
Investments
Subsidiary undertakings
Valuation at 1 April 2020
1
Valuation at 31 March 2021
1
Finished goods
36,725
43,700
7
Debtors: amounts falling due within one year
2021
2020
Trade debtors
15,494
25,311
Amounts due from group undertakings etc.
86,750
103,062
Accrued income and prepayments
67,760
40,000
Surbiton Racket and Fitness Club Limited
Notes to the Accounts
for the year ended 31 March 2021
8
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
60,056
14,223
Taxes and social security
4,737
11,485
Other creditors
42,097
46,695
Deferred income
32,342
51,237
The bank loan is secured in favour of Barclays Bank PLC, over the leasehold property of the Company.
9
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
108,843
114,030
Aggregate of amounts that fall due for payment after five years
47,875
57,139
10
Company limited by guarantee
The Company is limited by guarantee and has no share capital.
Every member of the Company undertakes to contribute to the assets of the Company, in the event of a winding up, such an amount as may be required not exceeding £1.
11
Operating lease commitments
2021
2020
At 31 March 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
45,682
45,682
Within two to five years
4,019
16,078
12
Transactions with related parties
The Company has taken the exemption under FRS102 section 33.1A not to disclose transactions and balances with its subsidiary, on the basis that it is wholly owned.
13
Average number of employees
During the year the average number of employees was 57 (2020: 52).