Kingfield Community Sports Centre Ltd - Accounts to registrar (filleted) - small 18.2
Kingfield Community Sports Centre Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2021 |
| FOR |
| KINGFIELD COMMUNITY SPORTS CENTRE |
| LIMITED |
| KINGFIELD COMMUNITY SPORTS CENTRE |
| LIMITED (REGISTERED NUMBER: 03425394) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 May 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| KINGFIELD COMMUNITY SPORTS CENTRE |
| LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 May 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SOLICITORS: |
| The St Botolph Building |
| 138 Houndsditch |
| London |
| EC3A 7AR |
| KINGFIELD COMMUNITY SPORTS CENTRE |
| LIMITED (REGISTERED NUMBER: 03425394) |
| BALANCE SHEET |
| 31 May 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Other reserves |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 profit or loss 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 |
| KINGFIELD COMMUNITY SPORTS CENTRE |
| LIMITED (REGISTERED NUMBER: 03425394) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 May 2021 |
| 1. | STATUTORY INFORMATION |
| Kingfield Community Sports Centre Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors have considered the company's financial position and cash resources. The company is continuing discussions with Woking Borough Council over its future funding requirements. |
| The company continues to meet it's day to day expenditure requirements from it's operating income and the directors are confident that the company can therefore meet it's obligations as they fall due. |
| Subsequent to the end of the period under review, the rapid spread of the COVID-19 virus has clear consequences for the global economy and in the UK. The company has experienced the effect of this with the enforced closure of sport and leisure facilities. |
| The directors continue to monitor the impact of the consequences of the virus on the business. It is too early to conclude the full impact of the pandemic but at the time of approving the financial statements the directors do not consider COVID-19 to impact the Company's ability to continue and are satisfied that it is appropriate to prepared the financial statements on a going concern basis. |
| Turnover |
| Turnover comprises of rents and wayleaves received in the year stated net of value added tax. |
| Rent is invoiced quarterly on quarter days and is recognised in the profit and loss account on a time apportionment basis. |
| Wayleaves are invoiced annually and the taken to income on a time apportionment basis. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 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. |
| 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. |
| KINGFIELD COMMUNITY SPORTS CENTRE |
| LIMITED (REGISTERED NUMBER: 03425394) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2021 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 June 2020 |
| and 31 May 2021 |
| PROVISIONS |
| At 1 June 2020 |
| and 31 May 2021 | 5,236,014 |
| NET BOOK VALUE |
| At 31 May 2021 |
| At 31 May 2020 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2020 |
| and 31 May 2021 |
| NET BOOK VALUE |
| At 31 May 2021 |
| At 31 May 2020 |
| Investment properties are held for their investment potential and are included in the financial statements at fair value. |
| The directors have considered the fair value of the freehold land and buildings and because of the uncertainty surrounding land values as a result of the ongoing COVID-19 pandemic have not adjusted the carrying value of the investment properties and will defer this until the situation becomes more certain. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| KINGFIELD COMMUNITY SPORTS CENTRE |
| LIMITED (REGISTERED NUMBER: 03425394) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2021 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Woking Borough Council. |