Registered number: 00460917

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee) DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

WHITING & PARTNERS Chartered Accountants & Business Advisers George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

COMPANY INFORMATION

DIRECTORS

P Lewis (appointed 1 February 2013) A E Mead C C Wilson C M Arnold E Gibson C McDonnell M Rodolakis K J Chilvers S Hicks (appointed 1 March 2013 & resigned 1 July 2013) J Byrd

REGISTERED NUMBER

00460917

REGISTERED OFFICE

Hamilton Road Newmarket Suffolk CB8 0NQ

ACCOUNTANTS

Whiting & Partners George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW

BANKERS

HSBC

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

CONTENTS

Page

Directors' report

1

Accountants' report

2

Income and expenditure account

3

Balance sheet

4-5

Notes to the financial statements

6 - 11

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2013 The directors present their report and the financial statements for the Year ended 31 December 2013. DIRECTORS The directors who served during the Year were: P Lewis (appointed 1 February 2013) A E Mead C C Wilson C M Arnold E Gibson C McDonnell M Rodolakis K J Chilvers S Hicks (appointed 1 March 2013 & resigned 1 July 2013) J Byrd In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.

................................................ C C Wilson Director Date:

Page 1

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE NEWMARKET LAWN TENNIS CLUB LIMITED FOR THE YEAR ENDED 31 DECEMBER 2013 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Newmarket Lawn Tennis Club Limited for the Year ended 31 December 2013 which comprise the Income and expenditure account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us. As a 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 icaew.com/regulations. This report is made solely to the Board of directors of The Newmarket Lawn Tennis Club Limited, as a body, in accordance with the terms of our engagement letter dated 14 September 2011. Our work has been undertaken solely to prepare for your approval the financial statements of The Newmarket Lawn Tennis Club Limited and state those matters that we have agreed to state to the Board of directors of The Newmarket Lawn Tennis Club Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Newmarket 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 Newmarket Lawn Tennis Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that The Newmarket 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 review of the financial statements of The Newmarket 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 financial statements.

Whiting & Partners George Court Bartholomew's Walk Ely Cambridgeshire CB7 4JW Date:

Page 2

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013 2013 £

2012 £

39,190

35,632

Cost of sales

(8,198)

(7,643)

GROSS SURPLUS

30,992

27,989

(19,502)

(14,257)

Note TURNOVER

1

Administrative expenses Other operating income

2

5,898

4,338

OPERATING SURPLUS

3

17,388

18,070

24

1

17,412

18,071

Interest receivable and similar income SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on surplus on ordinary activities

4

SURPLUS FOR THE FINANCIAL YEAR

11

(974) 16,438

(791) 17,280

The notes on pages 6 to 11 form part of these financial statements.

Page 3

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00460917 BALANCE SHEET AS AT 31 DECEMBER 2013

Note

£

2013 £

£

2012 £

FIXED ASSETS Tangible assets

5

272,475

262,569

CURRENT ASSETS Stocks Debtors

6

Cash at bank and in hand

CREDITORS: amounts falling due within one year

7

NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES

250

250

583

583

52,176

52,422

53,009

53,255

(7,143)

(6,921) 45,866

46,334

318,341

308,903

CREDITORS: amounts falling due after more than one year

8

(7,500)

(12,500)

ACCRUALS AND DEFERRED INCOME

9

(13,000)

(15,000)

297,841

281,403

NET ASSETS CAPITAL AND RESERVES Other reserves

11

269,576

265,773

Income and expenditure account

11

28,265

15,630

297,841

281,403

Page 4

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

BALANCE SHEET (continued) AS AT 31 DECEMBER 2013 The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the Year in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2013 and of its profit for the Year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ C C Wilson Director Date: The notes on pages 6 to 11 form part of these financial statements.

Page 5

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

1.

ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). 1.2 Turnover Turnover comprises revenue recognised by the company in respect of goods and services supplied during the Year. 1.3 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Tennis courts Floodlights Improvements to tennis court

-

over 10 years straight line over 10 years straight line over 7 years straight line

1.4 Revaluation of tangible fixed assets As permitted by the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective April 2008) the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 31 December 1992 and will not update that valuation. 1.5 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 1.6 Land and buildings reserve A separate reserve fund was established in 2008, which equals the net book value of land and buildings, as disclosed in note 5. This reserve fund has been established to be represent the previous spend or revaluations on such assets. 1.7 Deferred capital grants Deferred capital grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

2.

OTHER OPERATING INCOME

Rents receivable

2013 £

2012 £

5,386

4,338 Page 6

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 Bank compensation received

3.

512

-

5,898

4,338

2013 £

2012 £

1,126

1,126

2013 £

2012 £

UK corporation tax charge on surplus for the Year Adjustments in respect of prior periods

974 -

781 10

Tax on surplus on ordinary activities

974

791

OPERATING SURPLUS The operating surplus is stated after charging:

Depreciation of tangible fixed assets: - owned by the company During the Year, no director received any emoluments (2012 - £NIL).

4.

TAXATION

Analysis of tax charge in the Year

Page 7

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

5.

TANGIBLE FIXED ASSETS Freehold property Tennis courts £ £

Floodlights and equipment £

Improvement s to tennis ocurts £

Cost At 1 January 2013 Additions

281,094 -

20,608 11,032

42,283 -

70,322 -

At 31 December 2013

281,094

31,640

42,283

70,322

At 1 January 2013 Charge for the Year

35,375 -

20,607 -

25,434 1,126

70,322 -

At 31 December 2013

35,375

20,607

26,560

70,322

At 31 December 2013

245,719

11,033

15,723

-

At 31 December 2012

245,719

1

16,849

-

Depreciation

Net book value

Total £ Cost At 1 January 2013 Additions

414,307 11,032

At 31 December 2013

425,339

Depreciation At 1 January 2013 Charge for the Year

151,738 1,126

At 31 December 2013

152,864

Net book value At 31 December 2013

272,475

At 31 December 2012

262,569

Page 8

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

6.

DEBTORS

Other debtors

7.

2012 £

583

583

583

583

2013 £

2012 £

5,000 974 1,169

5,000 781 1,140

7,143

6,921

2013 £

2012 £

7,500

12,500

2013 £

2012 £

7,500

12,500

CREDITORS: Amounts falling due within one year

Other loans Corporation tax Other creditors

8.

2013 £

CREDITORS: Amounts falling due after more than one year

Other loans Included within the above are amounts falling due as follows:

Between two and five years Other loans

The loan is secured by a fixed charge on the freehold property of the company. It is interest free and repayable by twenty half yearly equal instalments.

9.

ACCRUALS AND DEFERRED INCOME

Grants

2013 £

2012 £

13,000

15,000

Deferred grants relate to funding from the LTA which are being released to the profit and loss accounts on a systematic basis, over the same period as the related assets are being depreciated (10 years).

Page 9

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

10.

COMPANY STATUS The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

11.

RESERVES Other reserves £ At 1 January 2013 Surplus for the Year Movement on other reserves Transfer between reserves

265,773

At 31 December 2013

269,576

Income and expenditure account £ 15,630 16,438

3,803 (3,803) 28,265

RESERVE MOVEMENTS Income and expenditure Sinking fund account £ £ Balance B/fwd Surplus for the year Other movements Depreciation transfer Amortisation of grants LTA loan repayments Capital expenditure in year Transfer from sinking fund Balance carried forward

Land and buildings reserve £

Total £

15,630 16,438 2,229 (2,000) (5,000) (11,032) 12,000

35,704 (12,000)

230,069 (2,229) 2,000 5,000 11,032 -

281,403 16,438 -

28,265

23,704

245,872

297,841

Page 10

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

SINKING FUND In order to comply with past capital funding agreements and to exercise sensible financial management, for a number of years, the company has been retaining surpluses to provide for future planned capital expenditure. To more clearly evidence this practice and to make the company balance sheet more meaningful, a Sinking Fund has been established, as follows: > fund Estimated Future Brought Annual Carried Capital project Cost Funding Period forward Transfer forward £ £ £ £ Court 1 Resurfacing Court 7 Resurfacing Bubble New Skin Court 4 Resurfacing

12,000

10 Years to Y/E 31 Dec 2009

12,000

(12,000)

12,000

10 Years to Y/E 31 Dec 2010

7,704

-

7,704

16,000

6 Years to Y/E 31 Dec 2011

16,000

-

16,000

15,000

10 years to Y/E 31 Dec 2024

35,704

(12,000)

-

23,704

LAND AND BUILDINGS RESERVE The land and buildings reserve is represented by: 2013 £

2012 £

Net book value of fixed assets Revaluation reserve LTA loan payable LTA deferred grant

271,372 (12,500) (13,000)

262,569 (17,500) (15,000)

Total

245,872

230,069

Page 11

Registered number: 00460917

THE NEWMARKET LAWN TENNIS CLUB LIMITED

DETAILED ACCOUNTS - UNAUDITED FOR THE YEAR ENDED 31 DECEMBER 2013

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2013

Page

2013 £

2012 £

TURNOVER

14

39,190

35,632

Cost of sales

14

(8,198)

(7,643)

GROSS SURPLUS

30,992

27,989

Gross profit %

79.1 %

78.6 %

5,898

4,338

36,890

32,327

(19,502)

(14,257)

17,388

18,070

24

1

17,412

18,071

Other operating income

14

LESS: OVERHEADS Administration expenses

15

OPERATING SURPLUS Interest receivable SURPLUS FOR THE YEAR

15

Page 13

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2013 2013 £

2012 £

29,251 3,040 778 3,227 1,897 997

25,417 2,559 798 2,327 4,022 509

39,190

35,632

2013 £

2012 £

250 (250) 3,082 1,706 50 3,250 36 74

250 (250) 2,609 2,126 118 2,750 40 -

8,198

7,643

2013 £

2012 £

5,386 512

4,338 -

5,898

4,338

TURNOVER Subscriptions Wimbledon tickets Bar sales and takings (inc balls) Court rental Coach court fees Match fees

COST OF SALES Opening stock Closing stocks Wimbledon ticket purchases Ball purchases Bar expenses Coach fees League entry fees League and match fees

OTHER OPERATING INCOME Rents receivable Bank compensation received

Page 14

THE NEWMARKET LAWN TENNIS CLUB LIMITED (A company limited by guarantee)

SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2013 2013 £

2012 £

522 484 118 50 1,170 291 127 7,261 1,711 7,938 1,126 740 (36) (2,000)

106 468 119 1,590 330 280 4,427 1,277 5,534 1,126 759 241 (2,000)

19,502

14,257

2013 £

2012 £

24

1

ADMINISTRATION EXPENSES Printing, stationery and postage Telephone and internet Advertising and promotion Charity donations Accountancy fees Bank charges Sundry expenses Rates and electricity Insurances Repairs, maintenance and cleaning Depn of floodlights and equipment Affiliation and membership fees Licences and PRS Amortisation of government grants

INTEREST RECEIVABLE Bank interest receivable

Page 15