Dewsbury Rams RLFC (Holdings) Limited - Period Ending 2019-11-29

Dewsbury Rams RLFC (Holdings) Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Dewsbury Rams RLFC (Holdings) Limited

(Registration number: 02245573)
Balance Sheet as at 29 November 2019

	Note	2019		2018
		£	£	£	£
Fixed assets
Tangible assets	4		68,708		71,399
Current assets
Stocks		15,950		8,223
Debtors	5	20,698		23,375
Cash at bank and in hand		1,164		3,692
		37,812		35,290
Creditors: Amounts falling due within one year	6	(239,889)		(240,372)
Net current liabilities			(202,077)		(205,082)
Total assets less current liabilities			(133,369)		(133,683)
Creditors: Amounts falling due after more than one year	6		(100,807)		(101,494)
Net liabilities			(234,176)		(235,177)
Capital and reserves
Called up share capital	8	650		650
Other reserves		350		350
Profit and loss account		(235,176)		(236,177)
Total equity			(234,176)		(235,177)

Dewsbury Rams RLFC (Holdings) Limited

(Registration number: 02245573)
Balance Sheet as at 29 November 2019

For the financial year ending 29 November 2019 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 August 2020 and signed on its behalf by:
 

......................................... M A Sawyer Director

Dewsbury Rams RLFC (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tetley's Stadium
Owl Lane
Dewsbury
West Yorkshire
WF12 7RH

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006. The company has chosen to early adopt Financial Reporting Standard 102 March 2018

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.

The company's functional and presentation currency is pound sterling.

Going concern

Although the balance sheet shows a net liability position, the shareholders have indicated that they will continue to support the company, accordingly, the directors have prepared the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the amount receivable from all activities associated with the running of a rugby league football club and is stated net of value added tax. All turnover arises in the United Kingdom.

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
Improvements to leasehold property	10% straight line basis
Plant and machinery	25% straight line basis
Fixtures and fittings	20% straight line basis

Dewsbury Rams RLFC (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2019

Stocks

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 profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Dewsbury Rams RLFC (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2019

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 29 (2018 - 32).

4	Tangible assets

	Improvements to leasehold property £	Fixtures and fittings  £	Plant and machinery  £	Total £
Cost or valuation
At 30 November 2018	113,511	139,104	94,466	347,081
Additions	-	1,029	15,985	17,014
At 29 November 2019	113,511	140,133	110,451	364,095
Depreciation
At 30 November 2018	48,512	137,453	89,717	275,682
Charge for the year	11,351	1,209	7,145	19,705
At 29 November 2019	59,863	138,662	96,862	295,387
Carrying amount
At 29 November 2019	53,648	1,471	13,589	68,708
At 29 November 2018	64,999	1,651	4,749	71,399

5

Debtors

	2019 £	2018 £
Trade debtors	15,264	15,751
Other debtors	-	752
Prepayments	5,434	6,872
	20,698	23,375

Dewsbury Rams RLFC (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2019

6

Creditors

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	130,278	103,949
Trade creditors		38,217	44,176
Taxation and social security		6,733	5,153
Accruals and deferred income		18,887	31,154
Other creditors		45,774	55,940
		239,889	240,372

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	7	100,807	101,494

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank overdrafts	26,330	-
Other borrowings	103,948	103,949
	130,278	103,949

	2019 £	2018 £
Non-current loans and borrowings
Other borrowings	100,807	101,494

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	650	650	650	650

Dewsbury Rams RLFC (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2019

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2018 - £1,001). This financial commitment is in respect of an operating lease.

10	Non adjusting events after the financial period

The COVID-19 pandemic has led to a significant shut-down of both social and economic activity in the UK and in many other countries around the globe. Matches were suspended from March 2020 and have not yet resumed. At this stage the financial impact cannot be quantified.