Sidmouth Rugby Football Club Limited - Period Ending 2021-04-30
Sidmouth Rugby Football Club Limited - Period Ending 2021-04-30
Registration number:
Sidmouth Rugby Football Club Limited
for the Year Ended 30 April 2021
Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Company Information
Directors |
PC O'Brien M R Denning E Bagwell J A B Hurson J Dunn P Duncan M R Barrett P L Grove L A Turley A Patch S A Vicary |
Registered office |
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Accountants |
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Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Balance Sheet as at 30 April 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Balance Sheet as at 30 April 2021
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
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Director
Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Notes to the Financial Statements for the Year Ended 30 April 2021
General information |
The company is a company limited by guarantee, incorporated in England and Wales, 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.
The address of its registered office is:
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.
In addition, the Directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.
The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.
The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Notes to the Financial Statements for the Year Ended 30 April 2021
Revenue recognition
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.
Government grants
The Covid 19 grant has been recognised under the accrual model and is credited to income over the period in which the compensated costs have been recognised.
Other grants
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Leasehold property |
Over the period of the lease |
Fixtures and fittings |
20% straight line |
Plant and Equipment |
10% / 20% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Notes to the Financial Statements for the Year Ended 30 April 2021
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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
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
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.
Trade creditors
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Notes to the Financial Statements for the Year Ended 30 April 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 May 2020 |
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At 30 April 2021 |
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Depreciation |
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At 1 May 2020 |
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Charge for the year |
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At 30 April 2021 |
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Carrying amount |
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At 30 April 2021 |
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At 30 April 2020 |
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Included within the net book value of land and buildings above is £254,915 (2020 - £270,316) in respect of long leasehold land and buildings.
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
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Cost or valuation |
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At 1 May 2020 |
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At 30 April 2021 |
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Carrying amount |
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At 30 April 2021 |
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At 30 April 2020 |
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Sidmouth Rugby Football Club Limited
(Registration number: 07597631)
Notes to the Financial Statements for the Year Ended 30 April 2021
Stocks |
2021 |
2020 |
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Raw materials and consumables |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
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Creditors |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Accrued expenses |
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Deferred income |
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2021 |
2020 |
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Due after one year |
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Deferred income |
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