MILL_FARM_SPORTS_VILLAGE_ - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 29 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key Judgements (except estimates)

Management do not consider that there are any critical area of accounting judgement in the financial statements.

Key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definitions, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

At the end of the reporting period, management undertake an assessment whether there are indications that a fixed asset may be impaired or that any impairment loss previously recognised has fully or partially reversed. If such indications exist, the Group estimates the recoverable amount of the asset. Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses.

Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in profit or loss.

The residual value for leasehold and freehold property is estimated at 40% of the original cost.

Mill Farm Sports Village Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mill Farm Sports Village, Coronation Way, Wesham, Lancashire, PR4 3JZ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Company has net current liabilities of £true7,532,239 at 29 June 2022 (2021: £3,610,913) and net assets of £3,589,105 at 29 June 2022 (2021: £4,595,120). COVID-19 restrictions were in place at the start of the year, and eased in August 2021.

The Directors have drawn up prudent plans and forecasts for a period of at least 12 months from the date of signing the financial statements to determine the impact that COVID-19 will have on the business. The Company will rely upon the support of Tangerine Group Holdings Limited to keep it trading for a period of 12 months from the date of approving the financial statements. The Company has received assurances from Tangerine Group Holdings Limited who is under the ultimate control of the same controlling shareholder, D A Haythornthwaite that they can continue to provide financial support to enable the Company to continue trading as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

The average monthly number of persons (including directors) employed by the company during the year was:

No directors received remuneration from the Company in respect of services provided in either the current or prior year. Directors' remuneration is paid by Tangerine Holdings Limited.

This reserve reflects cumulative profits and losses net of distributions to owners.

The Company is 100% owned subsidiary of Tangerine Leisure Limited.

Tangerine Leisure Limited heads a small group and therefore is not required to prepare consolidated accounts.

The Company is under the ultimate control of D A Haythornthwaite.