Guisborough Rugby Union Football Club Limited 31/12/2019 iXBRL

Guisborough Rugby Union Football Club Limited 31/12/2019 iXBRL

GUISBOROUGH RUGBY UNION FOOTBALL CLUB LIMITED - Company Information

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Company registration number: 11078490
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Unaudited filleted financial statements
31 December 2019
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Contents
Statement of financial position
Notes to the financial statements
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Statement of financial position
31 December 2019
31/12/19 31/12/18
Note £ £ £ £
Fixed assets
Tangible assets 5 53,352 30,260
_______ _______
53,352 30,260
Current assets
Stocks 2,840 2,840
Debtors 6 4,522 2,272
Cash at bank and in hand 55,353 65,151
_______ _______
62,715 70,263
Creditors: amounts falling due
within one year 7 ( 13,199) ( 8,964)
_______ _______
Net current assets 49,516 61,299
_______ _______
Total assets less current liabilities 102,868 91,559
Creditors: amounts falling due
after more than one year 8 ( 22,917) -
_______ _______
Net assets 79,951 91,559
_______ _______
Capital and reserves
Profit and loss account 79,951 91,559
_______ _______
Members funds 79,951 91,559
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2020 , and are signed on behalf of the board by:
W Suthers N Thomas
Director Director
Company registration number: 11078490
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is Guisborough RUFC, Belmangate, Guisborough, TS14 7BB.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The club is a Community Amateur Sports Club and hence Corporation Tax is only payable on interest receivable and non mutual trading income over the certain levels.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3. Limited by guarantee
The Company is a company limited by guarantee. The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the Company in the event of it being wound up.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2019 1 10,446 23,297 33,744
Additions 30,131 - 1,000 31,131
_______ _______ _______ _______
At 31 December 2019 30,132 10,446 24,297 64,875
_______ _______ _______ _______
Depreciation
At 1 January 2019 - 1,175 2,309 3,484
Charge for the year 3,766 1,391 2,882 8,039
_______ _______ _______ _______
At 31 December 2019 3,766 2,566 5,191 11,523
_______ _______ _______ _______
Carrying amount
At 31 December 2019 26,366 7,880 19,106 53,352
_______ _______ _______ _______
At 31 December 2018 1 9,271 20,988 30,260
_______ _______ _______ _______
Included within Long leasehold property are the clubhouse and associated playing fields. The original cost of these assets was £145,000 but by the date of gift to Guisborough Rugby Union Football Club Limited, had been depreciated down to a net book value of £1. These assets were gifted to Guisborough Rugby Union Football Club Limited on 1st April 2018.
6. Debtors
31/12/19 31/12/18
£ £
Other debtors 4,522 2,272
_______ _______
7. Creditors: amounts falling due within one year
31/12/19 31/12/18
£ £
Bank loans and overdrafts 5,833 1,250
Trade creditors 4,314 3,838
Social security and other taxes 24 991
Other creditors 3,028 2,885
_______ _______
13,199 8,964
_______ _______
8. Creditors: amounts falling due after more than one year
31/12/19 31/12/18
£ £
RFU Foundation loan 16,250 -
Brewery loan 6,667 -
_______ _______
22,917 -
_______ _______
9. Donation of assets
Guisborough Rugby Union Football Club was incorporated on the 23 November 2017. On the 31 March 2018 the net assets of Guisborough Rugby Union Football Club were donated to Guisborough Rugby Union Football Club Limited.
10. Bank and Cash
31/12/19 31/12/18
£ £
Current account 8,507 10,609
Deposit account 17,316 22,094
200 Club account 2,769 1,745
Mini and Junior's current account 26,136 25,993
Cash in hand 625 4,710
_______ _______
55,353 65,151
_______ _______