Canford Park Sports Limited - Period Ending 2021-12-31
Canford Park Sports Limited - Period Ending 2021-12-31
Registration number:
Canford Park Sports Limited
Chartered Accountants
Canford Park Sports Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet - Consolidated |
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Notes to the Unaudited Financial Statements |
Canford Park Sports Limited
Company Information
Director |
Mr S A McKirdy |
Company secretary |
Mr D Riddle |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Canford Park Sports Limitedfor the Year Ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Canford Park Sports Limited for the year ended 31 December 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising 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
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Canford Park Sports Limited, as a body, in accordance with the terms of our engagement letter dated 23 September 2019. Our work has been undertaken solely to prepare for your approval the accounts of Canford Park Sports Limited and state those matters that we have agreed to state to the Board of Directors of Canford Park Sports Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Canford Park Sports Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Canford Park Sports Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Canford Park Sports Limited. You consider that Canford Park Sports Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Canford Park Sports 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 accounts.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
Canford Park Sports Limited
(Registration number: 03805616)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 |
228,029 |
232,067 |
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Shareholders' funds |
228,029 |
232,067 |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his 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
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Canford Park Sports Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
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.
Going concern
The financial statements have been prepared on a going concern basis. The company has a net current liability position, which is likely to continue as current liabilities included deferred loan of £19,475 to be matched to deferred income to be credited within the next twelve months. This will occur for the foreseeable future assuming that the company continues to operate as currently.
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
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Canford Park Sports Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Deferred tax is recognised, without discounting in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRS 102.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
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 |
Land and buildings-Linear country park and sports pitches |
Straight line over the period of the lease (125 years) |
Land and buildings- Astroturf & Grass Pitches |
Straight line over the life of the assets (10 years) |
Plant and machinery |
Straight line over the life of the assets (10 years) |
Office equipment |
Straight line over the life of the assets (5 years) |
Furniture & Fittings |
Straight line over the life of the assets (5 years) |
Motor Vehicles |
Straight line over the life of the assets (4 years) |
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.
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.
Canford Park Sports Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Canford Park Sports Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Tangible assets |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
- |
- |
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- |
- |
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Disposals |
- |
- |
( |
- |
- |
( |
At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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- |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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- |
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At 31 December 2020 |
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- |
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Included within the net book value of land and buildings above is £1,352,292 (2020 - £1,381,543) in respect of long leasehold land and buildings.
Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Canford Park Sports Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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HP and finance lease liability 1 (under 1yr) |
18,449 |
- |
Deferred income |
47,989 |
52,181 |
Accruals |
1,099 |
1,100 |
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Due after one year |
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Deferred income |
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Creditors: amounts falling due after more than one year
2021 |
2020 |
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Due after one year |
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Deferred income |
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Creditors due after 1 year is deferred income which relates to grants received to fund the construction of the sports country park and the Astroturf and Grass pitches. The grant in relation to the sports country park is released to the profit and loss account over the period of the lease, and the grant for the Astroturf and Grass pitches are released to the profit and loss account over the expected useful life of the pitches.
Canford Park Sports Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2021
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Finance lease liabilities |
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- |
9 Company status
The company is limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
Control |
The ultimate controlling party is