Devon County F A Property Management Limited 31/12/2021 iXBRL

Devon County F A Property Management Limited 31/12/2021 iXBRL

DEVON COUNTY F A PROPERTY MANAGEMENT LIMITED - Company Information

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Company registration number: 06942343
Devon County F A Property Management Limited
Unaudited filleted financial statements
31 December 2021
DEVON COUNTY F A PROPERTY MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 27,976 29,292
_______ _______
27,976 29,292
Current assets
Stocks 1,500 1,474
Debtors 6 18,330 7,379
Cash at bank and in hand 72,056 54,365
_______ _______
91,886 63,218
Creditors: amounts falling due
within one year 7 ( 119,861) ( 92,509)
_______ _______
Net current liabilities ( 27,975) ( 29,291)
_______ _______
Total assets less current liabilities 1 1
_______ _______
Net assets 1 1
_______ _______
Capital and reserves
Called up share capital 1 1
_______ _______
Shareholders funds 1 1
_______ _______
For the 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 May 2022 , and are signed on behalf of the board by:
Mr B D Leach
Director
Company registration number: 06942343
DEVON COUNTY F A PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is County Headquarters, Coach Road, Newton Abbot, Devon, TQ12 1EJ.
Principal activity
The principal activity of the company is the management of the club house and football ground at Coach Road, Newton Abbot.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - Over the life of the lease
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 10 % 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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2020: 11 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2021 26,434 1,100 23,055 50,589
Additions - 1,635 - 1,635
_______ _______ _______ _______
At 31 December 2021 26,434 2,735 23,055 52,224
_______ _______ _______ _______
Depreciation
At 1 January 2021 9,264 1,060 10,973 21,297
Charge for the year 1,322 419 1,210 2,951
_______ _______ _______ _______
At 31 December 2021 10,586 1,479 12,183 24,248
_______ _______ _______ _______
Carrying amount
At 31 December 2021 15,848 1,256 10,872 27,976
_______ _______ _______ _______
At 31 December 2020 17,170 40 12,082 29,292
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 16,008 1,628
Other debtors 2,322 5,751
_______ _______
18,330 7,379
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 8,953 2,985
Amounts owed to group undertakings and undertakings in which the company has a participating interest 108,576 88,324
Accruals and deferred income 1,050 1,200
Social security and other taxes 1,282 (-)
_______ _______
119,861 92,509
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Events after the end of the reporting period
At the end of the financial year, the country was still in the middle of the response to the COVID-19 global pandemic. There remained uncertainty around the impact of this. The directors of Devon County F A Property Management Company Limited have and will continue to evaluate management actions to mitigate the impact on the company. The company has adopted initiatives to safeguard the health of its people and actions aimed at maintaining operational activity where possible.
10. Government grants
During the year the company was the recipient of economic benefits as a result of participating in the Business Support Grant from Teignbridge District Council of £8,000 (2020 - £10,000).