The Match-Club Limited 28/02/2022 iXBRL

The Match-Club Limited 28/02/2022 iXBRL

THE MATCH-CLUB LIMITED - Company Information

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Company registration number: 02146339
The Match-Club Limited
Filleted financial statements
28 February 2022
The Match-Club Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
The Match-Club Limited
Directors responsibilities statement
Year ended 28 February 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Match-Club Limited
Statement of financial position
28 February 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 210,036 88,693
_________ _________
210,036 88,693
Current assets
Stocks 295,352 260,141
_________ _________
295,352 260,141
Creditors: amounts falling due
within one year 7 ( 2,859,245) ( 2,530,948)
_________ _________
Net current liabilities ( 2,563,893) ( 2,270,807)
_________ _________
Total assets less current liabilities ( 2,353,857) ( 2,182,114)
_________ _________
Net liabilities ( 2,353,857) ( 2,182,114)
_________ _________
Capital and reserves
Called up share capital - allotted and fully paid 2 2
Profit and loss account ( 2,353,859) ( 2,182,116)
_________ _________
Shareholders deficit ( 2,353,857) ( 2,182,114)
_________ _________
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 25 November 2022 , and are signed on behalf of the board by:
N Rubins
Director
Company registration number: 02146339
The Match-Club Limited
Notes to the financial statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and principal place of business is Westbridge Lodge, Pendock Lane, Bradmore, Nottingham, NG11 6PQ. The principal activity of the company is the retail sale of quality discount goods in a portfolio of stores trading under the 'Thingmebobs' brand.
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.The financial statements are prepared in sterling, which is the functional currency of the entity rounded to the nearest £.
Going concern
The company commenced trading following the acquisition of a portfolio of retail stores in 2013. In the early years of trading the company has reported a loss, and the statement of financial position is in deficit.The company relies on the financial support of the parent undertaking, QD Commercial Group Holdings Limited to pay its debts as they fall due. This support takes the form of an inter-company loan account. The directors, who are also directors and shareholders of the parent company, have confirmed that QD Commercial Group Holdings Limited will not call in this loan if to do so would cause the company undue financial hardship.The directors have further confirmed that this support will be provided for the foreseeable future, defined as being no less than twelve months from the date of signing the accounts. The directors conclude that it is appropriate for the accounts to be prepared on the going concern basis.
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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:Stock valuations - this involves judgements as to the extent to which provisions are required to account for the risk of obsolescence.
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 tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 be paid or recovered 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.
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:
Short leasehold property - Straight line over the life of the lease
Fittings fixtures and equipment - 3 to 10 years straight line
Motor vehicles - 4 years straight line
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, other costs incurred in bringing the stocks to their present location and condition and, where applicable, customs clearance and import duties.
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. 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.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 44 (2021: 56 ).
5. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2022 2021
£ £
Depreciation of tangible assets 36,503 21,188
_________ _________
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2021 121,300 155,042 6,000 282,342
Additions 67,670 90,176 - 157,846
_________ _________ _________ _________
At 28 February 2022 188,970 245,218 6,000 440,188
_________ _________ _________ _________
Depreciation
At 1 March 2021 67,558 120,966 5,125 193,649
Charge for the year 19,308 16,320 875 36,503
_________ _________ _________ _________
At 28 February 2022 86,866 137,286 6,000 230,152
_________ _________ _________ _________
Carrying amount
At 28 February 2022 102,104 107,932 - 210,036
_________ _________ _________ _________
At 28 February 2021 53,742 34,076 875 88,693
_________ _________ _________ _________
7. Creditors: amounts falling due within one year
2022 2021
£ £
Amounts owed to group undertakings 2,859,245 2,530,948
_________ _________
QD Commercial Group Holdings Limited holds a fixed and floating charge over all of the property and undertakings of the company as security for any debts owing to it from time to time.
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 143,948 145,000
Later than 1 year and not later than 5 years 17,836 151,585
_________ _________
161,784 296,585
_________ _________
9. Contingent assets and liabilities
The company, together with its parent undertaking and fellow subsidiary undertakings, is jointly and severally liable for the combined value added tax liability of the group which, at 28 February 2022 totalled £757,516 (2021 - the company was owed £191,853). All of this amount specifically relates to QD Commercial Group Holdings Limited (the group holding company).
10. Summary audit opinion
The auditor's report for the year dated 25 November 2022 was unqualified.
The senior statutory auditor was Steven Newman LLB BFP FCA for and on behalf of Wright Vigar Limited
11. Related party transactions
The company has taken advantage of the exemption available from disclosing transactions and balances with other QD Commercial Group Holdings group companies.
12. Controlling party
QD Commercial Group Holdings Limited , registered in England and Wales, is the company's ultimate parent company. The registered office and principal place of business is that of The Match-Club Limited .QD Commercial Group Holdings Limited prepares the only consolidated financial statements in the group which include the results of The Match-Club Limited . Copies of the consolidated financial statements are available from Companies House.