BROMLEY_CRICKET_CLUB - Accounts
BROMLEY_CRICKET_CLUB - Accounts
Company no. 07388660
DIRECTORS REPORT
AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2020
1
BROMLEY CRICKET CLUB
Company Information
Directors
Registered Office 98 Plaistow Lane
Bromley
Kent
BR1 3AS
Bankers Barclays Bank plc
Bromley
Kent
BR1 1YZ
Reporting Accountants Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
2
BROMLEY CRICKET CLUB
DIRECTORS REPORT
The Directors have pleasure in presenting their report and the financial statements of the Company for the year ended 30 September 2020.
Objects and Activities
Directors
The following Directors have held office since 30 September 2019:-
R Lane (resigned 30 September 2020)
D Evans
C Wiseman (resigned 30 June 2021)
R Lucchesi (resigned 1 January 2021)
J Griggs (resigned 21 December 2019)
D Wilson (appointed 20 February 2020)
C Thompson (appointed 29 February 2020 and resigned 21 June 2021)
H Patel (appointed 1 March 2021)
M Weeks (appointed 20 April 2021)
Members
All Members of Bromley Cricket Club are Members of Bromley Cricket Club Limited.
In the event of the winding up of the Company, all current Members and those who ceased to be a Member in the previous 12 months undertake to contribute £1 each to the liabilities of the Company.
In the event of the winding up of the Company, the surplus assets will be distributed to another sporting club which is registered as a Community Amateur Sports Club or a Charity or to one or more of the Club's sports governing bodies for use by them in community sport.
Reporting Accountants
Moore Kingston Smith were appointed Reporting Accountants to the Company.
3
BROMLEY CRICKET CLUB
Directors' report continued
Statement of Directors Responsibilities
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 judgements and accounting estimates that are reasonable and prudent;
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will remain in business.
The Directors are responsible for keeping adequate 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.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the Board on 29 July 2021
……………………………………………………. ……………………………………………
Director
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BROMLEY CRICKET CLUB
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTORS OF
BROMLEY CRICKET CLUB
ON THE UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
In order to assist you in your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bromley Cricket Club Limited for the year ended 30th September 2020 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the Company's accounting records and information and explanations you have given us.
As a practising member firm of The Institute of Chartered Accountants in England (ICAEW), we are subject to its ethical and other professional requirements, which are detailed at icaew.com/membershandbook.
This report is made solely to the Directors of Bromley Cricket Club Limited, as a body, in accordance with the terms of our Letter of Engagement dated 19 January 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Bromley Cricket Club Limited and state those matters that we have agreed to state to the Board of Directors of Bromley Cricket Club 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 any responsibility to anyone other than Bromley Cricket Club Limited and its Board of Directors, as a body, for our work or this report.
It is your duty to ensure that Bromley Cricket Club Limited has kept adequate financial records and to prepare statutory financial reports that show a true and fair view of the assets, liabilities, financial position and loss of Bromley Cricket Club Limited. You consider that Bromley Cricket Club 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 financial statements of Bromley Cricket Club 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 financial statements.
Devonshire House
MOORE KINGSTON SMITH LLP
60 Goswell Road Chartered Accountants
London And Registered Auditors
EC1M 7AD
Date: 30 July 2021
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BROMLEY CRICKET CLUB
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Notes
2020
2019
£
£
TURNOVER
1 409,931
483,325
Cost of sales
(69,584)
(175,173)
_______
_______
Gross surplus
340,347
308,152
Administration expenses
(299,507)
(329,023)
_______
_______
Operating surplus (deficiency)
2
40,840
(20,871)
Donation income from BCCL Trading Ltd
13,974
-
Interest
5
Payable
(245)
(54)
Receivable
-
407
_______
________
Operating surplus (deficiency) on ordinary
activities before taxation
54,569
(20,518)
Tax on profit on ordinary activities 6
-
-
_______
________
Operating surplus (deficiency) for the year
54,569
(20,518)
_______
________
6
BROMLEY CRICKET CLUB
BALANCE SHEET AS AT 30 SEPTEMBER 2020
30/09/19
Note
£
£
£
£
£
£
Fixed Assets 3
484,857
531,446
Investments 12
10 -
_______ _______
484,867
531,446
Current Assets
Stock
1,500
9,218
Debtors
6,191
17,933
Cash 117,902
27,579
______ 125,593 ______ 54,730
Creditors 7
due within 1 year (74,813) (93,641)
_______ _______
Net Current Assets (Liabilities) 50,780 (38,911)
________ _______
Total Assets less Current Liabilities 535,647 492,535
Creditors due after 1 year (70,874) (69,407)
Provisions - (12,924)
Net Assets
464,773
410,204
________ ________
Reserves 11 464,773 410,204
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BROMLEY CRICKET CLUB
BALANCE SHEET AS AT 30 SEPTEMBER 2020
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2021 and are signed on its behalf by:
…………………………………………. ............................................
Director
Company Registration No. 073688660
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BROMLEY CRICKET CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1. Accounting policies
Bromley Cricket Club Limited is a private company limited by guarantee
incorporated in England and Wales. The Registered Office is at 98 Plaistow Lane,
Bromley, Kent BR1 3AS.
1.1 Going concern
The Directors have considered the financial position of the Club in the light of recent
years' losses. The profit produced in this financial year and financial position at the
time of approval of these accounts satisfies the Directors that the Club can continue
as a going concern now that previous years' losses have been reversed and a return
to profit achieved.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to use the going concern basis of accounting in preparing the financial statements.
1.2 Accounting convention
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these accounts are rounded to the pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold land and buildings. The principle accounting policies adopted are set out below.
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
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BROMLEY CRICKET CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1.3
Turnover
Turnover represents the invoiced value for sales and all other invoices net of VAT. Subscriptions for summer sports are accounted for as received. Other sports are on an accruals basis.
1.4 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write of the cost or valuation of assets less their residual value over their useful lives on the following bases:
Indoor tennis centre
10% Straight line
Freehold land
and buildings
NIL
Buildings
2% Straight line
Plant and Machinery
16.66% Straight line
The gain or loss arising on the disposal of any asset is determined by the difference
between the sale proceeds and the carrying value of the asset, and is credited or
charged to profit and loss.
1.5 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and
other short term liquid investments with original maturities of three months or less.
1.6 Financial instruments
Basic financial instruments are measured at cost. The company has no other financial
instruments or basic instruments measured at a fair value.
1.7 Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net
of direct issue costs. Dividends payable on equity instruments are recognised as
liabilities once they are no longer at the discretion of the company.
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BROMLEY CRICKET CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
1.8 Taxation
The tax expense represents the sum of tax currently payable.
Current tax
The tax currently payable is based on the taxable profit for the year. Taxable profit
differs from net profit as reported in the profit and loss account as it excludes items of
income and 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 enacted or substantively enacted by the
report end date.
Deferred Tax
Deferred tax is recognised as a liability or asset if transactions or events that give the company the obligation to pay more tax in future or a right to pay less tax in future have occurred by the balance sheet date.
1.9
Government and Sports Association 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.
1.10
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
2.
Operating profit
2020
2019
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
46,589
51,546
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BROMLEY CRICKET CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3.
Tangible Fixed Assets as at 30/09/2020
Land and Airhall Plant and
Buildings Machinery Total
£ £ £ £
Cost or Revaluation
as at 01/10/2019 511,228 370,830 239,126 1,121,184
Additions
0 0 0 0
Cost or Revaluation
as at 30/09/2020 511,228 370,830 239,126 1,121,184
Depreciation
As at 1/10/2019 143,050 270,000 176,688 538,192
Charge for the year
4,000 30,000 12,589 46,589
Depreciation 147,050 300,000 189,277 584,781
as at 30/09/2020
NBV 30/09/20
364,178 70,830
49,849 484,857
NBV 30/09/19 368,178 100,830
62,438 531,446
4.
Debtors and stock 2020 2019
£ £
Debtors
6,191 17,933
Stock - Bar - 7,718
- Ground Materials 1,500 1,500
1,500 9,218
5.
Investment income
Interest received
- 407
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BROMLEY CRICKET CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
6.
Taxation
Domestic current year tax
UK Corporation Tax - -
7. Creditors falling due within 1 year
Trade Creditors 36,276 58,153
PAYE NI and VAT 8,966 8,122
BCC Trading Ltd 2,703
-
Other Creditors 26,868 27,366
74,813
93,641
8.
Creditors due after more than 1 year
LTA loan
9,000
2,500
Members' loans
59,299 59,800
VAT deferred
0
3,618
Other creditors
2,574
2,389
70,873 69,407
9.
Accruals and Deferred Income
LTA Grants
Balance as at 01/10/2019 12,924 30,424
Additions during the year
-
-
Total grant
12,924
30,424
Amortisation in the year (12,924) (17,500)
Balance as at 30/09/2020 - 12,924
Grant recovered for the construction of the Airhall of £12,924 (2019 - £17,500) has been recognised as income in the year. This sum is not repayable except where the Company fails to provide the services agreed or ceases to operate or enters insolvency
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BROMLEY CRICKET CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2019 2019
£ £
10.
LTA Loans
Balance as at 01/10/2019 7,500 12,500
Additions in the year
10.000 -
Total Loan
17,500 12,500
Repaid in the year (2,500) (5,000)
Balance as at 30/09/2020
15,000 7,500
Amount due within 1 year
6,000
5,000
Amount due over 1 year
9,000 2,500
11. Statement of Movement on Reserves
2020
2019
Tennis Courts Indoor Tennis General Total Total
Sinking Fund Centre Sinking Fund
£ £ £
£ £
As at 01/10/2019 52,200 157,500 200,504 410,204 430,722
Surplus (Deficit) for the year
-
- 54,569 54,569 (20,518)
Transfer between funds - 17,500
(17,500) - -
As at 30/09/20 52,200 175,000 237,573 464,773 410,204
Under FRS 102 there is no statutory requirement to separately allocate reserves.
The analysis is for information purposes only.
12.
Investments
Shares in Group Undertakings
10
-
During the year the club set up a wholly owned subsidiary.
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