Aberystwyth Rugby Football Club (2019) Limited 30/04/2022 iXBRL

Aberystwyth Rugby Football Club (2019) Limited 30/04/2022 iXBRL

ABERYSTWYTH RUGBY FOOTBALL CLUB (2019) LIMITED - Company Information

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Company registration number: 12135441
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
Unaudited filleted financial statements
30 April 2022
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
Directors and other information
Directors Mr P. Wyn Morgan (Retired 18 March 2022)
Mr Tim Lewis (Retired 18 March 2022)
Mr Brian Isaac
Mrs Gwendoline Jenkins
Mr Brian Morgan
Mr Robert Read
Mr Huw Williams
Mrs Nerys Ann Hywel (Appointed 18 March 2022)
Company number 12135441
Registered office Aberystwyth Rugby Club
Plascrug
Aberystwyth
SY23 1HL
Accountant Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
Statement of financial position
30 April 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 437,293 440,224
Investments 7 15,800 16,000
_______ _______
453,093 456,224
Current assets
Debtors 8 8,610 9,214
Cash at bank and in hand 59,017 55,434
_______ _______
67,627 64,648
Creditors: amounts falling due
within one year 9 ( 8,925) ( 8,725)
_______ _______
Net current assets 58,702 55,923
_______ _______
Total assets less current liabilities 511,795 512,147
Creditors: amounts falling due
after more than one year 10 ( 35,523) ( 41,998)
_______ _______
Net assets 476,272 470,149
_______ _______
Capital and reserves
Profit and loss account 476,272 470,149
_______ _______
Members funds 476,272 470,149
_______ _______
For the year ending 30 April 2022 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 13 September 2022 , and are signed on behalf of the board by:
Mrs Nerys Ann Hywel Mr Brian Isaac
Director Director
Company registration number: 12135441
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
Statement of changes in equity
Year ended 30 April 2022
Profit and loss account Total
£ £
At 1 May 2020 438,152 438,152
Profit for the year 31,997 31,997
_______ _______
Total comprehensive income for the year 31,997 31,997
_______ _______
At 30 April 2021 and 1 May 2021 470,149 470,149
Profit for the year 6,123 6,123
_______ _______
Total comprehensive income for the year 6,123 6,123
_______ _______
At 30 April 2022 476,272 476,272
_______ _______
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by guarantee, registered in Wales. The address of the registered office is Aberystwyth Rugby Club, Plascrug, Aberystwyth, SY23 1HL.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
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 .
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation.
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 - 20 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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 club will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Limited by guarantee
The company is limited by guarantee.The liability of existing members (and former members ceasing within one year of a winding up petition) is limited to £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 May 2021 402,469 26,187 16,782 445,438
Additions - 858 - 858
_______ _______ _______ _______
At 30 April 2022 402,469 27,045 16,782 446,296
_______ _______ _______ _______
Depreciation
At 1 May 2021 - 3,298 1,916 5,214
Charge for the year - 2,303 1,486 3,789
_______ _______ _______ _______
At 30 April 2022 - 5,601 3,402 9,003
_______ _______ _______ _______
Carrying amount
At 30 April 2022 402,469 21,444 13,380 437,293
_______ _______ _______ _______
At 30 April 2021 402,469 22,889 14,866 440,224
_______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 May 2021 16,000 16,000
Disposals ( 200) ( 200)
_______ _______
At 30 April 2022 15,800 15,800
_______ _______
Impairment
At 1 May 2021 and 30 April 2022 - -
_______ _______
Carrying amount
At 30 April 2022 15,800 15,800
_______ _______
At 30 April 2021 16,000 16,000
_______ _______
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments other than loans Total
£ £
At 30 April 2022
Aggregate cost 15,800 15,800
Aggregate depreciation - -
_______ _______
Carrying amount 15,800 15,800
_______ _______
At 30 April 2021
Aggregate cost 16,000 16,000
Aggregate depreciation - -
_______ _______
Carrying amount 16,000 16,000
_______ _______
8. Debtors
2022 2021
£ £
Other debtors 8,610 9,214
_______ _______
9. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 6,692 3,492
Trade creditors - 4,273
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1 -
Other creditors 2,232 960
_______ _______
8,925 8,725
_______ _______
10. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 35,523 41,998
_______ _______
11. Other loans
The former club installed solar panels utilising a loan funded by members. The members who contributed towards this loan are repaid at the rate of £100 per year plus interest. The former club also had a loan advanced to it by a former official. This loan is being repaid in quarterly instalments. The incorporated club has assumed responsibility for these repayments.
12. General information
Aberystwyth Rugby Club incorporated on 2 August 2019 and all activity was transferred to the new entity on 1 November 2019. Aberystwyth Rugby Football Club (2019) Limited completed its registration as a Community Amateur Sports Club following the period end
13. Discontinued activities
In order to comply with CASC requirements all trading activities were transferred to a wholly owned subsidiary company, ARFC Commercial Limited on 10 December 2019.
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
The following pages do not form part of the statutory accounts.
Aberystwyth Rugby Football Club (2019) Limited
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Aberystwyth Rugby Football Club (2019) Limited
Year ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Aberystwyth Rugby Football Club (2019) Limited for the year ended 30 April 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/ gb/en/about-us/regulation/rulebook.html.
This report is made solely to the board of directors of Aberystwyth Rugby Football Club (2019) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Aberystwyth Rugby Football Club (2019) Limited and state those matters that we have agreed to state to the board of directors of Aberystwyth Rugby Football Club (2019) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Aberystwyth Rugby Football Club (2019) Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Aberystwyth Rugby Football Club (2019) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aberystwyth Rugby Football Club (2019) Limited. You consider that Aberystwyth Rugby Football Club (2019) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Aberystwyth Rugby Football Club (2019) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
14 September 2022