Vale Sports Arena Ltd Filleted accounts for Companies House (small and micro)

VALE SPORTS ARENA LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09766305

VALE SPORTS ARENA LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2020

VALE SPORTS ARENA LTD

FINANCIAL STATEMENTS

Year ended 30 September 2020

CONTENTS	PAGES

Balance sheet	1

Notes to the financial statements	2 to 5

VALE SPORTS ARENA LTD

BALANCE SHEET

30 September 2020

	2020	2019
Note	£	£

FIXED ASSETS

Tangible assets	5	67,034	83,094

CURRENT ASSETS

Stocks	–	2,500
Cash at bank and in hand	2,729	843
	-------	-------
	2,729	3,343

CREDITORS: amounts falling due within one year	6	( 148,834)	( 139,528)
		---------	---------
NET CURRENT LIABILITIES		( 146,105)	( 136,185)
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 79,071)	( 53,091)

CREDITORS: amounts falling due after more than one year	7	( 358,046)	( 217,263)
		---------	---------
NET LIABILITIES		( 437,117)	( 270,354)
		---------	---------

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	( 437,119)	( 270,356)
	---------	---------
SHAREHOLDERS FUNDS	( 437,117)	( 270,354)
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 30 September 2020 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 were approved by the board of directors and authorised for issue on 17 December 2021 , and are signed on behalf of the board by:

Mr P Griffiths

Director

Company registration number: 09766305

VALE SPORTS ARENA LTD

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 September 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cumbria House, Penarth Road, Penarth, CF64 2WW. The principal place of business is Vale Sports Arena, Penarth Road, Cardiff, CF11 8TW.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Going concern

The accounts have been prepared on the going concern basis. The accounts show that the company has net liabilities of £437,117. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from its directors. Were this support not available, the company may not be able to continue trading. The directors are satisfied that the company will be able to meet its obligations given their continuing support. They therefore consider it appropriate to prepare the accounts on a going concern basis.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 10 years
Plant and machinery	-	10% straight line
Fixtures and fittings	-	20% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

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 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. 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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 4 (2019: 2 ).

5. TANGIBLE ASSETS

	Long leasehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 October 2019 and 30 September 2020	31,968	82,179	23,222	137,369
	--------	--------	--------	---------
Depreciation
At 1 October 2019	10,515	29,070	14,690	54,275
Charge for the year	3,197	8,218	4,645	16,060
	--------	--------	--------	---------
At 30 September 2020	13,712	37,288	19,335	70,335
	--------	--------	--------	---------
Carrying amount
At 30 September 2020	18,256	44,891	3,887	67,034
	--------	--------	--------	---------
At 30 September 2019	21,453	53,109	8,532	83,094
	--------	--------	--------	---------

6. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Social security and other taxes	32,753	23,447
Other creditors	116,081	116,081
	---------	---------
	148,834	139,528
	---------	---------

7. CREDITORS: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	71,000	–
Other creditors	287,046	217,263
	---------	---------
	358,046	217,263
	---------	---------

8. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	85,000	95,181
Later than 1 year and not later than 5 years	255,000	340,568
Later than 5 years	–	208,000
	---------	---------
	340,000	643,749
	---------	---------

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Directors' loan balances amounting to £287,046 (2019 - £217,263) are included within creditors due after more than one year. The loans are interest free. The directors have given personal guarantees over the lease on the premises from which the company trades.