The Hurlingham Polo Association - Period Ending 2022-12-31
The Hurlingham Polo Association - Period Ending 2022-12-31
Registration number:
The Hurlingham Polo Association
(A company limited by guarantee)
for the Year Ended 31 December 2022
The Hurlingham Polo Association
Contents
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Balance Sheet |
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Notes to the Financial Statements |
The Hurlingham Polo Association
(Registration number: 05049372)
Balance Sheet as at 31 December 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments in subsidiaries |
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Listed investments |
686,443 |
801,951 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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The Hurlingham Polo Association
(Registration number: 05049372)
Balance Sheet as at 31 December 2022
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2022
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Covid 19 and going concern
The years 2020 and 2021 were inevitably overshadowed by the effect of the Covid 19 pandemic, which was ongoing in both years. Due to the decisions taken by the directors, the HPA continued to trade profitably throughout the duration of the pandemic. A legacy of the Covid-19 pandemic may well remain, and 2022 has also seen adverse economic conditions which has generally resulted in increased costs and reduced market value of investments.
The HPA continues to have access to significant liquid resources and these can be augmented, if necessary by utilising some of its reserves, which have been accumulated to provide protection in times of need.
Therefore the directors have a reasonable expectation that the HPA will continue to have sufficient financial resources available to enable it to meet its liabilities as they fall due for the foreseeable future, being not less than one year from the date on which these financial statements were signed, including the provision of support to the subsidiary company, HPA Commercial Limited (see also note 11).
These financial statements have therefore been drawn up on the going concern basis, which assumes that this will be the case.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of membership fees and associated income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and are expected to apply to the reversal of the timing difference.
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
20% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Taxation |
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2022 |
2021 |
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£ |
£ |
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Corporation tax |
2,771 |
32,045 |
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Deferred tax |
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2,771 |
32,045 |
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2022
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
No director receives any remuneration for their services to the company.
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Tangible assets |
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Office equipment |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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Disposals |
( |
( |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2022
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Investments |
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2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2022 |
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Provision |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Details of undertakings
Details of the investments (including principal place of business of incorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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Manor Farm, Little Coxwell, Faringdon, Oxfordshire, SN7 7LW England & Wales |
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Manor Farm, Little Coxwell, Faringdon, Oxfordshire, SN7 7LW England & Wales |
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HPA Events Limited is dormant and has never traded.
HPA Commercial Limited
Until 31 December 2018 the principal activity of HPA Commercial Limited was brand licensing. Since 1 January 2019 HPA Commercial Limited has also been responsible for all the commercial activities formerly carried on by The HPA.
The (loss)/profit for the financial period of HPA Commercial Limited was (£242,145) (2021: £143,007) and the aggregate amount of capital and reserves at the end of the period was (£702,004) (2021: (£459,859)).
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2022
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Listed investments |
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Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2022 |
801,951 |
801,951 |
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Fair value adjustments |
(128,858) |
(128,858) |
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Additions |
13,350 |
13,350 |
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At 31 December 2022 |
686,443 |
686,443 |
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Carrying amount |
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At 31 December 2022 |
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686,443 |
Included within the total investment balance of £686,443 (2021: £801,951) is a cash balance of £27,313 (2021: £13,963).
The aggregate cost of the listed investments held is £603,427 (2021: £603,554).
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Debtors |
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Current |
2022 |
2021 |
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Trade debtors |
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Prepayments |
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The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2022
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Creditors |
Creditors: amounts falling due within one year
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2022 |
2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
During the period rent of £12,000 (2021: £10,000) was paid to the Chief Executive, D J B Woodd, for the premises used by the Association for administrative purposes. 10% of this rent was recharged to HPA Commercial Ltd for their use of the premises.
At the balance sheet date a creditor of £nil (2021: £2,943) was owed to D J B Woodd by the company.
In order to optimise operational efficiency and maximise the exploitation of the Hurlingham brand, the company has two wholly owned subsidiary companies, being:
HPA Commercial Limited (formerly HPA Licensing Limited).
HPA Events Limited
In the initial years of trading, HPAC's principal activity was the licensing of the Hurlingham brand and, in common with many start-up businesses, trading losses were sustained.
The HPA provided all the cash funding to cover the working capital requirements of HPAC and gave assurances that it would provide such additional funds as were necessary to enable it to meet its liabilities as they fall due. In addition, the HPA confirmed that it would not require repayment of amounts already advanced unless HPAC would remain solvent following such repayment.
All funds advanced to HPAC are provided for in full in the HPA's annual accounts and the balance was £879,622 (2021: £520,061).
With effect from 1 January 2019, HPAC assumed responsibility for all the commercial activities of the group and has generated profits/(losses) before tax of £106,527, £143,007 and (£242,145) in the years ended 31 December 2020, 2021 and 2022 respectively.
Assuming that HPAC continues to trade in accordance with its agreed business plan it is hoped that the company will become self-financing and surplus cash will be returned to the HPA as circumstances allow.
In the meantime, the HPA will continue to provide ongoing financial support to HPAC as explained above.
HPA Events Limited as a wholly owned subsidiary is a dormant company and a creditor balance of £1 is payable to this company at the year end. This represents the share capital acquired by the Hurlingham Polo Association.
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2022
12
Controlling party
The company is under the common control of its members, and therefore there is no single individual or party that can, or does, have overall control of The Hurlingham Polo Association.
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The income and property of the company shall be applied solely towards the promotion of its stated objectives and no part thereof shall be paid or transferred directly or indirectly, by way of dividend or otherwise to the members of the company.