ACCOUNTS - Final Accounts

OLD ALBANIAN SPORTS CLUB LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01No description of principal activity3328truetrue 05302306 2022-04-01 2023-03-31 05302306 2021-04-01 2022-03-31 05302306 2023-03-31 05302306 2022-03-31 05302306 c:Director1 2022-04-01 2023-03-31 05302306 d:CurrentFinancialInstruments 2023-03-31 05302306 d:CurrentFinancialInstruments 2022-03-31 05302306 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05302306 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05302306 d:ShareCapital 2023-03-31 05302306 d:ShareCapital 2022-03-31 05302306 d:RetainedEarningsAccumulatedLosses 2023-03-31 05302306 d:RetainedEarningsAccumulatedLosses 2022-03-31 05302306 c:FRS102 2022-04-01 2023-03-31 05302306 c:Audited 2022-04-01 2023-03-31 05302306 c:FullAccounts 2022-04-01 2023-03-31 05302306 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05302306 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05302306 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 05302306

OLD ALBANIAN SPORTS CLUB LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

OLD ALBANIAN SPORTS CLUB LIMITED

REGISTERED NUMBER: 05302306

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£


Current assets
Stocks	5	15,950		8,895
Debtors: amounts falling due within one year	6	28,518		24,443
Cash at bank and in hand		47,786		56,442
		92,254		89,780
Creditors: amounts falling due within one year	7	(828,267)		(703,625)
Net current liabilities			(736,013)		(613,845)
Total assets less current liabilities			(736,013)		(613,845)

Net liabilities			(736,013)		(613,845)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(736,015)	(613,847)
	(736,013)	(613,845)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C.S. Tallents

Director

Date: 20 December 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

OLD ALBANIAN SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Old Albanian Sports Club Limited is a private company limited by shares incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are set out in the Director's report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Company meets its day to day working capital requirements through intercompany financing that it receives from its parent entity, the Old Albanian Sports Association Limited. On this basis the Director considers that the Company will continue to operate for the forseeable future and it is therefore appropriate to prepare the accounts on a going concern basis.
The directors note that there is a material uncertaintly regarding the support received if this trading subsidary is not aligned with the best interests of the charitable activities.
The Director has considered the effect on the value of the assets and liabilities of the Company since the balance sheet date, as well as actual and expected future income and expenditure, cash flow requirements and the Company’s ability to continue as a going concern. Steps have been taken to protect the workforce and the business so as to be able to maintain liquidity given that the effects of the crisis are ongoing.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2

OLD ALBANIAN SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Stocks

Stocks are stated at the lower of cost and selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.10

Creditors

Short term creditors are measured at the transaction price.

2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless

Page 3

OLD ALBANIAN SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.11

Financial instruments (continued)

the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, 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. The nature of estimation means the actual outcomes could differ from those estimates.

Employees

The average monthly number of employees, including directors, during the year was 33 (2022 - 28).

5.	Stocks
		2023	2022
		£	£

Finished goods and goods for resale	15,950	8,895
	15,950	8,895

Debtors

					2023	2022
					£	£


Trade debtors	21,732	17,131
Other debtors	6,786	7,312
	28,518	24,443

Page 4

OLD ALBANIAN SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

7.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Bank overdrafts	437	-
Trade creditors	26,993	24,916
Amounts owed to group undertakings	764,323	641,331
Other taxation and social security	6,150	10,904
Other creditors	30,364	26,474
	828,267	703,625

8.	Controlling party

The holding body is Old Albanian Sports Association, a charity incorporated in the England and Wales. Consolidated financial statements are filed with Companies House and the Charity Commission. The charity's registered office and principle place of business are the same as Old Albanian Sports Club Limited.

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

In their report, the auditors emphasised that following matter without qualifying their report:

We draw attention to Note 2.2 of the financial statements which describes the uncertainty around the going concern of the Company. Our opinion is not qualified in respect of this matter.

The audit report was signed on 20 December 2023 by Elizabeth Wicks ACA (Senior Statutory Auditor) on behalf of WMT.

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