Newport (Salop) Rugby Union Football Club Limited
Newport (Salop) Rugby Union Football Club Limited
Registered number: 7249008
Unaudited Financial Statements
For The Year Ended
31 May 2023
Newport (Salop) Rugby Union Football Club Limited
Unaudited Financial Statements
For The Year Ended
31 May 2023
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Newport (Salop) Rugby Union Football Club Limited
Balance Sheet
As At
31 May 2023
Balance Sheet
Registered number:
7249008
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET ASSETS |
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| RESERVES | |||||
| Other reserves |
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| Income and Expenditure Account |
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| MEMBERS' FUNDS | 6,028 | 44,048 | |||
Newport (Salop) Rugby Union Football Club Limited
Balance Sheet (continued)
As At
31 May 2023
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Newport (Salop) Rugby Union Football Club Limited
Notes to the Financial Statements
For The Year Ended
31 May 2023
Notes to the Financial Statements
1.
General Information
Newport (Salop) Rugby Union Football Club Limited
is a private company, limited by guarantee, incorporated in England & Wales, registered number
7249008
. The registered office is The Showground, Forton Road, Newport, Shropshire, TF10 8BU.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Leasehold |
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| Fixtures & Fittings |
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2.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in surplus or deficit, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.
Newport (Salop) Rugby Union Football Club Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
2.7.
Government Grant
Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned.
All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 66 (2022: 34)
4.
Tangible Assets
| Land & Property | ||||
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| Freehold | Leasehold | Fixtures & Fittings | Total | |
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| Depreciation | ||||
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| Net Book Value | ||||
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5.
Stocks
| 2023 | 2022 | ||
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| £ | £ | ||
| Stock |
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6.
Debtors
| 2023 | 2022 | ||
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| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| VAT | - |
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Newport (Salop) Rugby Union Football Club Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
7.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | 2,218 | 1,857 | |
| Other creditors |
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| Accruals and deferred income |
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8.
Creditors: Amounts Falling Due After More Than One Year
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| Other creditors |
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9.
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute an amount not exceeding £1 to the assets of the company in the event of a winding up.