Hawick Rugby Limited - Period Ending 2017-05-31

Registration number: SC174679

Hawick Rugby Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

Hawick Rugby Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 5

Hawick Rugby Limited

Company Information

Directors

R W A Bannerman W R Cameron J Thorburn T Sellar

Registered office

27 North Bridge Street Hawick Borders TD9 9BD

Bankers

The Royal Bank of Scotland 31 High Street Hawick Roxburghshire TD9 9BX

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Borders TD9 9BD

Page 1

Hawick Rugby Limited

(Registration number: SC174679)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Current assets
Debtors	4	35	-
Cash at bank and in hand		3,883	2,766
		3,918	2,766
Creditors: Amounts falling due within one year	5	(3,400)	(8,189)
Net assets/(liabilities)		518	(5,423)
Capital and reserves
Called up share capital		20,000	20,000
Profit and loss account		(19,482)	(25,423)
Total equity		518	(5,423)

For the financial year ending 31 May 2017 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 accounts for the year in question in accordance with section 476; and
•	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.

Approved and authorised by the Board on 3 July 2017 and signed on its behalf by:
 

.........................................

T Sellar

Director

The notes on pages 3 to 5 form an integral part of these financial statements.

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Hawick Rugby Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
27 North Bridge Street
Hawick
Borders
TD9 9BD

The principal place of business is:
Mansfield Park
Hawick
Roxburghshire
TD9 8AL

These financial statements were authorised for issue by the Board on 3 July 2017.

2	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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £ 0

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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Hawick Rugby Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2016 - 4).

4

Debtors

	2017 £	2016 £
Trade debtors	35	-
Total current trade and other debtors	35	-

5

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		-	5,514
Taxation and social security		-	2,425
Other creditors		3,400	250
		3,400	8,189

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Hawick Rugby Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

6	Related party transactions

Summary of transactions with parent

Hawick Rugby Club
 During the year the company made a donation to its parent Hawick Rugby Football Club of £ 17,000.00
 

Summary of transactions with other related parties

Hawick Rugby Football Club
 During the year the company made the following related party transactions:
 (Hawick Rugby Limited is a wholly owned subsidiary of Hawick Rugby Football Club)
The club had lent funds to the company in previous years. At the balance sheet date the amount due to Hawick Rugby Football Club was £ Nil (2016 - £ Nil)
 

7	Transition to FRS 102

No adjustments are required in respect of the transition to FRS 102

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