Colchester Rugby Limited Accounts

COLCHESTER RUGBY LIMITED - Company Information






Colchester Rugby Limited
	Company No. 10106142
		Directors' Report and Audited Accounts
		31 May 2017




							Pages

Company Information							2
Directors' Report							3
Auditor's Report							4 to 5
Profit and Loss Account							6
Balance Sheet							7
Statement of Changes in Equity							8
Notes to the Accounts							9 to 14

Directors

N.C. Gould
K.W. O'Brien
M.F.T. Whiteman






































Secretary

M.F.T. Whiteman

Registered Office

Mill Road Playing Fields
Mill Road
Colchester
Essex
CO4 5JF

Auditor

Edmund Carr LLP
146 New London Road
Chelmsford
Essex
CM2 0AW

The Directors present their report and the accounts for the period ended 31 May 2017.

Principal activities
The principal activity of the company during the period under review was operations of sports facilities.




Directors

The Directors who served at any time during the period were as follows:

N.C. Gould
K.W. O'Brien
M.F.T. Whiteman











































Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
*	select suitable accounting policies and then apply them consistently;
*	make judgments and estimates that are reasonable and prudent;
*	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

Statement of disclosure of information to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.













The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

M.F.T. Whiteman
Company Secretary
06 February 2018

Independent Auditor's Report to the member of Colchester Rugby Limited

We have audited the financial statements of Colchester Rugby Limited for the year ended 31 May 2017 which comprise the profit and loss account, balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

Scope of the audit of the accounts

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the directors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Basis for qualified opinion on the financial statements
With respect to stock having a carrying amount of £16,860, the audit evidence available to us was limited because we did not observe the counting of physical stock as at 31 May 2017, since that date was prior to our appointment as auditor of the company. Owing to the nature of the company’s records, we were unable to obtain sufficient appropriate audit evidence regarding the stock quantities by using other audit procedures.
Qualified opinion on financial statements
In our opinion , except for the effects of the matter described in the basis for qualified opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2017 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and have been prepared in accordance with the requirements of the Companies Act 2006.




Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.



Matters on which we are required to report by exception
In respect solely of the limitation on our work relating to stock, described above: - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and - we were unable to determine whether adequate accounting records had been kept. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; and - the directors was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.






Colin Barker
Senior Statutory Auditor
Edmund Carr LLP
Chartered Accountants and Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW

06 February 2018

for the period ended 31 May 2017

	Notes	2017

		£
Turnover		397,715

Cost of sales		(214,437)

Gross profit		183,278

Distribution costs and selling expenses		(7,372)

Administrative expenses		(171,411)



Operating profit		4,495











Profit on ordinary activities before taxation		4,495

Taxation		(892)

Profit for the financial period after taxation		3,603

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 31 May 2017

		2017

		£
Profit for the financial period after taxation		3,603

Other comprehensive income		-





Total comprehensive income for the period		3,603

at	31 May 2017

Company No.		10106142	Notes	2017
				£






Current assets
	Stocks		3	16,860


	Cash at bank and in hand			6,419
				23,279
Creditors: Amount falling due within one year			4	(19,675)
Net current assets				3,604
Total assets less current liabilities				3,604




Net assets				3,604

Capital and reserves
	Called up share capital			1



	Profit and loss account		5	3,603

Total equity				3,604


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.


The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.


Approved by the board on 06 February 2018

And signed on its behalf by:

N.C. Gould
Director
06 February 2018

for the period ended 31 May 2017

		Share Capital	Retained earnings	Total equity
		£	£	£
	At 6 April 2016	-	-	-













	Shares issued during the period	1		1



	Profit for the period		3,603	3,603


	At 31 May 2017	1	3,603	3,604

for the period ended 31 May 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with Section 1A of FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• 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 economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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 profits 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.

Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

2	Employees
			2017
			Number
		The average number of persons employed during the period :	10

3	Stocks
			2017
			£


		Finished goods	16,860
			16,860

4	Creditors:
		amounts falling due within one year
			2017
			£






		Corporation tax	892
		Other taxes and social security	9,943

		Other creditors	4,954
		Accruals and deferred income	3,886
			19,675

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Name of related party

Colchester Rugby Football Club Limited

Description of relationship between the parties

Parent Company

Description of transaction and general amounts involved

Donations of £110,283 were made during the year to Colchester Rugby Football Club Limited. There is a resource sharing agreement between the 2 companies.

Controlling parties

Immediate controlling party

Colchester Rugby Football Club Ltd

Ultimate controlling party

Colchester Rugby Football Club Ltd

Registered office of parent company:

Mill Road Playing Fields

Mill Road

Colchester

Essex

CO4 5JF

Additional information

Its registered number is:

10106142

Its registered office is:

Mill Road Playing Fields

Mill Road

Colchester

Essex

CO4 5JF