Widnes Sport Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06414112 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

FOR

WIDNES SPORT LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J T Rule

R Munson

B D O'Connor

R C Snedden

S O'Connor

REGISTERED OFFICE:

18 Mulberry Avenue

Turnstone Park

Widnes

Cheshire

WA8 0WN

REGISTERED NUMBER:

06414112 (England and Wales)

ACCOUNTANTS:

Bramwell Morris

18 Mulberry Avenue

Turnstone Park

Widnes

Cheshire

WA8 0WN

FIXED ASSETS

Intangible assets

4

-

12,834

Tangible assets

5

79,868

91,308

79,868

104,142

CURRENT ASSETS

Stocks

180,502

192,625

Debtors

188,984

341,077

Cash at bank

45,149

157,811

414,635

691,513

CREDITORS

Amounts falling due within one year

1,424,280

1,831,083

NET CURRENT LIABILITIES

(1,009,645

)

(1,139,570

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(929,777

)

(1,035,428

)

CREDITORS

Amounts falling due after more than one year

493,650

397,654

NET LIABILITIES

(1,423,427

)

(1,433,082

)

CAPITAL AND RESERVES

Called up share capital

1,200

1,200

Share premium

299,400

299,400

Retained earnings

(1,724,027

)

(1,733,682

)

(1,423,427

)

(1,433,082

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 August 2018 and were signed on its behalf by:

J T Rule - Director

R Munson - Director

B D O'Connor - Director

1.	STATUTORY INFORMATION

Widnes Sport Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard

applicable in the UK and Republic of Ireland" ("FRS 102"), the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies regime, and under the historical cost convention. The

disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is

required to show a true and fair view.

First time adoption of FRS 102

These financial statements are the first financial statements the Company has prepared in accordance with

Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland' (FRS 102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial

statements of the Company for the year ended 30 November 2016 were prepared in accordance with

"Financial Reporting Standard for Smaller Entities (effective January 2015) (FRSSE)".

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting

policy choices differ from the FRSSE. Consequently, the directors have amended certain accounting policies to

comply with FRS 102. The directors have also taken advantage of certain exemptions from the requirements of

FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'.

The reported financial position and financial performance for the previous period are not affected by the

transition to FRS 102.

Turnover

Turnover comprises income receivable by the company in respect of goods and services supplied in the year.

Turnover includes ticket sales, sponsorship, sales of merchandise, income from the rugby football league

governing body all net of value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Transfer Fee are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Going concern

These financial statements have been prepared on the going concern basis, which assumes that the company

will be able to meet its liabilities as they fall due. The company meets its day to day working capital

requirements with the financial support of the directors. On the basis of the next 12 months budget the

directors consider that the company will continue to operate within its financial means. The directors have

confirmed that they will not demand repayment of their loan accounts to the detriment of the third party

creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 81 (2016 - 71 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2016

191,000

Disposals

(116,000

)

At 30 November 2017

75,000

AMORTISATION

At 1 December 2016

178,166

Amortisation for year

12,834

Eliminated on disposal

(116,000

)

At 30 November 2017

75,000

NET BOOK VALUE

At 30 November 2017

-

At 30 November 2016

12,834

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 December 2016

925,971

Additions

15,183

At 30 November 2017

941,154

DEPRECIATION

At 1 December 2016

834,663

Charge for year

26,623

At 30 November 2017

861,286

NET BOOK VALUE

At 30 November 2017

79,868

At 30 November 2016

91,308

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.11.17

30.11.16

£

£

Within one year

124,324

124,324

Between one and five years

386,383

472,374

510,707

596,698

7.	RELATED PARTY DISCLOSURES

No individual shareholder has overall majority. The day to day running of the company is carried out by Mr J

Rule who is a 25% shareholder. At the year end Mr Rule had a directors loan account balance of £7,363. Mr S

O'Connor, another 25% shareholder had a directors loan account balance of £373,650 at the year end. Mr B

O'Connor is a 17% shareholder and at the year end had a directors loan account balance of £10,546. Mr R

Snedden is a 21% shareholder and at the year end had a directors loan account balance of £6,000.

The community arm of Widnes Sport Limited is Vikings Sport Foundation which occupies office space and uses

the facilities and employees of the company in its charitable work in the community of Halton. These are

recharged in the year.