(Company Limited by Guarantee)
for the year ended
Registered Number
Devon Cricket Board Limited
Directors' report and financial statements for the year ended 31 January 2023
Contents
Company information for the year ended 31 January 2023 | 3 |
Balance sheet as at 31 January 2023 | 4 |
Notes to the financial statements for the year ended 31 January 2023 | 5 |
Devon Cricket Board Limited
Company information for the year ended 31 January 2023
Directors
Mr J A Sparkes
Mr
Mr
Mr
Mrs
Mrs
Mrs
Mr
Mr
Company Secretary
Mr
Registered Office
University of Exeter
Registered Number
07024773
Devon Cricket Board Limited
Registered Number 07024773
Statement of Financial Position as at
| Note | 31 January | 31 January |
|
| 2023 | 2022 |
|
| £ | £ |
Fixed assets |
|
|
|
Tangible fixed assets | 5 | ||
|
|
|
|
Current assets |
|
|
|
Stock |
| - | |
Debtors | 6 | ||
Cash at bank and in hand |
| ||
|
| ||
|
|
|
|
Creditors: amounts falling due within one year | 7 | ( | ( |
|
|
|
|
Net current assets |
| ||
|
|
|
|
Net assets less current liabilities |
| ||
|
|
|
|
Net assets |
| ||
|
|
|
|
Capital and reserves |
|
|
|
Profit and loss account |
| ||
|
|
|
|
|
|
The financial statements were approved and authorised for issue by
Mr J A Sparkes
Chair
The notes on pages 4 to 11 form part of these financial statements.
Devon Cricket Board Limited
Notes to the financial statements for the year ended 31 January 2023
1. General information
2. Accounting policies
Basis of preparation of financial statements
The following principal accounting policies have been applied:
Revenue recognition
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:
Rendering of services
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• | the amount of revenue can be measured reliably; |
• | it is probable that the Company will receive the consideration due under the contract; |
• | the stage of completion of the contract at the end of the reporting year can be measured reliably; and |
• | the costs incurred and the costs to complete the contract can be measured reliably. |
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income
Devon Cricket Board Limited
Notes to the financial statements for the year ended 31 January 2023 (continued)
Pensions
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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Taxation
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets
Depreciation is provided on the following basis:
Office equipment | - |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Debtors
Devon Cricket Board Limited
Notes to the financial statements for the year ended 31 January 2023 (continued)
Cash and cash equivalents
Creditors
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting year for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Devon Cricket Board Limited
Notes to the financial statements for the year ended 31 January 2023 (continued)
3. Employees
The average monthly number of employees, including directors, during the year was
5. Tangible fixed assets
| Office equipment |
| £ |
COST |
|
At 1 February 2022 | |
Additions | |
|
|
At 31 January 2023 | |
|
|
DEPRECIATION |
|
At | |
Charge for the year on owned assets | |
|
|
At 31 January 2023 | |
|
|
NET BOOK VALUE |
|
At 31 January 2023 | |
|
|
At 31 January 2022 |
6. Debtors
| 31 January | 31 January |
| 2023 | 2022 |
| £ | £ |
|
|
|
Trade debtors | ||
Prepayments and accrued income | ||
|
|
|
|
Devon Cricket Board Limited
Notes to the financial statements for the year ended 31 January 2023 (continued)
7. Cash and cash equivalents
| 31 January | 31 January |
| 2023 | 2022 |
| £ | £ |
|
|
|
Cash at bank and in hand | ||
|
|
|
|
8. Creditors: amounts falling due within one year
| 31 January | 31 January |
| 2023 | 2022 |
| £ | £ |
|
|
|
Trade creditors | ||
Other creditors | ||
Accruals and deferred income | ||
|
|
|
|
9. Financial instruments
Financial assets | 31 January | 31 January |
| 2023 | 2022 |
| £ | £ |
|
|
|
Financial assets measured at fair value through profit or loss |
Financial assets measured at fair value through profit or loss comprise cash at bank.
10. Company status
The company is a private company limited by guarantee and consequently does not share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
11. Pension commitments
The company operates a
Devon Cricket Board Limited
Notes to the financial statements for the year ended 31 January 2023 (continued)
12. Related party transactions