Devon Cricket Board Limited

 

(Company Limited by Guarantee)

 

Unaudited Directors' Report and Financial Statements

 

for the year ended 31 January 2023

 

 

 

Registered Number 07024773

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 M Theedom

Mr M I Couch

Mr R J Holifield (resigned 8th June 2023)

Mrs A Davidson

Mrs C N Linnitt

Mrs L Madeley (appointed 8th June 2023)

Mr M P Tyler (resigned 6th October 2022)

Mr J Parker

 

Company Secretary

Mr J A Sparkes

 

Registered Office

The Cricket Office

Sports Hall

University of Exeter

Stocker Road

Exeter

EX4 4QN

 

Registered Number

07024773

Devon Cricket Board Limited

Registered Number 07024773

 

Statement of Financial Position as at 31 January 2023

 

 

Note

31 January

31 January

 

 

2023

2022

 

 

£

£

Fixed assets

 

 

 

Tangible fixed assets

5

24,948

12,635

 

 

 

 

Current assets

 

 

 

Stock

 

5,343

-

Debtors

6

26,056

23,594

Cash at bank and in hand

 

389,174

318,572

 

 

420,573

342,166

 

 

 

 

Creditors: amounts falling due within one year

7

(25,651)

(37,943)

 

 

 

 

Net current assets

 

394,922

304,223

 

 

 

 

Net assets less current liabilities

 

394,922

304,223

 

 

 

 

Net assets

 

419,871

316,858

 

 

 

 

Capital and reserves

 

 

 

Profit and loss account

 

419,871

316,858

 

 

 

 

 

 

419,871

316,858

 

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

 

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

 

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21st September 2023.

 

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

 

The principal activity of the company during the year is that of the operation of the Devon Cricket Board. This activity includes the promotion and development of cricket at all levels in the county of Devon; the distribution of grants from the National Governing Body, the England and Wales Cricket Board, to member clubs and organisations, and the provision of a variety of other support and advice to member clubs and organisations.

 

2.     Accounting policies

 

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 

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

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

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.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

 

Depreciation is provided on the following basis:

 

Office equipment

- 15% reducing balance

 

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

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Devon Cricket Board Limited

Notes to the financial statements for the year ended 31 January 2023 (continued)

 

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

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.

 

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 11 (2022: 11).

 

5.     Tangible fixed assets

 

 

Office equipment

 

£

COST

 

At 1 February 2022

22,866

Additions

16,716

 

 

At 31 January 2023

39,582

 

 

DEPRECIATION

 

At 1 February 2022

10,231

Charge for the year on owned assets

4,402

 

 

At 31 January 2023

9,356

 

 

NET BOOK VALUE

 

At 31 January 2023

24,948

 

 

At 31 January 2022

12,635

 

6.     Debtors

 

 

31 January

31 January

 

2023

2022

 

£

£

 

 

 

Trade debtors

22,556

19,594

Prepayments and accrued income

3,500

4,000

 

 

 

 

26,056

23,594

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

389,174

318,572

 

 

 

 

389,174

318,572

 

8.     Creditors: amounts falling due within one year

 

 

31 January

31 January

 

2023

2022

 

£

£

 

 

 

Trade creditors

19,664

24,537

Other creditors

904

839

Accruals and deferred income

5,084

12,567

 

 

 

 

25,651

37,943

 

9.     Financial instruments

 

Financial assets

31 January

31 January

 

2023

2022

 

£

£

 

 

 

Financial assets measured at fair value through profit or loss

389,174

318,572

 

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 defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,490 (2022: £14,858).

Devon Cricket Board Limited

Notes to the financial statements for the year ended 31 January 2023 (continued)

 

12.     Related party transactions

 

During the year the company received grants of £563,249 (2022: £499,900) from the national governing body for cricket, the England and Wales Cricket Board, and other funding agencies, and distributed grants of £29,486 (2022: £22,571) to its affiliated clubs and member cricket organisations.