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COMPANY REGISTRATION NUMBER: 04980238
LINCOLN RUGBY FOOTBALL CLUB
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2023
LINCOLN RUGBY FOOTBALL CLUB
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 April 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Tangible assets
6
988,850
965,834
Investments
7
10
10
---------
---------
988,860
965,844
Current Assets
Stocks
3,398
2,869
Debtors
8
21,809
25,295
Cash at bank and in hand
51,983
106,364
--------
---------
77,190
134,528
Creditors: amounts falling due within one year
9
86,127
107,905
--------
---------
Net Current (Liabilities)/Assets
( 8,937)
26,623
---------
---------
Total Assets Less Current Liabilities
979,923
992,467
Creditors: amounts falling due after more than one year
10
784,383
774,119
---------
---------
Net Assets
195,540
218,348
---------
---------
LINCOLN RUGBY FOOTBALL CLUB
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Profit and loss account
195,540
218,348
---------
---------
Members Funds
195,540
218,348
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Miss J Hill
Director
Company registration number: 04980238
LINCOLN RUGBY FOOTBALL CLUB
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General Information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Longdales Park, Lodge Lane, Nettleham, Lincoln, Lincolnshire, LN2 2RS.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Grants
Grants are recognised using the accrual model and the performance model.
Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue Recognition
Turnover represents income from facility hire, shop sales, club membership subscriptions, sponsorship and advertising funds, all items are excluding Value Added Tax where applicable.
Income Tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Company Limited by Guarantee
Each member of the club undertakes to contribute such amount as may be required, yet not exceeding £1, to the club's assets if it should be wound up while they are a member or within one year after ceasing to be a member.
5. Employee Numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 10 ).
6. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2022
1,130,655
42,601
38,852
10,230
1,222,338
Additions
43,286
15,735
4,966
63,987
------------
--------
--------
--------
------------
At 30 April 2023
1,130,655
85,887
54,587
15,196
1,286,325
------------
--------
--------
--------
------------
Depreciation
At 1 May 2022
192,671
37,829
23,154
2,850
256,504
Charge for the year
22,476
7,733
7,562
3,200
40,971
------------
--------
--------
--------
------------
At 30 April 2023
215,147
45,562
30,716
6,050
297,475
------------
--------
--------
--------
------------
Carrying amount
At 30 April 2023
915,508
40,325
23,871
9,146
988,850
------------
--------
--------
--------
------------
At 30 April 2022
937,984
4,772
15,698
7,380
965,834
------------
--------
--------
--------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 May 2022 and 30 April 2023
10
----
Impairment
At 1 May 2022 and 30 April 2023
----
Carrying amount
At 30 April 2023
10
----
At 30 April 2022
10
----
8. Debtors
2023
2022
£
£
Trade debtors
14,215
14,542
Other debtors
7,594
10,753
--------
--------
21,809
25,295
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,997
25,074
Social security and other taxes
3,995
539
RFU loan
6,664
6,664
Deferred income
33,660
39,411
Other creditors
17,811
36,217
--------
---------
86,127
107,905
--------
---------
The RFU loan is secured against land and buildings.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
RFU loan
41,690
48,354
Deferred income
733,244
725,765
Other creditors
9,449
---------
---------
784,383
774,119
---------
---------
The RFU loan is secured against land and buildings.