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COMPANY REGISTRATION NUMBER: SC557268
Biggar RFC Ltd
Filleted Unaudited Abridged Financial Statements
For the year ended
31 March 2023
Biggar RFC Ltd
Abridged Financial Statements
Year ended 31 March 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Biggar RFC Ltd
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
1,544
1,313
Current assets
Stocks
6,693
4,918
Cash at bank and in hand
21,351
16,503
--------
--------
28,044
21,421
Creditors: amounts falling due within one year
Accruals and deferred income
600
600
--------
--------
Net current assets
27,444
20,821
--------
--------
Total assets less current liabilities
28,988
22,134
--------
--------
Net assets
28,988
22,134
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
28,888
22,034
--------
--------
Shareholders funds
28,988
22,134
--------
--------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Biggar RFC Ltd
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 14 June 2023 , and are signed on behalf of the board by:
Mr N E Pacey
Director
Company registration number: SC557268
Biggar RFC Ltd
Notes to the Abridged Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, ML11 9DB.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised at the point of sale. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 15% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 April 2022
1,405
Additions
492
-------
At 31 March 2023
1,897
-------
Depreciation
At 1 April 2022
92
Charge for the year
261
-------
At 31 March 2023
353
-------
Carrying amount
At 31 March 2023
1,544
-------
At 31 March 2022
1,313
-------