0 16 January 2024 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,920,832 491,606 38,307 529,913 1,390,919 1,429,226 xbrli:pure xbrli:shares iso4217:GBP 00402890 2022-07-01 2023-06-30 00402890 2023-06-30 00402890 2022-06-30 00402890 2022-06-30 00402890 bus:Director4 2022-07-01 2023-06-30 00402890 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 00402890 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 00402890 core:ShareCapital 2023-06-30 00402890 core:ShareCapital 2022-06-30 00402890 core:RetainedEarningsAccumulatedLosses 2023-06-30 00402890 core:RetainedEarningsAccumulatedLosses 2022-06-30 00402890 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00402890 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 00402890 bus:SmallEntities 2022-07-01 2023-06-30 00402890 bus:Audited 2022-07-01 2023-06-30 00402890 bus:FullAccounts 2022-07-01 2023-06-30 00402890 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 00402890 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 00402890
Fylde Rugby Union Football Club Limited
Filleted Financial Statements
30 June 2023
Fylde Rugby Union Football Club Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
1,390,919
1,429,226
Current assets
Debtors
5
1,115,648
1,115,648
------------
------------
Net current assets
1,115,648
1,115,648
------------
------------
Total assets less current liabilities
2,506,567
2,544,874
------------
------------
Capital and reserves
Called up share capital
7,000
7,000
Profit and loss account
2,499,567
2,537,874
------------
------------
Shareholders funds
2,506,567
2,544,874
------------
------------
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 16 January 2024 , and are signed on behalf of the board by:
Mr A Hiles
Director
Company registration number: 00402890
Fylde Rugby Union Football Club Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Woodlands Memorial Ground, Blackpool Road, Ansdell, Lytham St Annes, FY8 4EL.
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.
Going concern
This company is the bottom subsidiary in a Group headed by Fylde Rugby Football Club Limited (the Club) and owns freehold property utilised by the Club in that entity's on field and off field activities. Its immediate parent company, Fylde Rugby Union Football Club Holdings Ltd is currently dormant. As disclosed in the accounts of the Club, it has made a surplus for the years ended 30 June 2023 and 30 June 2022. The directors of the company have taken the above into account in assessing the going concern status of this company and in their opinion, the future status of the Club does not cast doubt over the going concern status of this company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
2% on cost
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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
Freehold property
£
Cost
At 1 July 2022 and 30 June 2023
1,920,832
------------
Depreciation
At 1 July 2022
491,606
Charge for the year
38,307
------------
At 30 June 2023
529,913
------------
Carrying amount
At 30 June 2023
1,390,919
------------
At 30 June 2022
1,429,226
------------
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,115,648
1,115,648
------------
------------
6. Financial commitments, guarantees and contingent liabilities
The Company has a £60,000 legal charge in favour of the Rugby Football Foundation.
7. Parent company
The parent company of Fylde Rugby Union Football Club Limited is Fylde Rugby Union Football Club Holdings Limited and its registered office is The Woodlands Memorial Ground, Blackpool Road, Ansdell, Lytham St Annes, FY8 4EL.
The ultimate controlling party is Fylde Rugby Football Club Limited.
8. Summary audit opinion
The auditor's report for the year dated 16 January 2024 was unqualified .
The senior statutory auditor was Dominic Huxley , for and on behalf of BK Plus Audit Limited .