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Registration number: 07534906

North Devon Cricket Club Ltd

(A company limited by guarantee)

Unaudited Financial Statements

for the Year Ended 30 September 2023

 

 

North Devon Cricket Club Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

North Devon Cricket Club Ltd

(Registration number: 07534906)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

139,644

148,684

Investment property

5

190,000

175,000

 

329,644

323,684

Current assets

 

Stocks

6

2,335

2,476

Debtors

7

61

-

Other financial assets

8

310,692

344,107

Cash at bank and in hand

 

2,410

4,423

 

315,498

351,006

Creditors: Amounts falling due within one year

9

(7,120)

(7,153)

Net current assets

 

308,378

343,853

Total assets less current liabilities

 

638,022

667,537

Creditors: Amounts falling due after more than one year

9

(17,800)

(24,200)

Net assets

 

620,222

643,337

Reserves

 

Profit and loss account

620,222

643,337

Members' funds

 

620,222

643,337

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income and Expenditure Account.

 

North Devon Cricket Club Ltd

(Registration number: 07534906)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................
Mr S Ware
Director

.........................................
Mr M Ansell
Director

.........................................
Mr T Richards
Director

 

North Devon Cricket Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Pavilion
Sandhills, Instow
Bideford
Devon
EX39 4LF

These financial statements were authorised for issue by the Board on 14 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Income comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Income is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

North Devon Cricket Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

3% straight line

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

North Devon Cricket Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income and expenditure account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

North Devon Cricket Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

111,250

47,044

82,393

240,687

Additions

2,055

-

-

2,055

At 30 September 2023

113,305

47,044

82,393

242,742

Depreciation

At 1 October 2022

17,644

29,733

44,626

92,003

Charge for the year

2,833

2,597

5,665

11,095

At 30 September 2023

20,477

32,330

50,291

103,098

Carrying amount

At 30 September 2023

92,828

14,714

32,102

139,644

At 30 September 2022

93,606

17,311

37,767

148,684


 

Costs as at 1 October 2022 includes the directors valuation of assets transferred from North Devon Cricket Club on 1 October 2011 as follows - plant and equipment £31,200 and fixtures and fittings £14,605.

 

North Devon Cricket Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Investment properties

2023
£

At 1 October

175,000

Fair value adjustments

15,000

At 30 September

190,000


 

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

2,335

2,476

7

Debtors

Current

2023
£

2022
£

Other debtors

61

-

8

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

At 1 October 2022

344,107

344,107

Additions

31,585

31,585

Disposals

(65,000)

(65,000)

At 30 September 2023

310,692

310,692

Carrying amount

At 30 September 2023

310,692

310,692


 

 

North Devon Cricket Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Investments had a market value of £327,090 at the end of the year (30 September 2022 - £344,705).

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,400

6,400

Accruals and deferred income

 

720

753

 

7,120

7,153

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

17,800

24,200

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

17,800

24,200

2023
£

2022
£

Current loans and borrowings

Other borrowings

6,400

6,400