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REGISTERED NUMBER: 02953426 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st May 2023

for

CHORLEY SPORTING CLUB LIMITED

CHORLEY SPORTING CLUB LIMITED (REGISTERED NUMBER: 02953426)






Contents of the Financial Statements
for the Year Ended 31st May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHORLEY SPORTING CLUB LIMITED

Company Information
for the Year Ended 31st May 2023







DIRECTOR: Mr P E N Yemoh





REGISTERED OFFICE: Victory Park
Duke Street
Chorley
Lancashire
PR7 3DU





REGISTERED NUMBER: 02953426 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

CHORLEY SPORTING CLUB LIMITED (REGISTERED NUMBER: 02953426)

Balance Sheet
31st May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48,034 58,477
Investments 5 2 2
48,036 58,479

CURRENT ASSETS
Stocks 5,000 5,325
Debtors 6 186,360 165,358
Cash at bank and in hand 20 4,087
191,380 174,770
CREDITORS
Amounts falling due within one year 7 61,500 60,936
NET CURRENT ASSETS 129,880 113,834
TOTAL ASSETS LESS CURRENT
LIABILITIES

177,916

172,313

CREDITORS
Amounts falling due after more than one
year

8

66,171

82,826
NET ASSETS 111,745 89,487

CAPITAL AND RESERVES
Called up share capital 11 868,035 868,035
Retained earnings (756,290 ) (778,548 )
SHAREHOLDERS' FUNDS 111,745 89,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHORLEY SPORTING CLUB LIMITED (REGISTERED NUMBER: 02953426)

Balance Sheet - continued
31st May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1st March 2024 and were signed by:





Mr P E N Yemoh - Director


CHORLEY SPORTING CLUB LIMITED (REGISTERED NUMBER: 02953426)

Notes to the Financial Statements
for the Year Ended 31st May 2023

1. STATUTORY INFORMATION

Chorley Sporting Club Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Chorley Sporting Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition
Turnover represents the value of goods, net of value added tax provided to customers during the year.Turnover is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

CHORLEY SPORTING CLUB LIMITED (REGISTERED NUMBER: 02953426)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in subsidiaries:

Investments held as fixed assets are stated at cost less provision for any impairment in value.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st June 2022 14,111 34,809 32,415 6,804 88,139
Additions - 220 850 - 1,070
At 31st May 2023 14,111 35,029 33,265 6,804 89,209
DEPRECIATION
At 1st June 2022 5,174 6,913 15,039 2,536 29,662
Charge for year 1,412 5,616 3,631 854 11,513
At 31st May 2023 6,586 12,529 18,670 3,390 41,175
NET BOOK VALUE
At 31st May 2023 7,525 22,500 14,595 3,414 48,034
At 31st May 2022 8,937 27,896 17,376 4,268 58,477

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st June 2022
and 31st May 2023 2
NET BOOK VALUE
At 31st May 2023 2
At 31st May 2022 2

CHORLEY SPORTING CLUB LIMITED (REGISTERED NUMBER: 02953426)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors - 1,629
Amounts due from group company 186,360 163,729
186,360 165,358

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts (see note 9) 7,357 9,662
Trade creditors 7,407 8,878
Social security and other taxes 11,164 10,325
Other creditors 23,112 19,504
Directors' current accounts 8,500 8,788
Accrued expenses 3,960 3,779
61,500 60,936

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans (see note 9) 29,183 34,022
Other creditors 36,988 48,804
66,171 82,826

9. LOANS

The bank loan represents a Bounce Back Loan which is a Government-backed loan in relation to Covid-19.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.23 31.5.22
£    £   
Within one year 1,126 1,126
Between one and five years 2,158 3,283
3,284 4,409

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
827,285 A Ordinary £1 827,285 827,285
81,500 B Ordinary 50p 40,750 40,750
868,035 868,035

CHORLEY SPORTING CLUB LIMITED (REGISTERED NUMBER: 02953426)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

12. ULTIMATE CONTROLLING PARTY

As at 31 May 2023, the company's ultimate controlling party was Mr P Yemoh by virtue of his shareholding in Reset Events Ltd. Reset Events Ltd owns more than 75% of the share capital of the company.