Company registration number 02235597 (England and Wales)
MIKE CORBY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MIKE CORBY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MIKE CORBY MANAGEMENT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIKE CORBY MANAGEMENT LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mike Corby Management Limited for the year ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Mike Corby Management Limited, as a body, in accordance with the terms of our engagement letter dated 10 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Mike Corby Management Limited and state those matters that we have agreed to state to the board of directors of Mike Corby Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mike Corby Management Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mike Corby Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mike Corby Management Limited. You consider that Mike Corby Management Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mike Corby Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
23 January 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
MIKE CORBY MANAGEMENT LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,007
31,483
Investment property
4
11,000,000
8,200,000
Investments
5
100
100
11,025,107
8,231,583
Current assets
Debtors
6
247,358
325,364
Cash at bank and in hand
105,288
155,352
352,646
480,716
Creditors: amounts falling due within one year
7
(3,603,601)
(2,476,228)
Net current liabilities
(3,250,955)
(1,995,512)
Total assets less current liabilities
7,774,152
6,236,071
Creditors: amounts falling due after more than one year
8
(882,261)
(2,151,887)
Provisions for liabilities
(1,172,100)
(1,173,600)
Net assets
5,719,791
2,910,584
Capital and reserves
Called up share capital
9
1,000
1,000
Non-distributable profits reserve
10
6,297,308
3,497,308
Distributable profit and loss reserves
(578,517)
(587,724)
Total equity
5,719,791
2,910,584
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MIKE CORBY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2024 and are signed on its behalf by:
Mr M W Corby
Director
Company registration number 02235597 (England and Wales)
MIKE CORBY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Mike Corby Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue and the impact of subsequent events in making their assessment. The company is reliant on the support of its bank and creditors, and has been meeting their liabilities as they arise. The financial statements do not include and adjustments that would result from a withdrawal of their support. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised as rentals and associated income of sport venues on a time apportioned basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% diminishing balance per annum
Fixtures and fittings
15% diminshing balance per annum
Motor vehicles
25% diminshing balance per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
MIKE CORBY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MIKE CORBY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 6).
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
151,548
52,597
2,500
206,645
Depreciation and impairment
At 1 July 2022
134,396
38,644
2,122
175,162
Depreciation charged in the year
4,288
2,093
95
6,476
At 30 June 2023
138,684
40,737
2,217
181,638
Carrying amount
At 30 June 2023
12,864
11,860
283
25,007
At 30 June 2022
17,152
13,953
378
31,483
4
Investment property
2023
£
Fair value
At 1 July 2022
8,200,000
Revaluations
2,800,000
At 30 June 2023
11,000,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at 30 June 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
MIKE CORBY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
157,501
105,000
Other debtors
89,857
220,364
247,358
325,364
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
83,000
Trade creditors
27,659
50,985
Amounts owed to group undertakings
171,924
171,924
Corporation tax
15,319
11,312
Other taxation and social security
60,058
53,120
Other creditors
3,328,641
2,105,887
3,603,601
2,476,228
The bank loans are secured over the property.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
772,923
2,060,843
Other creditors
109,338
91,044
882,261
2,151,887
The bank loans are secured over the property.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
MIKE CORBY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
3,497,308
3,497,308
Non distributable profits in the year
2,800,000
-
At the end of the year
6,297,308
3,497,308
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
82,021
82,021