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REGISTERED NUMBER: 07584988 (England and Wales)















NEWARK RUGBY UNION FOOTBALL CLUB LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






NEWARK RUGBY UNION FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 07584988)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


NEWARK RUGBY UNION FOOTBALL CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: R W Staniforth
D Pick
M R Cove
A Staines
D H Godfrey
J J Clark
I D Gooden
D N Hayle





REGISTERED OFFICE: The Rugby Ground
Kelham Road
Newark On Trent
Nottinghamshire
NG24 1WN





REGISTERED NUMBER: 07584988 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

NEWARK RUGBY UNION FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 07584988)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 1,252,690 1,256,298

CURRENT ASSETS
Inventories 14,802 13,992
Debtors 5 64,419 45,168
Cash at bank and in hand 204,250 218,007
283,471 277,167
CREDITORS
Amounts falling due within one year 6 185,054 171,411
NET CURRENT ASSETS 98,417 105,756
TOTAL ASSETS LESS CURRENT LIABILITIES 1,351,107 1,362,054

CREDITORS
Amounts falling due after more than one year 7 (118,671 ) (146,789 )

ACCRUALS AND DEFERRED INCOME 9 (410,825 ) (432,353 )
NET ASSETS 821,611 782,912

RESERVES
Income and expenditure account 10 821,611 782,912
821,611 782,912

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

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

The directors acknowledge their 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 surplus or deficit 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.

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 Board of Directors and authorised for issue on 2 February 2024 and were signed on its behalf by:





R W Staniforth - Director


NEWARK RUGBY UNION FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 07584988)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Newark Rugby Union Football Club Limited is a private company, limited by guarantee , 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.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost, 4% on cost and not provided
Plant and machinery etc - 25% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


NEWARK RUGBY UNION FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 07584988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Grants
Grants are recognised in the financial statements in the period in which they are received. To the extent that expenditure for which the grant is intended is not complete at the year end, only the proportion of the grant relevant to expenditure incurred at the year end is recognised.

Grants for expenditure on tangible fixed assets are recognised in the profit and loss account over the useful economic life of the assets.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2022 - 44 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2022 1,498,616 88,883 1,587,499
Additions 22,763 45,983 68,746
At 31 July 2023 1,521,379 134,866 1,656,245
DEPRECIATION
At 1 August 2022 262,525 68,676 331,201
Charge for year 60,022 12,332 72,354
At 31 July 2023 322,547 81,008 403,555
NET BOOK VALUE
At 31 July 2023 1,198,832 53,858 1,252,690
At 31 July 2022 1,236,091 20,207 1,256,298

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54,634 43,068
Other debtors 9,785 2,100
64,419 45,168

NEWARK RUGBY UNION FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 07584988)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 25,140 4,078
Taxation and social security 15,811 14,772
Other creditors 134,103 142,561
185,054 171,411

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 20,000 29,900
Other creditors 98,671 116,889
118,671 146,789

Amounts falling due in more than five years:

Repayable by instalments
Rugby Football Foundation Loan more than 5
years

28,319

34,987
Members Loan 24,960 31,560
53,279 66,547

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Rugby Football Foundation Loan 61,659 68,327

The Rugby Football Foundation loan is secured by a charge over the Club's land and buildings. The loan is interest free and repayable over 15 years.

9. ACCRUALS AND DEFERRED INCOME

Grants have been received in respect of the new clubhouse and player facilities from Sport England. These grants will be released against depreciation charged on the new clubhouse and player facilities over the same period as these assets are depreciated.

10. RESERVES
Income
and
expenditure
account
£   

At 1 August 2022 782,912
Surplus for the year 38,699
At 31 July 2023 821,611