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Company registration number:
14138327
The Prentice and Seabright Cups Ltd
Company limited by guarantee
Unaudited filleted financial statements
31 December 2023
The Prentice and Seabright Cups Ltd
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
The Prentice and Seabright Cups Ltd
Company limited by guarantee
Directors and other information
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Directors |
Nicholas Adams |
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Mark George |
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Ivan Griffin |
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Philippa Raphael |
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James Seddon |
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Company number |
14138327 |
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Registered office |
Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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AL5 4EE |
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Accountants |
Hicks and Company |
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Chartered Accountants |
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Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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AL5 4EE |
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The Prentice and Seabright Cups Ltd
Company limited by guarantee
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of The Prentice and Seabright Cups Ltd
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Prentice and Seabright Cups Ltd for the year ended 31 December 2023 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of The Prentice and Seabright Cups Ltd, as a body, in accordance with the terms of our engagement letter dated 28 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of The Prentice and Seabright Cups Ltd and state those matters that we have agreed to state to the board of directors of The Prentice and Seabright Cups Ltd 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 The Prentice and Seabright Cups Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Prentice and Seabright Cups Ltd 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 The Prentice and Seabright Cups Ltd. You consider that The Prentice and Seabright Cups Ltd 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 The Prentice and Seabright Cups Ltd. 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
8 August 2024
The Prentice and Seabright Cups Ltd
Company limited by guarantee
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
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|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Investments |
|
5 |
313,802 |
|
|
|
293,445 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
313,802 |
|
|
|
293,445 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
- |
|
|
|
9,300 |
|
|
Cash at bank and in hand |
|
|
92,841 |
|
|
|
80,844 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
92,841 |
|
|
|
90,144 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
612) |
|
|
|
(
1,400) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
92,229 |
|
|
|
88,744 |
|
|
|
|
|
_______ |
|
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|
_______ |
Total assets less current liabilities |
|
|
|
|
406,031 |
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|
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382,189 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
406,031 |
|
|
|
382,189 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
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|
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Capital and reserves |
|
|
|
|
|
|
|
|
|
Profit and loss account |
|
|
|
|
406,031 |
|
|
|
382,189 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Members funds |
|
|
|
|
406,031 |
|
|
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382,189 |
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|
|
|
|
_______ |
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_______ |
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For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
08 August 2024
, and are signed on behalf of the board by:
Nicholas Adams
Director
Company registration number:
14138327
The Prentice and Seabright Cups Ltd
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Tour income consists of sponsorship income and donations and is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Taxation
The company has applied to HM Revenue and Customs to be a not for profit company and as such no tax liability would arise for the year ended 31 December 2023.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4.
Limited by guarantee
The company is limited by guarantee and has no share capital. In the event of a winding up, every member has undertaken to contribute a sum not exceeding £1. At 31 December 2023 the number of members was 10 (31 December 2022 - 10).
5.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
At 1 January 2023 |
293,445 |
293,445 |
|
|
|
|
|
Revaluations |
20,357 |
20,357 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
313,802 |
313,802 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
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At 1 January 2023 and 31 December 2023 |
- |
- |
|
|
|
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_______ |
_______ |
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|
|
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|
Carrying amount |
|
|
|
|
|
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At 31 December 2023 |
313,802 |
313,802 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
293,445 |
293,445 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
- |
9,300 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
612 |
1,400 |
|
|
|
_______ |
_______ |
|
|
|
|
|