Company registration number 09601443 (England and Wales)
BRECON RUGBY FOOTBALL CLUB LIMITED
Unaudited Financial Statements
for the Year Ended 30 April 2024
BRECON RUGBY FOOTBALL CLUB LIMITED
CONTENTS
Page
Company Information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BRECON RUGBY FOOTBALL CLUB LIMITED
Company Information
- 1 -
Director
Mr R Morris
Company number
09601443
Registered office
63 The Watton
Brecon
Powys
Wales
LD3 7EL
Accountants
Mitchell Associates Ltd
St Davids House
48 Free Street
Brecon
Powys
UK
LD3 7BN
BRECON RUGBY FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
489,252
494,950
Investments
4
1
489,252
494,951
Current assets
Stocks
5
13,668
5,889
Debtors
6
14,919
26,780
Cash at bank and in hand
11,828
15,010
40,415
47,679
Creditors: amounts falling due within one year
7
(60,623)
(61,588)
Net current liabilities
(20,208)
(13,909)
Total assets less current liabilities
469,044
481,042
Creditors: amounts falling due after more than one year
8
(53,339)
(65,990)
Net assets
415,705
415,052
Reserves
Income and expenditure account
415,705
415,052
Members' funds
415,705
415,052
The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
BRECON RUGBY FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr R Morris
Director
Company registration number 09601443 (England and Wales)
BRECON RUGBY FOOTBALL CLUB LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
Brecon Rugby Football Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 63 The Watton, Brecon, Powys, Wales, LD3 7EL.
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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:
Freehold land and buildings
2% on cost
Pavillion and fields
2% on cost
Fixtures and fittings
15% reducing balance
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 surplus or deficit.
1.4
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 surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
BRECON RUGBY FOOTBALL CLUB LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
1
Accounting policies
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, 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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 at transaction price.
BRECON RUGBY FOOTBALL CLUB LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
1
Accounting policies
- 6 -
1.9
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
17
15
3
Tangible fixed assets
Freehold land and buildings
Pavillion and fields
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2023
230,000
290,359
30,085
550,444
Additions
5,495
5,495
At 30 April 2024
230,000
290,359
35,580
555,939
Depreciation and impairment
At 1 May 2023
27,217
11,032
17,245
55,494
Depreciation charged in the year
4,600
4,336
2,257
11,193
At 30 April 2024
31,817
15,368
19,502
66,687
Carrying amount
At 30 April 2024
198,183
274,991
16,078
489,252
At 30 April 2023
202,783
279,327
12,840
494,950
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
BRECON RUGBY FOOTBALL CLUB LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
4
Fixed asset investments
- 7 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 May 2023
1
Disposals
(1)
At 30 April 2024
-
Carrying amount
At 30 April 2024
-
At 30 April 2023
1
5
Stocks
2024
2023
£
£
Stocks
13,668
5,889
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,941
7,871
Other debtors
1,197
18,909
Prepayments and accrued income
5,781
14,919
26,780
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9
26,395
30,791
Trade creditors
18,285
27,505
Taxation and social security
2,570
797
Accruals and deferred income
13,373
2,495
60,623
61,588
BRECON RUGBY FOOTBALL CLUB LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,539
35,990
Other creditors
22,800
30,000
53,339
65,990
9
Loans and overdrafts
2024
2023
£
£
Bank loans
35,864
41,057
Bank overdrafts
21,070
25,724
Other loans
22,800
30,000
79,734
96,781
Payable within one year
26,395
30,791
Payable after one year
53,339
65,990
Bank Loan
Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 1 September 2030. The carrying amount at year end is £35,864 (2023 - £41,057).
The loan is not secured.
Other Loan
Advance of discount agreement with Molson Coors Brewing Company (UK) Limited, denominated in GBP with a nominal interest rate of 5% above base rate of bank of England, and the final instalment is due in July 2027. The carrying amount at year end is £22,800.
10
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.