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MELROSE RUGBY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024






MELROSE RUGBY LTD (REGISTERED NUMBER: SC527032)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

MELROSE RUGBY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: A A Purves
P J D Morris
G R Elliott (Chair)
R O Wood
G Hogg
A L Leach
P Wheatley
J D Murray





REGISTERED OFFICE: The Greenyards
High Street
Melrose
Roxburghshire
TD6 9SA





REGISTERED NUMBER: SC527032 (Scotland)





ACCOUNTANTS: JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT

MELROSE RUGBY LTD (REGISTERED NUMBER: SC527032)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 210,703 230,242

CURRENT ASSETS
Stocks 13,250 9,586
Debtors 5 142,059 123,567
Cash at bank and in hand 49,069 65,868
204,378 199,021
CREDITORS
Amounts falling due within one year 6 130,060 180,546
NET CURRENT ASSETS 74,318 18,475
TOTAL ASSETS LESS CURRENT
LIABILITIES

285,021

248,717

CREDITORS
Amounts falling due after more than one
year

7

111,014

68,425
NET ASSETS 174,007 180,292

RESERVES
Profit & loss account 8 174,007 180,292
174,007 180,292

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 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 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.

MELROSE RUGBY LTD (REGISTERED NUMBER: SC527032)

BALANCE SHEET - continued
31ST MAY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2024 and were signed on its behalf by:




G R Elliott (Chair) - Director



A A Purves - Director


MELROSE RUGBY LTD (REGISTERED NUMBER: SC527032)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024

1. STATUTORY INFORMATION

Melrose Rugby Ltd is a private company, limited by guarantee , registered in Scotland. 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property - 2% on cost
Plant and machinery etc - 15% on reducing balance

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

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price. At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.
Financial assets are derecognise when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially 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. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are colonised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

MELROSE RUGBY LTD (REGISTERED NUMBER: SC527032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 38 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
Property etc Totals
£    £    £   
COST
At 1st June 2023
and 31st May 2024 216,451 93,069 309,520
DEPRECIATION
At 1st June 2023 29,942 49,336 79,278
Charge for year 4,332 15,207 19,539
At 31st May 2024 34,274 64,543 98,817
NET BOOK VALUE
At 31st May 2024 182,177 28,526 210,703
At 31st May 2023 186,509 43,733 230,242

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 128,169 85,048
Other debtors 13,890 38,519
142,059 123,567

MELROSE RUGBY LTD (REGISTERED NUMBER: SC527032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,100 5,100
Trade creditors 47,701 42,540
Social security and other taxes 4,476 4,726
VAT 29,408 35,912
Accruals and deferred income 43,375 92,268
130,060 180,546

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 31,014 36,232
Other loans 80,000 8,000
Other creditors - 24,193
111,014 68,425

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 31,014 36,232

Other loans includes an amount of £20,000 due to G R Elliott, a director of the company. (2023 - £8,000 due to G Brown, a former director of the company, which was repaid during the year).

These loans are interest free, unsecured and have no set repayment terms.

8. RESERVES
Profit &
loss
account
£   

At 1st June 2023 180,292
Deficit for the year (6,285 )
At 31st May 2024 174,007

MELROSE RUGBY LTD (REGISTERED NUMBER: SC527032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

9. RELATED PARTY DISCLOSURES

During the year ended 31st May 2024, Melrose Rugby Ltd acquired goods and services with a total value of £23,355 (2023-£1,802) from a number of local businesses that are considered to be related parties due to members of the Board of Directors being involved in the running of these businesses. In the same period, Melrose Rugby Ltd provided goods and services with a total value of £93,239 (2023-£7,335) to similar related parties. During the year, Melrose Rugby Ltd received an interest free loan from a local business that is considered to be a related party. The balance of this loan at 31st May 2024 is £20,000.

10. COMPANY LIMITED BY GUARANTEE

The company, as incorporated, is limited by guarantee, having no share capital. The liability of each member is restricted to £1.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MELROSE RUGBY LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Melrose Rugby Ltd for the year ended 31st May 2024 which comprise the Statement of Income and Retained Earnings, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Melrose Rugby Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Melrose Rugby Ltd and state those matters that we have agreed to state to the Board of Directors of Melrose Rugby Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Melrose Rugby 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 loss of Melrose Rugby Ltd. You consider that Melrose Rugby 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 Melrose Rugby 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.






JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT


31st July 2024