Company registration number SC509653 (Scotland)
HERIOT'S RUGBY CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
HERIOT'S RUGBY CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HERIOT'S RUGBY CLUB LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
44,676
18,933
Investments
5
258,938
250,209
303,614
269,142
Current assets
Stocks
10,852
7,376
Debtors
6
44,014
76,208
Cash at bank and in hand
86,446
77,095
141,312
160,679
Creditors: amounts falling due within one year
7
(96,030)
(75,184)
Net current assets
45,282
85,495
Net assets
348,896
354,637
Reserves
Income and expenditure account
348,896
354,637
Members' funds
348,896
354,637

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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr J R Turnbull
Mr G Willins
Director
Director
Company registration number SC509653 (Scotland)
HERIOT'S RUGBY CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Heriot's Rugby Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Goldenacre, Bangholm Terrace, Edinburgh, EH3 5QN.

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 modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.

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:

Leasehold improvements
25% Reducing balance
Fixtures, fittings & equipment
25% 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

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in surplus or deficit. Transaction costs are expensed to surplus or deficit as incurred.

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.

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.

HERIOT'S RUGBY CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised 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.

 

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

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. 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HERIOT'S RUGBY CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in surplus or deficit immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in surplus or deficit depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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.

1.11

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
40
37
HERIOT'S RUGBY CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
22,687
53,326
76,013
Additions
32,500
5,428
37,928
At 30 April 2024
55,187
58,754
113,941
Depreciation and impairment
At 1 May 2023
19,859
37,221
57,080
Depreciation charged in the year
6,800
5,385
12,185
At 30 April 2024
26,659
42,606
69,265
Carrying amount
At 30 April 2024
28,528
16,148
44,676
At 30 April 2023
2,828
16,105
18,933
5
Fixed asset investments
2024
2023
£
£
Investments
258,938
250,209

The above investments are stated at market value

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2023
250,209
Additions
208,264
Valuation changes
20,227
Disposals
(219,762)
At 30 April 2024
258,938
Carrying amount
At 30 April 2024
258,938
At 30 April 2023
250,209
HERIOT'S RUGBY CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,644
12,133
Other debtors
37,370
64,075
44,014
76,208
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,556
13,942
Taxation and social security
3,365
4,693
Other creditors
40,109
56,549
96,030
75,184
8
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.

2024-04-302023-05-01false02 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr I A DuckworthMr R A HepburnMs R HumeMr C McCallumMr C R McNivenMr M A McKayMr N MeikleMr I A SimMr J R TurnbullMr G J StevensonMs M TaylorMr S MustardMr G WillinsMs M GaffneyMr G S WillinsfalsefalseSC5096532023-05-012024-04-30SC5096532024-04-30SC5096532023-04-30SC509653core:LandBuildings2024-04-30SC509653core:OtherPropertyPlantEquipment2024-04-30SC509653core:LandBuildings2023-04-30SC509653core:OtherPropertyPlantEquipment2023-04-30SC509653core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-30SC509653core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-30SC509653core:CurrentFinancialInstruments2024-04-30SC509653core:CurrentFinancialInstruments2023-04-30SC509653core:RetainedEarningsAccumulatedLosses2024-04-30SC509653core:RetainedEarningsAccumulatedLosses2023-04-30SC509653bus:Director92023-05-012024-04-30SC509653bus:CompanySecretaryDirector12023-05-012024-04-30SC509653core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-05-012024-04-30SC509653core:FurnitureFittings2023-05-012024-04-30SC5096532022-05-012023-04-30SC509653core:LandBuildings2023-04-30SC509653core:OtherPropertyPlantEquipment2023-04-30SC5096532023-04-30SC509653core:LandBuildings2023-05-012024-04-30SC509653core:OtherPropertyPlantEquipment2023-05-012024-04-30SC509653bus:CompanyLimitedByGuarantee2023-05-012024-04-30SC509653bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-30SC509653bus:FRS1022023-05-012024-04-30SC509653bus:AuditExemptWithAccountantsReport2023-05-012024-04-30SC509653bus:Director12023-05-012024-04-30SC509653bus:Director22023-05-012024-04-30SC509653bus:Director32023-05-012024-04-30SC509653bus:Director42023-05-012024-04-30SC509653bus:Director52023-05-012024-04-30SC509653bus:Director62023-05-012024-04-30SC509653bus:Director72023-05-012024-04-30SC509653bus:Director82023-05-012024-04-30SC509653bus:Director102023-05-012024-04-30SC509653bus:Director112023-05-012024-04-30SC509653bus:Director122023-05-012024-04-30SC509653bus:Director132023-05-012024-04-30SC509653bus:Director142023-05-012024-04-30SC509653bus:CompanySecretary12023-05-012024-04-30SC509653bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP