IRIS Accounts Production v24.2.0.383 03523634 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 The principal activity of the business during the period was offering first class cricket and associated commercial activities in the county. false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035236342022-12-31035236342023-12-31035236342023-01-012023-12-31035236342021-12-31035236342022-01-012022-12-31035236342022-12-3103523634ns15:EnglandWales2023-01-012023-12-3103523634ns14:PoundSterling2023-01-012023-12-3103523634ns10:Director12023-01-012023-12-3103523634ns10:Director22023-01-012023-12-3103523634ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103523634ns10:SmallEntities2023-01-012023-12-3103523634ns10:Audited2023-01-012023-12-3103523634ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103523634ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103523634ns10:FullAccounts2023-01-012023-12-3103523634ns10:Director32023-01-012023-12-3103523634ns10:Director42023-01-012023-12-3103523634ns10:Director52023-01-012023-12-3103523634ns10:Director62023-01-012023-12-3103523634ns10:Director72023-01-012023-12-3103523634ns10:CompanySecretary12023-01-012023-12-3103523634ns10:RegisteredOffice2023-01-012023-12-3103523634ns10:Director82023-01-012023-12-3103523634ns10:Director92023-01-012023-12-3103523634ns5:CurrentFinancialInstruments2023-12-3103523634ns5:CurrentFinancialInstruments2022-12-3103523634ns5:Non-currentFinancialInstruments2023-12-3103523634ns5:Non-currentFinancialInstruments2022-12-3103523634ns5:ShareCapital2023-12-3103523634ns5:ShareCapital2022-12-3103523634ns5:RetainedEarningsAccumulatedLosses2023-12-3103523634ns5:RetainedEarningsAccumulatedLosses2022-12-3103523634ns5:OwnedAssets2023-01-012023-12-3103523634ns5:OwnedAssets2022-01-012022-12-3103523634ns5:PlantMachinery2022-12-3103523634ns5:PlantMachinery2023-01-012023-12-3103523634ns5:PlantMachinery2023-12-3103523634ns5:PlantMachinery2022-12-3103523634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103523634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103523634ns5:CurrentFinancialInstruments2023-01-012023-12-3103523634ns5:Non-currentFinancialInstruments2023-01-012023-12-3103523634ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103523634ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103523634ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3103523634ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3103523634ns5:HirePurchaseContracts2023-12-3103523634ns5:HirePurchaseContracts2022-12-3103523634ns5:WithinOneYear2023-12-3103523634ns5:WithinOneYear2022-12-3103523634ns5:BetweenOneFiveYears2023-12-3103523634ns5:BetweenOneFiveYears2022-12-3103523634ns5:AllPeriods2023-12-3103523634ns5:AllPeriods2022-12-31
REGISTERED NUMBER: 03523634 (England and Wales)



































Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Worcestershire County Cricket Trading
Ltd

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Notes to the Financial Statements 10


Worcestershire County Cricket Trading
Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D W G Baker
A F Giles
E Hallam
R A Law
D Manning
A P Pridgeon
T P Scott





SECRETARY: A F Giles





REGISTERED OFFICE: County Ground
New Road
Worcester
WR2 4QQ





REGISTERED NUMBER: 03523634 (England and Wales)





AUDITORS: Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Club achieved considerable success on the pitch, achieving promotion to Division 1 of the County Championship Competition and qualifying for the quarter final stages of the Metro Bank One Day Cup and T20 Vitality Blast competitions.

New Road hosted the prestigious Charlotte Edwards Cup, the final of the women’s T20 competition. Worcestershire played New Zealand in their preparation before a four-match series against England. The Tourists won by 7 wickets to the entertainment of a full house.

The focus on containing costs and maximising revenue opportunities achieved an improvement in trading performance to turn around from an operating loss of £151k in 2022 to an operating profit of £149k in 2023. New commercial initiatives are exceeding budget expectations to achieve continued trading improvement into 2024.

A new initiative Social Value Agreement with Worcestershire County Council is enabling the provision of services to the community, whilst achieving a structured repayment of debt to the Worcestershire Local Enterprise Partnership.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D W G Baker
E Hallam
R A Law
D Manning
A P Pridgeon

Other changes in directors holding office are as follows:

A F Giles - appointed 3 July 2023
T P Scott - appointed 11 April 2023
F Hira - resigned 12 December 2023
A R Manning-Cox - resigned 11 April 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Report of the Directors
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thorne Widgery Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A P Pridgeon - Director


5 March 2024

Report of the Independent Auditors to the Members of
Worcestershire County Cricket Trading
Ltd

Opinion
We have audited the financial statements of Worcestershire County Cricket Trading Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Worcestershire County Cricket Trading
Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Worcestershire County Cricket Trading
Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the British Standards Institution, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the financial statements of the Company such as the Companies Act 2006 and UK tax legislation.

We have also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks are related to management bias in accounting estimates and judgemental areas of the financial statements.

Audit procedures performed by the engagement team included:
- Discussions with the Board and Management involved in the Risk and Compliance functions and the Company's legal function, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;
- Assessment of matters reported on the Company's fraud register and the results of management's investigation of such matters;
- Identifying and testing journal entries based on risk criteria;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and
- Testing transactions entered into outside the normal course of the Company's business as appropriate.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financials statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Worcestershire County Cricket Trading
Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lisa Weaver FCCA (Senior Statutory Auditor)
for and on behalf of Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

6 March 2024

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 6,624,387 5,897,611

Cost of sales (3,281,088 ) (3,074,643 )
GROSS PROFIT 3,343,299 2,822,968

Administrative expenses (3,320,960 ) (3,121,602 )
22,339 (298,634 )

Other operating income 63,235 84,795
OPERATING PROFIT/(LOSS) 4 85,574 (213,839 )

Interest receivable and similar income 322 517
85,896 (213,322 )

Interest payable and similar expenses (98,670 ) (50,566 )
LOSS BEFORE TAXATION (12,774 ) (263,888 )

Tax on loss 13,846 55,479
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 1,072 (208,409 )

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 632,167 247,503
Investments 6 15,390 15,390
647,557 262,893

CURRENT ASSETS
Stocks 84,983 51,483
Debtors 7 3,899,126 3,691,791
Cash at bank and in hand 135,216 123,504
4,119,325 3,866,778
CREDITORS
Amounts falling due within one year 8 (3,610,492 ) (3,195,181 )
NET CURRENT ASSETS 508,833 671,597
TOTAL ASSETS LESS CURRENT LIABILITIES 1,156,390 934,490

CREDITORS
Amounts falling due after more than one
year

9

(678,466

)

(457,638

)
NET ASSETS 477,924 476,852

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 477,922 476,850
477,924 476,852

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:




A P Pridgeon - Director



D W G Baker - Director


Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Worcestershire County Cricket Trading Ltd is a private company, limited by shares , 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.

Going concern
The directors have undertaken their assessment of continuing to operate in the foreseeable future within the current and anticipated resources available and the ability to realise assets and settle its obligations in the normal course of business. This assessment includes the consideration of material uncertainties.

Budget forecasts are produced to December 2025 which are considered prudent, realistic and based on past performance. These indicate the improvement in financial performance from a loss in 2022, to break even in 2023, will be continued to a profit in 2024. Commercial sales performance in the first months of 2024 are exceeding expectations, with the sponsorship target for 2024 achieved already. The Club continues to explore additional alternative income sources and expanding non-cricket income streams to secure financial sustainability.

Minimum levels of funding from the ECB are known until 2028. Increases in ECB core funding have been announced and a new ECB Infrastructure Investment Fund will be introduced.

The Company maintains a detailed cash flow forecast calculated from the budget forecast and is reliant on the overdraft facility extended by Clydesdale Bank. Monitoring cash generation and being sufficiently profitable to generate cash to cover debt repayments is a focus of the directors.

The Company maintains and regularly reviews a risk register of identified operational risks. Mitigating the impact of flooding is a key element of decision making and a Master Plan to determine a sustainable future is being prepared.

Other factors include the current debate on the future of The Hundred competition and the potential transformative impact of a substantial cash windfall to the sport.

The directors make their going concern assessment in respect of a period of one year from the date of approval of the financial statements. The directors have considered their funding requirements and their current net liability position for 12 months from the date of approval and have determined the minimum funding requirement. The directors conclude that it is appropriate to prepare the financial statements on the going concern basis.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following are satisfied:

- the amount of revenue can be measured reliably
- it is probable that the Company will receive the consideration due under contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest Income
Interest income is recognised in profit or loss using the effective interest method.

Tangible fixed assets
All plant and machinery over £500 are capitalised and are held at cost, net of depreciation and any provision for impairment.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and Machinery - 20%
Improvements to property - 20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Grant income
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debts and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 balance sheet date.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Investments
Investments in Wisden books are measured at the historical valuation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 170 (2022 - 230 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 247,978 141,201

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 894,290
Additions 632,642
At 31 December 2023 1,526,932
DEPRECIATION
At 1 January 2023 646,787
Charge for year 247,978
At 31 December 2023 894,765
NET BOOK VALUE
At 31 December 2023 632,167
At 31 December 2022 247,503

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.12.23 31.12.22
£    £   
Wisden books 15,390 15,390

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 106,855 188,926
Amounts owed by group undertakings 3,556,017 3,342,146
Other debtors 236,254 160,719
3,899,126 3,691,791

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 664,649 914,660
Hire purchase contracts (see note 10) 6,325 33,651
Trade creditors 353,971 284,412
Taxation and social security 254,051 263,505
Other creditors 2,331,496 1,698,953
3,610,492 3,195,181

The bank loans are secured by a fixed and floating charge over the assets of the Company, and by counter indemnities and cross guarantees between the Company and Worcestershire County Cricket Trading Limited. The interest rate of the Clydesdale bank loan is 4.75% over the base rate per annum.

The company has a loan with Clydesdale Bank of £Nil (2022: £52,694). The loan is repayable over the period until 28 August 2023. The interest rate on the loan is base rate + 4.75%.

The company has a CBILs loan with Clydesdale Bank of £141,111 (2022: £141,111). The loan is repayable over the period until 25 May 2026. The interest rate on the loan is base rate + 3.5%.

Included in other creditors is £33,500 (2022: £33,500) secured by a registered charge dated 11 July 2013 over assets of the Company.

The obligations under finance leases are secured by fixed charges over the assets which they relate to.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 212,262 364,061
Hire purchase contracts (see note 10) - 6,323
Other creditors 466,204 87,254
678,466 457,638

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bank loans are secured by a fixed and floating charge over the assets of the Company, and by counter indemnities and cross guarantees between the Company and Worcestershire County Cricket Trading Limited.

Included in other loans is £199,907 (2022: £341,018) secured by a registered charge dated 11 July 2013 over assets of the Company. The loan is repayable over the period until 25 May 2026.

Included in other creditors is £66,204 (2022: £87,254) secured by a registered charge dated 11 July 2013 over assets of the Company.

The obligations under finance leases are secured by fixed charges over the assets which they relate to.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 6,325 33,651
Between one and five years - 6,323
6,325 39,974

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 21,836 25,442
Between one and five years 21,004 30,877
42,840 56,319

11. PENSION COMMITMENTS

The company contributes toward a defined contribution scheme. The pension cost charge represents contributions payable by the company and amounted to £169,987 (2022: £164,732). At the year end, £19,091 (2022: £21,339) was payable to the pension scheme, this amount is included within creditors due within one year.

12. RELATED PARTY DISCLOSURES

2023 2022
£    £   

Purchase transactions with related parties 13,076 2,664

Sales transactions with related parties 11,851 9,720

During the year, two loan notes were received from two Directors, the amount owed to Directors at the year end amounted to £200,000 (2022: Nil), the loan notes are interest bearing at market rate and are repayable by 2027.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Worcestershire County Cricket Club Limited, which is incorporated and registered in England and Wales and with the Cooperative and Community Benefit Society. The accounts are available at the registered office of the entity, County Ground, New Road, Worcester, WR2 4QQ.