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Registration number: 03805616

Canford Park Sports Limited

Annual Report and Unaudited Financial Statements Year Ended 31 December 2023

image-name

Chartered Accountants

 

Canford Park Sports Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet - Consolidated

3

Notes to the Unaudited Financial Statements

4 to 9

 

Canford Park Sports Limited

Company Information

Director

Mr S A McKirdy

Company secretary

Mr D Riddle

Registered office

Energy Site Control Centre
Arena Way
Wimborne
Dorset
BH21 3BW

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Canford Park Sports Limitedfor the 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 accounts of Canford Park Sports Limited for the year ended 31 December 2023 as set out on pages 3 to 9 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/regulation.

This report is made solely to the Board of Directors of Canford Park Sports Limited, as a body, in accordance with the terms of our engagement letter dated 23 September 2019. Our work has been undertaken solely to prepare for your approval the accounts of Canford Park Sports Limited and state those matters that we have agreed to state to the Board of Directors of Canford Park Sports Limited, 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 Canford Park Sports Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Canford Park Sports Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Canford Park Sports Limited. You consider that Canford Park Sports Limited 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 accounts of Canford Park Sports Limited. 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 accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

9 September 2024

 

Canford Park Sports Limited

(Registration number: 03805616)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,467,966

1,482,351

Current assets

 

Debtors

5

24,099

22,201

Cash at bank and in hand

 

150,340

142,391

 

174,439

164,592

Creditors: Amounts falling due within one year

6

(115,821)

(96,071)

Net current assets

 

58,618

68,521

Total assets less current liabilities

 

1,526,584

1,550,872

Creditors: Amounts falling due after more than one year

6

(1,320,603)

(1,334,602)

Net assets

 

205,981

216,270

Capital and reserves

 

Retained earnings

205,981

216,270

Shareholders' funds

 

205,981

216,270

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 September 2024
 



Mr S A McKirdy
Director

 

Canford Park Sports Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Energy Site Control Centre
Arena Way
Wimborne
Dorset
BH21 3BW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Tax

Deferred tax is recognised, without discounting in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRS 102.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

 

Canford Park Sports Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings-Linear country park and sports pitches

Straight line over the period of the lease (125 years)

Land and buildings- Astroturf & Grass Pitches

Straight line over the life of the assets (10 years)

Plant and machinery

Straight line over the life of the assets (10 years)

Office equipment

Straight line over the life of the assets (5 years)

Furniture & Fittings

Straight line over the life of the assets (5 years)

Motor Vehicles

Straight line over the life of the assets (4 years)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Canford Park Sports Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Canford Park Sports Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,658,184

38,469

598,638

26,682

2,321,973

Additions

-

-

47,087

-

47,087

Disposals

-

-

(457,123)

-

(457,123)

At 31 December 2023

1,658,184

38,469

188,602

26,682

1,911,937

Depreciation

At 1 January 2023

329,366

12,724

490,862

6,670

839,622

Charge for the year

22,308

6,436

21,056

6,671

56,471

Eliminated on disposal

-

-

(452,122)

-

(452,122)

At 31 December 2023

351,674

19,160

59,796

13,341

443,971

Carrying amount

At 31 December 2023

1,306,510

19,309

128,806

13,341

1,467,966

At 31 December 2022

1,328,818

25,745

107,776

20,012

1,482,351

Included within the net book value of land and buildings above is £1,306,510 (2022 - £1,328,818) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

13,211

17,958

Other debtors

10,888

4,243

 

24,099

22,201

 

Canford Park Sports Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade Creditors

 

5,324

10,480

Taxation and social security

 

16,831

3,308

Other creditors

 

156

156

HP and finance lease liability 1 (under 1yr)

 

15,307

13,297

Deferred income

 

76,703

67,580

Accruals

 

1,500

1,250

 

115,821

96,071

Due after one year

 

Loans and borrowings

7

20,584

14,358

Deferred income

 

1,300,019

1,320,244

 

1,320,603

1,334,602

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

20,584

14,358

Deferred income

 

1,300,019

1,320,244

 

1,320,603

1,334,602

Creditors due after 1 year is deferred income which relates to grants received to fund the construction of the sports country park, the Grass pitches and equipment. The grant in relation to the sports country park is released to the profit and loss account over the period of the lease, and the grant for the Grass pitches are released to the profit and loss account over the expected useful life of the pitches. The equipment grant is released to the profit and loss accounts over the expected useful life of the equipment.

 

Canford Park Sports Limited

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

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

20,584

14,358

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

15,307

13,297

8

Company status

The company is limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

9

Control

The ultimate controlling party is S A McKirdy, the sole director and member of the company.