Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Hospitality services2023-01-01false23falsetrue 07957457 2023-01-01 2023-12-31 07957457 2022-01-01 2022-12-31 07957457 2023-12-31 07957457 2022-12-31 07957457 2022-01-01 07957457 c:Director1 2023-01-01 2023-12-31 07957457 d:Buildings 2023-01-01 2023-12-31 07957457 d:Buildings 2023-12-31 07957457 d:Buildings 2022-12-31 07957457 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07957457 d:PlantMachinery 2023-01-01 2023-12-31 07957457 d:PlantMachinery 2023-12-31 07957457 d:PlantMachinery 2022-12-31 07957457 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07957457 d:MotorVehicles 2023-01-01 2023-12-31 07957457 d:MotorVehicles 2023-12-31 07957457 d:MotorVehicles 2022-12-31 07957457 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07957457 d:FurnitureFittings 2023-01-01 2023-12-31 07957457 d:FurnitureFittings 2023-12-31 07957457 d:FurnitureFittings 2022-12-31 07957457 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07957457 d:OfficeEquipment 2023-01-01 2023-12-31 07957457 d:OfficeEquipment 2023-12-31 07957457 d:OfficeEquipment 2022-12-31 07957457 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07957457 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07957457 d:CurrentFinancialInstruments 2023-12-31 07957457 d:CurrentFinancialInstruments 2022-12-31 07957457 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07957457 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07957457 d:ShareCapital 2023-01-01 2023-12-31 07957457 d:ShareCapital 2023-12-31 07957457 d:ShareCapital 2022-01-01 2022-12-31 07957457 d:ShareCapital 2022-12-31 07957457 d:ShareCapital 2022-01-01 07957457 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07957457 d:RetainedEarningsAccumulatedLosses 2023-12-31 07957457 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07957457 d:RetainedEarningsAccumulatedLosses 2022-12-31 07957457 d:RetainedEarningsAccumulatedLosses 2022-01-01 07957457 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07957457 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07957457 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07957457 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 07957457 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07957457 c:OrdinaryShareClass1 2023-12-31 07957457 c:OrdinaryShareClass1 2022-12-31 07957457 c:FRS102 2023-01-01 2023-12-31 07957457 c:Audited 2023-01-01 2023-12-31 07957457 c:FullAccounts 2023-01-01 2023-12-31 07957457 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07957457 d:WithinOneYear 2023-12-31 07957457 d:WithinOneYear 2022-12-31 07957457 d:BetweenOneFiveYears 2023-12-31 07957457 d:BetweenOneFiveYears 2022-12-31 07957457 d:MoreThanFiveYears 2023-12-31 07957457 d:MoreThanFiveYears 2022-12-31 07957457 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07957457 6 2023-01-01 2023-12-31 07957457 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07957457










MANSFIELD TOWN 1861 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MANSFIELD TOWN 1861 LIMITED
REGISTERED NUMBER: 07957457

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
567,000
323,181

Fixed asset investments
 5 
1
1

  
567,001
323,182

Current assets
  

Stocks
 6 
23,736
75,016

Debtors: amounts falling due within one year
 7 
151,260
98,940

Cash at bank and in hand
 8 
73,723
82,584

  
248,719
256,540

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(626,941)
(349,187)

Net current liabilities
  
 
 
(378,222)
 
 
(92,647)

Total assets less current liabilities
  
188,779
230,535

Deferred tax
 10 
(32,444)
(42,407)

Net assets
  
156,335
188,128


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
156,235
188,028

  
156,335
188,128


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2024.




Mr J Radford
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 1

 
MANSFIELD TOWN 1861 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
135,383
135,483


Comprehensive income for the year

Profit for the year
-
52,645
52,645
Total comprehensive income for the year
-
52,645
52,645



At 1 January 2023
100
188,028
188,128


Comprehensive income for the year

Loss for the year
-
(31,793)
(31,793)
Total comprehensive income for the year
-
(31,793)
(31,793)


At 31 December 2023
100
156,235
156,335


The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mansfield Town 1861 Limited is a Company limited by shares and incorporated in England. The Company registration number is 07957457. The Company registered office is Field Mill Ground, Quarry Lane, Mansfield, Nottinghamshire, NG18 5DA. The principal activity of the Company is the operation and management of hospitality facilities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP.
The Company has prepared it's financial statements to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the appropriateness of the going concern basis of the preparation of the financial statements by considering a period of at least 12 months from the date of the approval of these financial statements. 
John Radford MTFC Stadium Ltd has provided a letter of support to the Company. John Radford MTFC Stadium Ltd is owed significant connected company loans from Mansfield Town 1861 Limited, which are interest free and repayable on demand. John Radford MTFC Stadium Ltd is controlled by J Radford who also controls the Mansfield Town 1861 Limited through his ownership of RSCPBR B Ltd. The letter of support from John Radford MTFC Stadium Ltd confirms that it will not seek repayment of the connected company loans owed by the Company unless the Company is in a position to repay amounts owed and continue operating as a going concern. In addition to this, the letter of support confirms that John Radford MTFC Stadium Ltd will continue to support the Company financially, through providing further loans where necessary for at least 12 months from the date of approval of the financial statements. 
As a result, the directors believe that the Company will have adequate resources for at least 12 months following the date of approval of the financial statements and thus have determined that the going concern basis of preparing the financial statements is appropriate.

Page 3

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the 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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to property
-
25% reducing balance
Plant and machinery
-
20-25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
Page 6

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3). The Company was recharged payroll costs for an average monthly number of employees totalling 187 (2022 - 153) from it's subsidiary - Mansfield Town Football Club Limited.

Page 7

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Property improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost


At 1 January 2023
45,910
146,161
26,236
417,624
82,367
718,298


Additions
-
14,633
23,980
323,885
-
362,498


Disposals
-
-
(26,236)
-
-
(26,236)



At 31 December 2023

45,910
160,794
23,980
741,509
82,367
1,054,560



Depreciation


At 1 January 2023
30,837
88,774
18,687
221,712
35,107
395,117


Charge for the year on owned assets
3,768
16,176
3,657
76,186
11,815
111,602


Disposals
-
-
(19,159)
-
-
(19,159)



At 31 December 2023

34,605
104,950
3,185
297,898
46,922
487,560



Net book value



At 31 December 2023
11,305
55,844
20,795
443,611
35,445
567,000



At 31 December 2022
15,073
57,387
7,549
195,912
47,260
323,181


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
1



At 31 December 2023
1

Page 8

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Bar and club shop stocks
23,736
75,016



7.


Debtors

2023
2022
£
£

Trade debtors
120,837
56,878

Amounts owed by group undertakings
-
22,831

Amounts owed from connected companies
9,076
13,906

Prepayments and accrued income
21,347
5,325

151,260
98,940


Amounts owed by group undertakings and connected companies are interest free and repayable on demand. 


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
73,723
82,584



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
111,174
71,682

Amounts owed to group undertakings
28,604
32,613

Amounts owed to connected companies
250,215
60,699

Corporation tax
18,868
18,868

Other taxation and social security
64,089
56,497

Accruals and deferred income
153,991
108,828

626,941
349,187


Amounts owed to group undertakings and connected companies are interest free and repayable on demand. 

Page 9

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£



At beginning of year
(42,407)


Charged to profit or loss
9,963



At end of year
(32,444)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset differences
(107,669)
(42,407)

Tax losses carried forward
75,225
-

(32,444)
(42,407)


The expected reversal of deferred tax within the next 12 months in estimated to be immaterial.


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



12.


Reserves

Profit and loss account

Includes all distributable current and prior period retained profits and losses.


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,200
1,200

Later than 1 year and not later than 5 years
4,200
4,800

Later than 5 years
-
600

5,400
6,600

Page 10

 
MANSFIELD TOWN 1861 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Related party transactions

The Company is owed £15,881 (2022: £20,711) from companies under common control of which £6,805 (2022: £6,805) has been provided for as a potential bad debt. The Company owes £250,215 (2022: £60,699) to companies under common control. The amounts are interest free and repayable on demand.
The Company is owed £NIL (2022: £22,831) from fellow group companies and owes £28,604 (2022: £32,613) to fellow group companies. The amounts are interest free and repayable on demand.
The Company made sales of £59,201 (2022: £67,001) to group and connected companies.
The Company incurred rent costs of £1,200 (2022: £1,200) from a company under common control. 


15.


Controlling party

The immediate and ultimate parent company is RSCPBR B Limited by virtue of it's controlling interest in the equity capital in Mansfield Town 1861 Limited. RSCPBR B Limited is incorporated in England.
The ultimate controlling party is J L Radford by virtue of his controlling interest in the equity capital in RSCBPR B Limited.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 11 September 2024 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 11