Mildenhall Stadium Ltd
Registered number: 10301394
Statement of Financial Position
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 82,839 40,608
Current assets
Stocks 19,545 18,277
Debtors 4 456,775 391,852
Cash at bank and in hand 441,593 396,349
917,913 806,478
Creditors: amounts falling due within one year 5 (142,828) (219,280)
Net current assets 775,085 587,198
Total assets less current liabilities 857,924 627,806
Provisions for liabilities (8,210) (7,716)
Net assets 849,714 620,090
Capital and reserves
Called up share capital 100 100
Profit and loss account 849,614 619,990
Shareholder's funds 849,714 620,090
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D R Wood
Director
Approved by the board on 18 September 2024
Mildenhall Stadium Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings no depreciation
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 - 84,113 84,113
Additions 50,000 3,177 53,177
At 30 June 2024 50,000 87,290 137,290
Depreciation
At 1 July 2023 - 43,505 43,505
Charge for the year - 10,946 10,946
At 30 June 2024 - 54,451 54,451
Net book value
At 30 June 2024 50,000 32,839 82,839
At 30 June 2023 - 40,608 40,608
4 Debtors 2024 2023
£ £
Trade debtors 21,564 10,700
Prepayments 26,525 35,307
Other debtors 408,686 345,845
456,775 391,852
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,417 14,150
Accruals 1,925 1,900
Corporation tax 79,296 69,882
Other taxes and social security costs 53,190 83,346
Other creditors - 50,002
142,828 219,280
6 Other information
Mildenhall Stadium Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Spedeworth House, Hollybush Ind. Park
Hollybush Lane
Aldershot
Hampshire
GU11 2PX
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