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Company registration number: 11078490
CASC registration number: CH11677
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Unaudited filleted financial statements
31 December 2023
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Contents
Statement of financial position
Notes to the financial statements
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 55,333 65,486
_______ _______
55,333 65,486
Current assets
Stocks 7,958 5,034
Debtors 7 1,268 762
Cash at bank and in hand 102,375 80,962
_______ _______
111,601 86,758
Creditors: amounts falling due
within one year 9 ( 43,636) ( 32,671)
_______ _______
Net current assets 67,965 54,087
_______ _______
Total assets less current liabilities 123,298 119,573
Creditors: amounts falling due
after more than one year 10 ( 8,750) ( 10,000)
_______ _______
Net assets 114,548 109,573
_______ _______
Capital and reserves
Profit and loss account 114,548 109,573
_______ _______
Members funds 114,548 109,573
_______ _______
For the 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.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 June 2024 , and are signed on behalf of the board by:
Dr S Taggart S Oatway
Director Director
Company registration number: 11078490
CASA registration number: CH11677
Guisborough Rugby Union Football Club Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is Guisborough RUFC, Belmangate, Guisborough, TS14 7BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The club is a Community Amateur Sports Club and hence Corporation Tax is only payable on interest receivable and non mutual trading income over the certain levels .
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Limited by guarantee
The Company is a company limited by guarantee. The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the Company in the event of it being wound up.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2023 30,132 56,261 29,527 115,920
Additions - 4,320 - 4,320
Disposals - ( 615) - ( 615)
_______ _______ _______ _______
At 31 December 2023 30,132 59,966 29,527 119,625
_______ _______ _______ _______
Depreciation
At 1 January 2023 15,065 21,024 14,347 50,436
Charge for the year 3,766 7,707 2,743 14,216
Disposals - ( 360) - ( 360)
_______ _______ _______ _______
At 31 December 2023 18,831 28,371 17,090 64,292
_______ _______ _______ _______
Carrying amount
At 31 December 2023 11,301 31,595 12,437 55,333
_______ _______ _______ _______
At 31 December 2022 15,067 35,237 15,180 65,484
_______ _______ _______ _______
Included within Long leasehold property are the clubhouse and associated playing fields. The original cost of these assets was £145,000 but by the date of gift to Guisborough Rugby Union Football Club Limited , had been depreciated down to a net book value of £1. These assets were gifted to Guisborough Rugby Union Football Club Limited on 1st April 2018.
7. Debtors
2023 2022
£ £
Other debtors 1,268 762
_______ _______
8. Bank and Cash
2023 2022
£ £
Current account 36,412 2,123
Deposit account 16,074 30,147
200 Club account 4,089 3,425
Mini and Junior's current account 40,785 44,286
Cash in hand 5,015 981
_______ _______
102,375 80,962
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 1,875 2,500
Trade creditors 5,806 2,753
Corporation tax 10 10
Social security and other taxes 3,215 612
Other creditors 32,730 26,796
_______ _______
43,636 32,671
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 8,750 10,000
_______ _______