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Registration number: 13792068

The County Ground Stadium Custodians Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 31 May 2024

 

The County Ground Stadium Custodians Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

The County Ground Stadium Custodians Limited

(Registration number: 13792068)
Balance Sheet as at 31 May 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

6,314

-

Investment property

5

2,405,655

-

 

2,411,969

-

Current assets

 

Debtors

6

10,000

100

Cash at bank and in hand

 

74,593

-

 

84,593

100

Creditors: Amounts falling due within one year

7

(33,226)

(1,599)

Net current assets/(liabilities)

 

51,367

(1,499)

Net assets/(liabilities)

 

2,463,336

(1,499)

Capital and reserves

 

Called up share capital

2

2

Other reserves

2,404,552

-

Retained earnings

58,782

(1,501)

Shareholders' funds/(deficit)

 

2,463,336

(1,499)

 

The County Ground Stadium Custodians Limited

(Registration number: 13792068)
Balance Sheet as at 31 May 2024

For the financial period ending 31 May 2024 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr N Hutchings
Director

 

The County Ground Stadium Custodians Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor 1 Ashley Road
Altrincham
Cheshire
WA14 2DT

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 rental income and property improvements in relation to the football stadium. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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

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

Property improvements

10% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

The County Ground Stadium Custodians Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 May 2024

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.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6 (2022 - 2).

 

The County Ground Stadium Custodians Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 May 2024

4

Tangible assets

Property improvements
£

Total
£

Cost or valuation

Additions

7,356

7,356

At 31 May 2024

7,356

7,356

Depreciation

Charge for the period

1,042

1,042

At 31 May 2024

1,042

1,042

Carrying amount

At 31 May 2024

6,314

6,314

5

Investment properties

2024
£

Additions

2,405,655

At 31 May

2,405,655

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2022
£

Trade debtors

10,000

-

Other debtors

-

100

 

10,000

100

 

The County Ground Stadium Custodians Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

8

5,524

598

Trade creditors

 

2,725

-

Taxation and social security

 

15,343

-

Other creditors

 

9,634

1,001

 

33,226

1,599

8

Loans and borrowings

Current loans and borrowings

2024
£

2022
£

Other borrowings

5,524

598

 

The County Ground Stadium Custodians Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 31 May 2024

9

Related party transactions

Summary of transactions with other related parties

C G B Morfuni is also a director of the following company:

Swindon Town Football Company Limited which has advanced a loan to the company. There are no formal terms of repayment and the loan has therefore been classified as due within one year.
At the balance sheet date, loans and borrowings included amounts due to Swindon Town Football Company Limited amounting to £2,262 (2022 : £299).

N Hutchings and C Howell are directors of the following company:

Swindon Town Community Mutual Limited which has advanced a loan to the company. There are no formal terms of repayment and the loan has therefore been classified as due within one year.
At the balance sheet date, loans and borrowings included amounts due to Swindon Town Community Mutual Limited amounting to £3,262 (2022: £299).