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Registration number: 10844967

Penryn RFC 1872 Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Penryn RFC 1872 Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Penryn RFC 1872 Ltd

Company Information

Directors

Mr John Coplin

Mr Trevor Howells

Mr Alan Edwin Mitchell

Registered office

The Memorial Ground
Kernick Road
Penryn
Cornwall
TR10 8NT

Accountants

Harland Accountants
Ground Floor, Unit 3 Southview House
St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

 

Penryn RFC 1872 Ltd

(Registration number: 10844967)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

2,000

2,220

Debtors

8,927

8,798

Cash at bank and in hand

 

12,124

13,293

 

23,051

24,311

Prepayments and accrued income

 

9,000

9,000

Creditors: Amounts falling due within one year

(30,248)

(31,396)

Total assets less current liabilities

 

1,803

1,915

Accruals and deferred income

 

(1,802)

(1,914)

Net assets

 

1

1

Capital and reserves

 

Called up share capital

5

1

1

Shareholders' funds

 

1

1

For the financial year ending 30 April 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 year 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

 

Penryn RFC 1872 Ltd

(Registration number: 10844967)
Abridged Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................

Mr John Coplin

Director

.........................................

Mr Trevor Howells

Director

 

Penryn RFC 1872 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 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:
The Memorial Ground
Kernick Road
Penryn
Cornwall
TR10 8NT
United Kingdom

These financial statements were authorised for issue by the Board on 1 October 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the going concern basis assumes the continued support of the company's parent company. Should this support be withdrawn and not replaced by alternative finance, the company would be unable to continue trading. Adjustments would have to be made to reduce the value of the assets to their recoverable amount, to provide for any future liabilities which might arise.

 

Penryn RFC 1872 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Penryn RFC 1872 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 year, was 3 (2023 - 3).

4

Stocks

2024
£

2023
£

Other inventories

2,000

2,220

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £Nil). On the 1 Septemeber 2017 Penryn RFC 1872 Ltd formed a VAT group with its parent company Penryn Rugby Football Club Ltd. There was a group liability of £Nil (2023: £Nil) outstanding at the end of the year.

 

Penryn RFC 1872 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

7

Related party transactions

At the year end the company owed £25,873 (2023: £28,232) to Penryn Rugby Football Club Ltd (Parent company).