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COMPANY REGISTRATION NUMBER: 09620448
Fairford Rugby Football Club Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
30 June 2024
Fairford Rugby Football Club Limited
Company Limited by Guarantee
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
6,920
9,614
Current assets
Stocks
4,293
5,459
Debtors
6
10,200
Cash at bank and in hand
48,311
38,564
--------
--------
62,804
44,023
Creditors: amounts falling due within one year
7
10,007
570
--------
--------
Net current assets
52,797
43,453
--------
--------
Total assets less current liabilities
59,717
53,067
--------
--------
Net assets
59,717
53,067
--------
--------
Capital and reserves
Profit and loss account
59,717
53,067
--------
--------
Members funds
59,717
53,067
--------
--------
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.
For the year ending 30 June 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 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 .
Fairford Rugby Football Club Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Ms L Pugh
Director
Company registration number: 09620448
Fairford Rugby Football Club Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 3 Market Place, Fairford, Gloucestershire, GL7 4AB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Short leasehold property
-
4% straight line
Plant and machinery
-
33% reducing balance
Fixtures and fittings
-
33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Company limited by guarantee
The liability of the members is limited by guarantee.
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
843
27,625
28,468
Additions
480
480
----
--------
----
--------
At 30 June 2024
843
27,625
480
28,948
----
--------
----
--------
Depreciation
At 1 July 2023
259
18,595
18,854
Charge for the year
37
2,979
158
3,174
----
--------
----
--------
At 30 June 2024
296
21,574
158
22,028
----
--------
----
--------
Carrying amount
At 30 June 2024
547
6,051
322
6,920
----
--------
----
--------
At 30 June 2023
584
9,030
9,614
----
--------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
10,200
--------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,902
Other creditors
3,105
570
--------
----
10,007
570
--------
----