Company Registration No. 00184126 (England and Wales)
U.C.S. OLD BOYS SPORTS CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
U.C.S. OLD BOYS SPORTS CLUB LIMITED
COMPANY INFORMATION
Directors
M B Waterman
A G B Paterson
P E Bobroff
Dr G M Boxer
G D Bard
A Hirschovits
J N Samuel
T Turton
Secretary
A G B Paterson
Company number
00184126
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
U.C.S. OLD BOYS SPORTS CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
U.C.S. OLD BOYS SPORTS CLUB LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
480,742
444,315
Current assets
Debtors
5
103,418
111,977
Cash at bank and in hand
5,463
6,021
108,881
117,998
Creditors: amounts falling due within one year
6
(17,300)
(13,000)
Net current assets
91,581
104,998
Total assets less current liabilities
572,323
549,313
Provisions for liabilities
(39,500)
(37,000)
Net assets
532,823
512,313
Reserves
Revaluation reserve
8
237,908
228,981
Income and expenditure account
294,915
283,332
Members' funds
532,823
512,313
U.C.S. OLD BOYS SPORTS CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 May 2024 and are signed on its behalf by:
M B Waterman
Director
Company registration number 00184126 (England and Wales)
U.C.S. OLD BOYS SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

U.C.S. Old Boys Sports Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of investments.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

U.C.S. OLD BOYS SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Taxation
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

U.C.S. OLD BOYS SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
480,742
444,315
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2022
444,315
Additions
36,427
At 31 October 2023
480,742
Carrying amount
At 31 October 2023
480,742
At 31 October 2022
444,315
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Tax recoverable
-
0
500
Other debtors
103,418
111,477
103,418
111,977
U.C.S. OLD BOYS SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
17,300
13,000
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

U.C.S. OLD BOYS SPORTS CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
228,981
247,090
Revaluation surplus arising in the year
11,427
(23,109)
Deferred tax on fair value adjustment to investments
(2,500)
5,000
At the end of the year
237,908
228,981
9
Financial commitments, guarantees and contingent liabilities

During the year the company repeated the initiative carried out in the previous years whereby, potentially, additional grants may in due course become payable by the company to Sports Sections of UCS Old Gowers. Such additional grants will become so payable in the event of any of the pupils who left UCS in the summer of 2023 exercising within a four year period an option granted to them by the company to play for any section of UCS Old Gowers for free (subject to a cap of £200 per capita). In such cases the company will pay to the relevant section(s) of UCS Old Gowers an additional grant equal to the credit given by the relevant section(s) to the leaver(s).

 

Based on the number of exercisable options indicated to date to the company, a provision equal to approximately 10% of the related approximate closing potential maximum liability of £80,000, i.e. £8,000, was held by the company as at 31 October 2023, leaving a theoretical closing contingent liability of approximately £72,000 (31 October 2022: £72,000).

10
Control

The ultimate control of the company is by its members.

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