Company registration number 07739092 (England and Wales)
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
100,191
101,165
Investments
5
2,407,378
2,236,447
2,507,569
2,337,612
Current assets
Debtors
6
20,609
35,342
Cash at bank and in hand
239,315
306,859
259,924
342,201
Creditors: amounts falling due within one year
7
(26,286)
(40,055)
Net current assets
233,638
302,146
Total assets less current liabilities
2,741,207
2,639,758
Provisions for liabilities
(134,636)
(117,319)
Net assets
2,606,571
2,522,439
Capital and reserves
Other reserves
2,004,501
2,004,501
Profit and loss reserves
602,070
517,938
Total equity
2,606,571
2,522,439
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
J Coulson
Director
Company Registration No. 07739092
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Northumberland Rugby Football Union Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is, from 26 September 2024, Shotley Cottage, 28 Snows Green Road, Consett, DH8 0HA. The company number is 07739092.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has cash resources and no requirement for external funding. Based on current forecasts the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.true
1.3
Turnover
Turnover represents amounts receivable except listed investment income and bank interest received.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
are not depreciated
Plant and machinery
25% straight line
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
23,388
14,080
Adjustments in respect of prior periods
(1,405)
Total current tax
21,983
14,080
Deferred tax
Origination and reversal of timing differences
17,317
(17,349)
Total tax charge/(credit)
39,300
(3,269)
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
100,191
2,464
102,655
Disposals
(2,464)
(2,464)
At 30 June 2024
100,191
100,191
Depreciation and impairment
At 1 July 2023
1,490
1,490
Eliminated in respect of disposals
(1,490)
(1,490)
At 30 June 2024
Carrying amount
At 30 June 2024
100,191
100,191
At 30 June 2023
100,191
974
101,165
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Listed investments
2,407,378
2,236,447
The Northumberland Rugby Union Trust is the beneficial owner of the investments.
Movements in fixed asset investments
Listed investments
£
Cost or valuation
At 1 July 2023
2,236,447
Additions
1,407,368
Valuation changes
104,569
Profit on sale
105,464
Equalisation
(3,102)
Disposals
(1,443,368)
At 30 June 2024
2,407,378
Carrying amount
At 30 June 2024
2,407,378
At 30 June 2023
2,236,447
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from clubs
20,144
33,397
Other debtors
465
1,945
20,609
35,342
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
23,341
14,080
Other taxation and social security
817
Other creditors
2,945
25,158
26,286
40,055
NORTHUMBERLAND RUGBY FOOTBALL UNION LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
134,636
117,319
9
Related party transactions
During the year the trade of rugby related activities was transferred to Northumberland County Rugby Limited (company number 14063768). Along with the trade fixed assets with a net book value of £974 and cash totalling £100,025 was paid to the company. This resolved the close relationship between the two companies which going forward will no longer be classed as related parties.