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Registration number: 06701335

Torquay Athletic RFC Ltd

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Torquay Athletic RFC Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Torquay Athletic RFC Ltd

Company Information

Directors

Mr Neil Wilson

Mr David Basil Thompson

Mrs Jacqueline Ann Coles

Mr Christopher Siddall

Mr Lee Gary Mason

Mr Stephen Hanbury

Mr Gavin Webber

Company secretary

Mr Stephen Hanbury

Registered office

Minerva House
Orchard Way
Edginswell Park
Torquay
Devon
TQ2 7FA

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Torquay Athletic RFC Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Torquay Athletic RFC Ltd for the year ended 30 April 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Torquay Athletic RFC Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Torquay Athletic RFC Ltd and state those matters that we have agreed to state to the Board of Directors of Torquay Athletic RFC Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Torquay Athletic RFC Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Torquay Athletic RFC Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Torquay Athletic RFC Ltd. You consider that Torquay Athletic RFC Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Torquay Athletic RFC Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

5 July 2024

 

Torquay Athletic RFC Ltd

(Registration number: 06701335)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

47,338

49,216

Current assets

 

Stocks

5

4,869

6,489

Debtors

6

3,099

4,933

Cash at bank and in hand

 

82,861

46,994

 

90,829

58,416

Creditors: Amounts falling due within one year

7

(55,178)

(67,481)

Net current assets/(liabilities)

 

35,651

(9,065)

Net assets

 

82,989

40,151

Reserves

 

Other reserves

91,730

91,730

Retained earnings

(8,741)

(51,579)

Surplus

 

82,989

40,151

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.

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 5 July 2024 and signed on its behalf by:
 

.........................................
Mrs Jacqueline Ann Coles
Director

 

Torquay Athletic RFC Ltd

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

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Minerva House
Orchard Way
Edginswell Park
Torquay
Devon
TQ2 7FA

These financial statements were authorised for issue by the Board on 5 July 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Torquay Athletic RFC Ltd

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

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

Plant and Machinery

25% Reducing balance

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.

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.

 

Torquay Athletic RFC Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 9).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

41,707

38,455

3,597

83,759

At 30 April 2024

41,707

38,455

3,597

83,759

Depreciation

At 1 May 2023

-

33,644

899

34,543

Charge for the year

-

1,203

675

1,878

At 30 April 2024

-

34,847

1,574

36,421

Carrying amount

At 30 April 2024

41,707

3,608

2,023

47,338

At 30 April 2023

41,707

4,811

2,698

49,216

Included within the net book value of land and buildings above is £41,707 (2023 - £41,707) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

4,869

6,489

6

Debtors

 

Torquay Athletic RFC Ltd

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

Current

2024
£

2023
£

Prepayments

2,626

1,960

Other debtors

473

2,973

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,500

1,900

Trade creditors

 

-

16,174

Taxation and social security

 

28,353

15,984

Accruals and deferred income

 

5,316

845

Other creditors

 

20,009

32,578

 

55,178

67,481

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

1,500

1,900

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Mr Neil Wilson

Loan from director

(14,680)

2,500

(12,180)

       
     

 

2023

At 1 May 2022
£

Other payments made to company by director
£

At 30 April 2023
£

Mr Neil Wilson

Loan from director

(11,772)

(2,908)

(14,680)