Registration number:
University Vandals Limited
(A company limited by guarantee)
for the Year Ended 30 April 2024
University Vandals Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
University Vandals Limited
Company Information
Directors |
S J Hussey M J Baxter D A Hall S Owen M S Dukoff-Gordon A C Nettleship J E Howkins |
Registered office |
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Accountants |
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University Vandals Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is playng of rugby union football, cricket and netball
Business Review
Throughout 23-24 Weybridge Vandals Rugby, Netball and Cricket have built on the consistent support that the membership have given in post Covid recovery, and continues to invest in the Club, our facilities and the sections.
We have seen the continued welcome growth of the Valkyries, developing girls and women’s rugby through dedicated coaching, and an increased focus on girls’ cricket. Early moves have been made to bring the burgeoning Netball section to the grounds permanently to enhance footfall. These initiatives, together with our long- standing reputation as a club for the community, build on our vision to be a fully inclusive multi-sport facility.
Through our Development fund, we have made significant investment in the Club with the installation of a improved Cess pit facility as the first phase of an investment in new Toilet and Bay Changing facilities and have also completed essential grounds and facility works which underpin future development. A new Cricket nets facility has been built based on Fundraising and local Sponsors.
However-whilst our income from our core membership activities such as bar revenue and subscriptions has remained steady despite the general post covid downturn in the economy, we have like other businesses, experienced significant increases in utility and property maintenance costs, together with a sustained period of Flooding which affected game time and turnover.
Small companies provision statement
This report has 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.
Approved and authorised by the
University Vandals Limited
Directors' Report for the Year Ended 30 April 2024 (continued)
......................................... |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
University Vandals Limited
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 University Vandals Limited for the year ended 30 April 2024 as set out on pages 5 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accounts (CIMA), we are subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Professionalism/Ethics/CIMA-code-of-ethics-for-professional-accountants/
This report is made solely to the Board of Directors of University Vandals Limited, 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 University Vandals Limited and state those matters that we have agreed to state to the Board of Directors of University Vandals Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than University Vandals Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that University Vandals Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of University Vandals Limited. You consider that University Vandals Limited 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 University Vandals Limited. 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.
......................................
Weybridge
Surrey
KT13 9UN
Date:.............................
University Vandals Limited
Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross surplus |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating deficit |
(34,187) |
(18,552) |
|
Interest payable and similar expenses |
( |
- |
|
Deficit before tax |
( |
( |
|
Deficit for the financial year |
( |
( |
The above results were derived from continuing operations.
University Vandals Limited
(Registration number: 07224596)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
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Investments |
|
- |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Reserves |
|||
Other reserves |
413,786 |
343,375 |
|
Retained earnings |
(4,902) |
29,386 |
|
Surplus |
408,884 |
372,761 |
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 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.
Approved and authorised by the
......................................... |
University Vandals Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Other reserves |
Retained earnings |
Total |
|
At 1 May 2023 |
|
|
|
Deficit for the year |
- |
( |
( |
Other comprehensive income |
|
- |
|
Total comprehensive income |
|
( |
|
At 30 April 2024 |
|
( |
|
Other reserves |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Deficit for the year |
- |
( |
( |
Other comprehensive income |
|
- |
|
Total comprehensive income |
|
( |
( |
At 30 April 2023 |
|
|
|
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a company limited by guarantee, incorporated in England, 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:
These financial statements were authorised for issue by the
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.
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.
Other grants
Grants received during the period for capital expenditure is provided within reserves. The grant is released at the same rate as the depreciation charge against the items to which it relates.
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
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.
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 |
20% straight line |
Access road & car park |
4% straight line |
Floodlights |
10% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Tangible assets |
Access road & car park |
Land and buildings |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Additions |
- |
- |
|
|
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
- |
|
|
Charge for the year |
|
- |
|
|
At 30 April 2024 |
|
- |
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Carrying amount |
|
At 30 April 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
6 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
1st Floor, 111 Queens Road
England |
|
|
|
Subsidiary undertakings |
Vandals Trading Ltd The principal activity of Vandals Trading Ltd is |
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Taxation and social security |
- |
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Reserves |
Development Fund |
|||
2024 |
2023 |
||
£ |
£ |
||
At 1 May 2023 |
78,097 |
124,885 |
|
Rugby Union Winter Survival Funds utilised in period |
- |
||
Internal development expenditure |
(61,463) |
||
500 Club |
13,875 |
14,675 |
|
At 30 April 2024 |
91,972 |
78,097 |
|
Tangible Fixed Asset Fund |
|||
2024 |
2023 |
||
£ |
£ |
||
At 1 May 2023 |
56,802 |
- |
|
Assets purchased against development fund |
61,463 |
||
Assets purchased against cricket fundraising fund |
51,919 |
||
Depreciation against assets purchased |
(9,260) |
(4,661) |
|
At 30 April 2024 |
99,461 |
56,802 |
|
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
10 |
Reserves (continued) |
Cricket Fundraising Fund |
|||
2024 |
2023 |
||
£ |
£ |
||
At 1 May 2023 |
- |
- |
|
Donations |
47,665 |
- |
|
Sponsorship |
10,000 |
- |
|
Elmbridge grant |
15,000 |
- |
|
Expenditure in the period |
(7,974) |
- |
|
Cricket practice facility transferred to fixed asset fund |
(51,919) |
- |
|
At 30 April 2024 |
12,772 |
- |
Flood Relief Fund |
|||
2024 |
2023 |
||
£ |
£ |
||
At 1 May 2023 |
85 |
85 |
|
Expenditure in the year |
- |
- |
|
Transfer to capital reserve |
- |
- |
|
At 30 April 2024 |
85 |
85 |
|
Minis and Juniors Funds |
|||
2024 |
2023 |
||
£ |
£ |
||
At 1 May 2023 |
12,859 |
12,457 |
|
Funds raised in year |
1,105 |
402 |
|
Expenditure in year |
- |
- |
|
Taken to profit |
- |
- |
|
At 30 April 2024 |
13,964 |
12,859 |
|
University Vandals Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
10 |
Reserves (continued) |
Capital Reserves |
|||
2024 |
2023 |
||
£ |
£ |
||
At 1 May 2023 |
195,532 |
195,532 |
|
- |
- |
||
At 30 April 2024 |
195,532 |
195,532 |
|
Profit and Loss Account |
|||
2024 |
2023 |
||
£ |
£ |
||
At 1 May 2023 |
29,386 |
47,938 |
|
Profit/(Loss) for the year |
(34,288) |
(18,552) |
|
At 30 April 2024 |
(4,902) |
29,386 |
|
Related party transactions |
Summary of transactions with all subsidiaries
The company incorporated a wholly owned subsidiary trading entity in November 2023, Vandals Trading Ltd. During the period, the company received £9,923 on behalf of Vandals Trading Ltd, the balance outstanding at the end of the period is £9,923.
It has been agreed between Vandals Trading Ltd (the trading entity) and University Vandals Ltd, all profits created within Vandals Trading Ltd will be donated in full to University Vandals Ltd under the corporation tax relief as qualifying donations under the corporate gift aid scheme.