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Registration number: 07224596

University Vandals Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

University Vandals Limited

Contents

Company Information

1

Directors' Report

2 to 3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 15

 

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

First Floor
111 Queens Road
Weybridge
Surrey
KT13 9UN

Accountants

Atek Accounting Solutions Ltd
111 Queens Road
Weybridge
Surrey
KT13 9UN

 

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:

C M Edgley (ceased 21 September 2023)

P D Wellden (ceased 4 June 2023)

S J Hussey

K Crabb - Company secretary and director (ceased 21 September 2023)

K J Sewell (ceased 21 September 2023)

M J Baxter

D A Hall

S Owen

M S Dukoff-Gordon

A C Nettleship

J E Howkins (appointed 27 September 2023)

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 Board on 23 September 2024 and signed on its behalf by:
 

 

University Vandals Limited

Directors' Report for the Year Ended 30 April 2024 (continued)

.........................................
S Owen
Director

 

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.

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

Atek Accounting Solutions Ltd
111 Queens Road
Weybridge
Surrey
KT13 9UN

Date:.............................

 

University Vandals Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

144,119

134,217

Cost of sales

 

(139,353)

(114,892)

Gross surplus

 

4,766

19,325

Administrative expenses

 

(287,738)

(256,234)

Other operating income

 

248,785

218,357

Operating deficit

 

(34,187)

(18,552)

Interest payable and similar expenses

 

(101)

-

Deficit before tax

4

(34,288)

(18,552)

Deficit for the financial year

 

(34,288)

(18,552)

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

5

227,199

175,575

Investments

6

100

-

 

227,299

175,575

Current assets

 

Stocks

7

21,339

16,459

Debtors

8

46,042

48,967

Cash at bank and in hand

 

150,553

192,414

 

217,934

257,840

Creditors: Amounts falling due within one year

9

(36,349)

(60,654)

Net current assets

 

181,585

197,186

Net assets

 

408,884

372,761

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 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.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
S Owen
Director

 

University Vandals Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2023

343,375

29,386

372,761

Deficit for the year

-

(34,288)

(34,288)

Other comprehensive income

70,411

-

70,411

Total comprehensive income

70,411

(34,288)

36,123

At 30 April 2024

413,786

(4,902)

408,884

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2022

332,959

47,938

380,897

Deficit for the year

-

(18,552)

(18,552)

Other comprehensive income

10,416

-

10,416

Total comprehensive income

10,416

(18,552)

(8,136)

At 30 April 2023

343,375

29,386

372,761

 

University Vandals Limited

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 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:
First Floor
111 Queens Road
Weybridge
Surrey
KT13 9UN

These financial statements were authorised for issue by the Board on 23 September 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.

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 towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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.

3

Staff numbers

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

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

21,862

21,180

 

University Vandals Limited

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

5

Tangible assets

Access road & car park
 £

Land and buildings
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

84,667

3,381

231,346

319,394

Additions

-

-

82,702

82,702

At 30 April 2024

84,667

3,381

314,048

402,096

Depreciation

At 1 May 2023

35,085

-

108,734

143,819

Charge for the year

4,243

-

26,835

31,078

At 30 April 2024

39,328

-

135,569

174,897

Carrying amount

At 30 April 2024

45,339

3,381

178,479

227,199

At 30 April 2023

49,582

3,381

122,612

175,575

6

Investments

2024
£

2023
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost or valuation

Additions

100

Carrying amount

At 30 April 2024

100

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

Vandals Trading Ltd

1st Floor, 111 Queens Road
Weybridge,
Surrey
KT13 9UN

England

Ordinary

100%

0%

Subsidiary undertakings

Vandals Trading Ltd

The principal activity of Vandals Trading Ltd is Sports club bar and property management. Its financial period end is 30 November.

7

Stocks

2024
£

2023
£

Other inventories

21,339

16,459

8

Debtors

Current

2024
£

2023
£

Trade debtors

20,645

12,262

Prepayments

11,552

24,307

Other debtors

13,845

12,398

 

46,042

48,967

 

University Vandals Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

14,529

36,796

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

10,023

-

Taxation and social security

 

-

654

Accruals and deferred income

 

4,880

6,292

Other creditors

 

6,917

16,912

 

36,349

60,654

10

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

11

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.