Company registration number 07406976 (England and Wales)
LA ROSADA POLO TEAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LA ROSADA POLO TEAM LIMITED
CONTENTS
Page
Balance sheet
3 - 4
Statement of changes in equity
2
Notes to the financial statements
5 - 8
LA ROSADA POLO TEAM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2024
- 1 -
2024
2023
£
£
Profit for the year
39,281
2,952
Other comprehensive income net of taxation
Revaluation of tangible fixed assets
(39,000)
42,344
Tax relating to other comprehensive income
9,750
(18,277)
Other comprehensive income for the year
(29,250)
24,067
Total comprehensive income for the year
10,031
27,019
LA ROSADA POLO TEAM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 31 March 2022
1
103,832
5,672
109,505
Year ended 30 March 2023:
Profit
-
-
2,952
2,952
Other comprehensive income net of taxation:
Revaluation of tangible fixed assets
-
42,344
-
42,344
Tax relating to other comprehensive income
-
(18,277)
(18,277)
Total comprehensive income
-
24,067
2,952
27,019
Balance at 30 March 2023
1
127,899
8,624
136,524
Year ended 30 March 2024:
Profit
-
-
39,281
39,281
Other comprehensive income net of taxation:
Revaluation of tangible fixed assets
-
(39,000)
-
(39,000)
Tax relating to other comprehensive income
-
9,750
9,750
Total comprehensive income
-
(29,250)
39,281
10,031
Balance at 30 March 2024
1
98,649
47,905
146,555
LA ROSADA POLO TEAM LIMITED
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
239,353
255,056
Current assets
Cash at bank and in hand
5,531
42,712
Creditors: amounts falling due within one year
5
(57,396)
(102,561)
Net current liabilities
(51,865)
(59,849)
Total assets less current liabilities
187,488
195,207
Creditors: amounts falling due after more than one year
6
(8,051)
(16,051)
Provisions for liabilities
(32,882)
(42,632)
Net assets
146,555
136,524
Capital and reserves
Called up share capital
1
1
Revaluation reserve
98,649
127,899
Profit and loss reserves
47,905
8,624
Total equity
146,555
136,524
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 March 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:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The member has 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.
LA ROSADA POLO TEAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2024
30 March 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
Mrs A D Fontanarrosa
Director
Company Registration No. 07406976
LA ROSADA POLO TEAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024
30 March 2024
- 5 -
1
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.
2
Accounting policies
Company information
La Rosada Polo Team Limited is a private company limited by shares incorporated in England and Wales. The registered office is 46 Hamilton Square, Birkenhead, Wirral, Merseyside, CH41 5AR.
2.1
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 the revaluation of polo ponies. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered stated net of discounts.
Turnover represents the value of match fees receivable during the year.
2.3
Tangible fixed assets
Tangible fixed assets consist of polo ponies. These assets are valued by the directors, on an open market basis, at the end of each season. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income.
Polo ponies
Fixtures and fittings
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.
2.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LA ROSADA POLO TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
2
Accounting policies
(Continued)
- 6 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.5
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.
2.6
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.
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.
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.
LA ROSADA POLO TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
2
Accounting policies
(Continued)
- 7 -
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.
2.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
LA ROSADA POLO TEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 31 March 2023
255,408
Additions
23,650
Revaluation
(39,000)
At 30 March 2024
240,058
Depreciation and impairment
At 31 March 2023
352
Depreciation charged in the year
353
At 30 March 2024
705
Carrying amount
At 30 March 2024
239,353
At 30 March 2023
255,056
Polo ponies with a carrying amount of £238,650 were revalued at 31 March 2024 by the directors the basis of market value.
The historical cost of the polo ponies was £107,119 (2023 £83,469).
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,000
Other creditors
53,396
102,561
57,396
102,561
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,051
16,051
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