FRUFC TRADING LIMITED
Notes to the Financial Statements
For the year ended 31 May 2024
FRUFC Trading Limited is a limited liability company incorporated and domiciled in England and Wales. The address of the registered office is The Club House, Wilkinson Way, Monkton Lane, Farnham, Surrey, GU9 9FA, which is the same as its main place of business.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company conducts trading activity for and on behalf of its parent entity. As such the Company's ability to continue as a going concern is linked to the continued operation of the Club. The directors have reviewed the current and expected membership levels and are confident that the Club will continue to operate for a period of at least twelve months from the date of these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. represents sales of goods and use of assets owned by the Club and arises from continuing activities in the UK.
Revenue from trading activities which comprises sales of goods and rental of the clubs assets is recognised on an accruals basis when the goods are sold or when services are performed.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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