Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31The principal activity of the company in the year under review was that of activities of sports clubs.falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-06-01false119truefalse 09437205 2023-06-01 2024-05-31 09437205 2022-06-01 2023-05-31 09437205 2024-05-31 09437205 2023-05-31 09437205 c:Director1 2023-06-01 2024-05-31 09437205 d:Buildings 2023-06-01 2024-05-31 09437205 d:Buildings 2024-05-31 09437205 d:Buildings 2023-05-31 09437205 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09437205 d:LandBuildings 2024-05-31 09437205 d:LandBuildings 2023-05-31 09437205 d:PlantMachinery 2023-06-01 2024-05-31 09437205 d:PlantMachinery 2024-05-31 09437205 d:PlantMachinery 2023-05-31 09437205 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09437205 d:FurnitureFittings 2023-06-01 2024-05-31 09437205 d:FurnitureFittings 2024-05-31 09437205 d:FurnitureFittings 2023-05-31 09437205 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09437205 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09437205 d:CurrentFinancialInstruments 2024-05-31 09437205 d:CurrentFinancialInstruments 2023-05-31 09437205 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 09437205 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 09437205 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 09437205 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 09437205 d:RevaluationReserve 2024-05-31 09437205 d:RevaluationReserve 2023-05-31 09437205 d:OtherMiscellaneousReserve 2024-05-31 09437205 d:OtherMiscellaneousReserve 2023-05-31 09437205 d:RetainedEarningsAccumulatedLosses 2024-05-31 09437205 d:RetainedEarningsAccumulatedLosses 2023-05-31 09437205 c:FRS102 2023-06-01 2024-05-31 09437205 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09437205 c:FullAccounts 2023-06-01 2024-05-31 09437205 c:CompanyLimitedByGuarantee 2023-06-01 2024-05-31 09437205 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 09437205










VARDRE RFC LIMITED
(A Company Limited by Guarantee)








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
VARDRE RFC LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 09437205

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
467,531
477,018

  
467,531
477,018

Current assets
  

Stocks
 5 
3,926
4,789

Debtors: amounts falling due within one year
 6 
-
9,882

Cash at bank and in hand
  
30,970
24,098

  
34,896
38,769

Creditors: amounts falling due within one year
 7 
(20,093)
(15,421)

Net current assets
  
 
 
14,803
 
 
23,348

Total assets less current liabilities
  
482,334
500,366

  

Accruals and deferred income
 8 
(19,269)
(28,334)

Net assets excluding pension asset
  
463,065
472,032

Net assets
  
463,065
472,032


Capital and reserves
  

Revaluation reserve
  
384,802
384,802

Other reserves
  
80,083
80,083

Profit and loss account
  
(1,820)
7,147

  
463,065
472,032


Page 1

 
VARDRE RFC LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 09437205
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2025.




Wayne Herbert Griffiths
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VARDRE RFC LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Vardre RFC Limited is a private company, limited by guarantee, registered in England and Wales. The
company's registered number  is 09437205 and registered office address is 3 High Street, Clydach, Swansea, SA6 5LF.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
I
mpairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
 

Page 3

 
VARDRE RFC LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

  
2.3

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,rebates, value added tax and other sales taxes.
Revenue is recognised in the period to which it relates.
 

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.7

Tangible fixed assets

Tangible fixed assets are measured at cost. Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.
Land and Buildings - 2% on a straight line basis
Plant and Machinery - 25% on a reducing balance basis
Fixtures and Fittings - 25% on a straight line basis

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 4

 
VARDRE RFC LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets
Page 5

 
VARDRE RFC LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not
Page 6

 
VARDRE RFC LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

  
2.13

Going concern

The directors have assessed the principal risks and uncertainties impacting the company and the pressures facing the global economy. The directors are aware that the situation is continually evolving and is prepared to adapt with the latest developments and recommendations.
The directors have assessed the balance sheet and likely future cash flows of the company at the date of approving the financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows: 


2024
2023
£
£



Employees
11
9

Page 7

 
VARDRE RFC LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 June 2023
486,063
62,064
2,353
550,480


Additions
-
5,250
-
5,250



At 31 May 2024

486,063
67,314
2,353
555,730



Depreciation


At 1 June 2023
48,607
23,843
1,012
73,462


Charge for the year on owned assets
3,655
10,494
588
14,737



At 31 May 2024

52,262
34,337
1,600
88,199



Net book value



At 31 May 2024
433,801
32,977
753
467,531



At 31 May 2023
437,456
38,220
1,342
477,018




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
433,801
437,456

433,801
437,456



5.


Stocks

2024
2023
£
£

Raw materials and consumables
3,926
4,789

3,926
4,789


Page 8

 
VARDRE RFC LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£


Other debtors
-
9,882

-
9,882



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
9,000
10,000

Other taxation and social security
2,023
435

Other creditors
1,470
2,986

Accruals and deferred income
7,600
2,000

20,093
15,421



8.


Accruals and deferred income

2024
2023
£
£

Grants
19,269
28,334

19,269
28,334




9.


Company status

The company is a private company limited by guarantee 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.

 
Page 9