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Registration number: 07141377

Cardiff City (House of Sport) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Cardiff City (House of Sport) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Cardiff City (House of Sport) Limited

Company Information

Directors

Mr K Choo

Mrs JM Borley Parker

Mr S Borley


 

Company secretary

Acuity Secretaries Limited

Registered office

Ground Floor
1 Alexandra Gate
Ffordd Pengam
Tremorfa
Cardiff
CF24 2SA


 

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Cardiff City (House of Sport) Limited

(Registration number: 07141377)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,400,294

17,408,699

Current assets

 

Stocks

5

227,207

42,899

Debtors

6

219,959

436,186

Cash at bank and in hand

 

56,407

60,856

 

503,573

539,941

Creditors: Amounts falling due within one year

7

(10,125,584)

(9,794,351)

Net current liabilities

 

(9,622,011)

(9,254,410)

Total assets less current liabilities

 

7,778,283

8,154,289

Creditors: Amounts falling due after more than one year

7

(5,078,470)

(5,500,390)

Provisions for liabilities

(134,092)

(134,092)

Net assets

 

2,565,721

2,519,807

Capital and reserves

 

Called up share capital

8

1,542,856

1,542,856

Profit and loss account

1,022,865

976,951

Total equity

 

2,565,721

2,519,807

 

Cardiff City (House of Sport) Limited

(Registration number: 07141377)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
Mr S Borley
Director

 

Cardiff City (House of Sport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Ground Floor
1 Alexandra Gate
Ffordd Pengam
Tremorfa
Cardiff
CF24 2SA

The principal place of business is:
Clos Parc Morgannwg
Leckwith
Cardiff
CF11 8AQ

These financial statements were authorised for issue by the Board on 18 March 2025.

The company registration number is: 07141377

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 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.

 

Cardiff City (House of Sport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Land

Nil

Buildings

Variable (over expected life of asset)

Furniture, fittings and equipment

25% straight line

Plant and equipment

25% straight line

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.

Work in progress

The cost of 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.

 

Cardiff City (House of Sport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 16).

 

Cardiff City (House of Sport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 July 2023

19,242,904

197,880

57,992

19,498,776

Additions

752,918

8,735

-

761,653

At 30 June 2024

19,995,822

206,615

57,992

20,260,429

Depreciation

At 1 July 2023

1,920,216

137,319

32,542

2,090,077

Charge for the year

735,262

22,298

12,498

770,058

At 30 June 2024

2,655,478

159,617

45,040

2,860,135

Carrying amount

At 30 June 2024

17,340,344

46,998

12,952

17,400,294

At 30 June 2023

17,322,688

60,561

25,450

17,408,699

Included within the net book value of land and buildings above is £17,340,344 (2023 - £17,322,688) in respect of freehold land and buildings.

5

Stocks

2024
£

2023
£

Work in progress

227,207

42,899

 

Cardiff City (House of Sport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

40,250

143,605

Prepayments

109,943

263,234

Other debtors

69,766

29,347

 

219,959

436,186

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

302,119

158,119

Trade creditors

 

106,736

116,070

Taxation and social security

 

7,253

3,802

Other creditors

 

7,073,513

6,603,580

Accruals and deferred income

 

2,635,963

2,912,780

 

10,125,584

9,794,351

Due after one year

 

Loans and borrowings

9

5,078,470

5,500,390

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,078,470

5,500,390

 

Cardiff City (House of Sport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

771,428

771,428

771,428

771,428

Ordinary B Shares of £1 each

771,428

771,428

771,428

771,428

 

1,542,856

1,542,856

1,542,856

1,542,856

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,578,470

4,000,390

Other borrowings

1,500,000

1,500,000

5,078,470

5,500,390

2024
£

2023
£

Current loans and borrowings

Bank borrowings

301,920

157,920

Bank overdrafts

199

199

302,119

158,119

Bank borrowings

The bank loans are secured by a fixed charge against the buildings on the company balance sheet.

The bank overdraft is secured by a floating charge against the company assets.

Other borrowings

The other loans are unsecured loans from related party companies.

 

Cardiff City (House of Sport) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Related party transactions

Summary of transactions with other related parties

Relationship: Shareholders
 During the year, the related companies received interest at a rate of 3% per annum on specific loans to the company. The interest payable in the year in respect of these loans was £nil (2023 - £21,653). The company also received unsecured, temporary loans from its related companies. At the balance sheet date the amount due to the related party companies was £8,573,513 (2023 - £8,103,556).