REGISTERED NUMBER: 07584988 (England and Wales)

NEWARK RUGBY UNION FOOTBALL CLUB LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

D Pick

M R Cove

A Staines

D H Godfrey

J J Clark

D N Hayle

A J Fearn

A C Swain

T Barker

V E Corley

REGISTERED OFFICE:

The Rugby Ground

Kelham Road

Newark On Trent

Nottinghamshire

NG24 1WN

REGISTERED NUMBER:

07584988 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 London Road

Newark

Nottinghamshire

NG24 1TW

FIXED ASSETS

Property, plant and equipment

4

1,208,955

1,252,690

CURRENT ASSETS

Inventories

18,339

14,802

Debtors

5

10,157

64,419

Cash at bank and in hand

196,371

204,250

224,867

283,471

CREDITORS

Amounts falling due within one year

6

144,406

185,054

NET CURRENT ASSETS

80,461

98,417

TOTAL ASSETS LESS CURRENT LIABILITIES

1,289,416

1,351,107

CREDITORS

Amounts falling due after more than one year

7

(89,638

)

(118,671

)

ACCRUALS AND DEFERRED INCOME

9

(389,297

)

(410,825

)

NET ASSETS

810,481

821,611

RESERVES

Income and expenditure account

10

810,481

821,611

810,481

821,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

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 surplus or deficit 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:

D H Godfrey - Director

1.	STATUTORY INFORMATION

Newark Rugby Union Football Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue 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 when the significant risks and rewards have passed to the customer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and that the costs incurred, or to be incurred, in respect of the transaction, can be measured reliably.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost, 4% on cost and not provided

Plant and machinery etc

-

25% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants

Grants are recognised in the financial statements in the period in which they are received. To the extent that expenditure for which the grant is intended is not complete at the year end, only the proportion of the grant relevant to expenditure incurred at the year end is recognised.

Grants for expenditure on tangible fixed assets are recognised in the profit and loss account over the useful economic life of the assets.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2023 - 59 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2023

1,521,379

134,866

1,656,245

Additions

-

28,646

28,646

At 31 July 2024

1,521,379

163,512

1,684,891

DEPRECIATION

At 1 August 2023

322,547

81,008

403,555

Charge for year

59,433

12,948

72,381

At 31 July 2024

381,980

93,956

475,936

NET BOOK VALUE

At 31 July 2024

1,139,399

69,556

1,208,955

At 31 July 2023

1,198,832

53,858

1,252,690

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

3,990

54,634

Other debtors

6,167

9,785

10,157

64,419

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

18,536

25,140

Taxation and social security

7,436

15,811

Other creditors

108,434

134,103

144,406

185,054

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

10,002

20,000

Other creditors

79,636

98,671

89,638

118,671

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Rugby Football Foundation Loan more than 5 years

21,651

28,319

Members Loan

17,893

24,960

39,544

53,279

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Rugby Football Foundation Loan

54,991

61,659

The Rugby Football Foundation loan is secured by a charge over the Club's land and buildings. The loan is interest free and repayable over 15 years.

9.	ACCRUALS AND DEFERRED INCOME

Grants have been received in respect of the new clubhouse and player facilities from Sport England. These grants will be released against depreciation charged on the new clubhouse and player facilities over the same period as these assets are depreciated.

10.

RESERVES

Income

and

expenditure

account

£

At 1 August 2023

821,611

Deficit for the year

(11,130

)

At 31 July 2024

810,481