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Registration number: 03420768

Sedgley Park Rugby Union Football Club Limited
Annual Report and
Unaudited Financial Statements

31 May 2024

 

Sedgley Park Rugby Union Football Club Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Sedgley Park Rugby Union Football Club Limited

Balance Sheet
31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

416,319

427,062

Current assets

 

Stocks

5

-

10,437

Debtors

6

3,395

10,425

Cash at bank and in hand

 

1,773

19,537

 

5,168

40,399

Creditors: Amounts falling due within one year

7

(148,494)

(190,977)

Net current liabilities

 

(143,326)

(150,578)

Net assets

 

272,993

276,484

Capital and reserves

 

Retained earnings

272,993

276,484

Shareholders' funds

 

272,993

276,484

 

Sedgley Park Rugby Union Football Club Limited

Balance Sheet
31 May 2024

For the financial year ending 31 May 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 28 March 2025 and signed on its behalf by:
 

.........................................
Mr S J Ward
Director

Company Registration Number: 03420768

 

Sedgley Park Rugby Union Football Club Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

1

General information

The Company is a private company limited by share capital, incorporated in England..

The address of its registered office is:
The Clubhouse
Park Lane
Whitefield
Manchester
M45 7DZ

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

 

Sedgley Park Rugby Union Football Club Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Sedgley Park Rugby Union Football Club Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2023 - 40).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 June 2023

954,698

60,645

1,015,343

At 31 May 2024

954,698

60,645

1,015,343

Depreciation

At 1 June 2023

567,174

21,107

588,281

Charge for the year

5,679

5,064

10,743

At 31 May 2024

572,853

26,171

599,024

Carrying amount

At 31 May 2024

381,845

34,474

416,319

At 31 May 2023

387,524

39,538

427,062

Included within the net book value of land and buildings above is £381,845 (2023 - £387,524) in respect of freehold land and buildings.
 

 

Sedgley Park Rugby Union Football Club Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Other inventories

-

10,437

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,395

10,425

 

3,395

10,425

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

54,957

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

1,746

-

Other creditors

 

146,748

136,020

 

148,494

190,977