The Hurlingham Polo Association 05049372 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is to act as the Governing Body for the sport of Polo, to further the interests of Polo generally and to support by all possible means the common interests of the Affiliated Clubs and Associations, as defined from time to time. With effect from 1 January 2019 the commercial activities formerly carried on by The Hurlingham Polo Association were transferred to its subsidiary company, HPA Commercial Limited (formerly HPA Licensing Limited). Digita Accounts Production Advanced 6.30.9574.0 true false true false 05049372 2024-01-01 2024-12-31 05049372 2024-12-31 05049372 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-12-31 05049372 core:CurrentFinancialInstruments 2024-12-31 05049372 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 05049372 core:OfficeEquipment 2024-12-31 05049372 core:PlantMachinery 2024-12-31 05049372 bus:SmallEntities 2024-01-01 2024-12-31 05049372 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05049372 bus:FilletedAccounts 2024-01-01 2024-12-31 05049372 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05049372 bus:RegisteredOffice 2024-01-01 2024-12-31 05049372 bus:Chairman 2024-01-01 2024-12-31 05049372 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 05049372 core:OfficeEquipment 2024-01-01 2024-12-31 05049372 core:PlantMachinery 2024-01-01 2024-12-31 05049372 core:Subsidiary1 2024-01-01 2024-12-31 05049372 core:Subsidiary1 1 2024-01-01 2024-12-31 05049372 core:Subsidiary1 countries:AllCountries 2024-01-01 2024-12-31 05049372 countries:EnglandWales 2024-01-01 2024-12-31 05049372 2023-12-31 05049372 core:CostValuation 2023-12-31 05049372 core:OfficeEquipment 2023-12-31 05049372 core:PlantMachinery 2023-12-31 05049372 2023-01-01 2023-12-31 05049372 2023-12-31 05049372 core:CurrentFinancialInstruments 2023-12-31 05049372 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05049372 core:OfficeEquipment 2023-12-31 05049372 core:PlantMachinery 2023-12-31 05049372 core:Subsidiary1 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 05049372

The Hurlingham Polo Association

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

The Hurlingham Polo Association

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

The Hurlingham Polo Association

(Registration number: 05049372)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

512,385

5,432

Investments in subsidiaries

6

1

1

Listed investments

7

788,221

726,220

 

1,300,607

731,653

Current assets

 

Debtors

8

190,982

225,319

Cash at bank and in hand

 

140,222

122,642

 

331,204

347,961

Creditors: Amounts falling due within one year

9

(88,087)

(90,323)

Net current assets

 

243,117

257,638

Net assets

 

1,543,724

989,291

Capital and reserves

 

Revaluation reserve

495,800

-

Profit and loss account

1,047,924

989,291

Total equity

 

1,543,724

989,291

 

The Hurlingham Polo Association

(Registration number: 05049372)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 1 May 2025 and signed on its behalf by:
 

.........................................
Mr William Arthur Henry Lascelles Lucas
Chairman

 

The Hurlingham Polo Association

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Hurlingham Polo Association is a company limited by guarantee, incorporated in England and Wales, 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.

The address of its registered office is:
Unit 2 Park Farm
Akeman Street
Kirtlington
Oxfordshire
OX5 3JQ
United Kingdom

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.

Going Concern

The HPA continues to have access to significant liquid resources and these can be augmented, if necessary by utilising some of its reserves, which have been accumulated to provide protection in times of need.

Therefore the directors have a reasonable expectation that the HPA will continue to have sufficient financial resources available to enable it to meet its liabilities as they fall due for the foreseeable future, being not less than one year from the date on which these financial statements were signed, including the provision of support to the subsidiary company, HPA Commercial Limited (see also note 11).

These financial statements have therefore been drawn up on the going concern basis, which assumes that this will be the case.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of membership fees and associated income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

 

The Hurlingham Polo Association

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and are expected to apply to the reversal of the timing difference.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Trophies

Nil depreciation

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Hurlingham Polo Association

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Taxation

2024

2023

£

£

Corporation tax

17,763

1,762

Deferred tax

-

-

17,763

1,762

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 28).

During the year no director received any remuneration for their services to the company (2023: £nil).

5

Tangible assets

Trophies
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

-

37,853

37,853

Additions

495,800

16,682

512,482

Disposals

-

(12,777)

(12,777)

At 31 December 2024

495,800

41,758

537,558

Depreciation

At 1 January 2024

-

32,421

32,421

Charge for the year

-

5,529

5,529

Eliminated on disposal

-

(12,777)

(12,777)

At 31 December 2024

-

25,173

25,173

Carrying amount

At 31 December 2024

495,800

16,585

512,385

At 31 December 2023

-

5,432

5,432

The company owns a number of perpetual and historic trophies, which have been included on the balance sheet at their estimated market value as determined by professionally qualified valuers. Previously no value was attributed to the trophies and the uplift to market value has been recognised in the revaluation reserve. The market value will be updated each year as required.

 

The Hurlingham Polo Association

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 January 2024

1

Provision

Carrying amount

At 31 December 2024

1

At 31 December 2023

1

Details of undertakings

Details of the investments (including principal place of business of incorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

HPA Commercial Limited

Unit 2 Park Farm, Akeman Street, Kirtlington, Oxfordshire, OX5 3JQ

England & Wales

Ordinary

100%

100%

HPA Commercial Limited

Until 31 December 2018 the principal activity of HPA Commercial Limited was brand licensing. Since 1 January 2019 HPA Commercial Limited has also been responsible for all the commercial activities formerly carried on by The HPA.

The (loss) for the financial period of HPA Commercial Limited was (£109,374) (2023: (£25,336)) and the aggregate deficit of capital and reserves at the end of the period was (£836,714) (2023: (£727,340)).

 

The Hurlingham Polo Association

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Listed investments

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

726,220

726,220

Fair value adjustments

36,883

36,883

Additions

158,785

158,785

Disposals

(133,667)

(133,667)

At 31 December 2024

788,221

788,221

Carrying amount

At 31 December 2024

788,221

788,221


Included within the total investment balance of £788,221 (2023: £726,220) is a cash balance of £33,218 (2023: £75,539).

The aggregate cost of the listed investments held is £697,697 (2023: £597,937).

8

Debtors

Current

2024
£

2023
£

Trade debtors

168,263

193,109

Prepayments

19,262

26,490

Other debtors

3,457

5,720

 

190,982

225,319

 

The Hurlingham Polo Association

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

20,894

49,645

Taxation and social security

41,657

13,268

Other creditors

25,536

27,410

88,087

90,323

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £85,956 (2023 - £Nil).

11

Related party transactions

In order to optimise operational efficiency and maximise the exploitation of the Hurlingham brand, at the start of the year the company had one wholly owned subsidiary company, being HPA Commercial Limited (formerly HPA Licensing Limited).

In the initial years of trading, HPAC's principal activity was the licensing of the Hurlingham brand and, in common with many start-up businesses, trading losses were sustained.

The HPA provided all the cash funding to cover the working capital requirements of HPAC and gave assurances that it would provide such additional funds as were necessary to enable it to meet its liabilities as they fall due. In addition, the HPA confirmed that it would not require repayment of amounts already advanced unless HPAC would remain solvent following such repayment.

All funds advanced to HPAC are provided for in full in the HPA's annual accounts and the balance was £1,119,466 (2023: £1,024,909).

With effect from 1 January 2019, HPAC assumed responsibility for all the commercial activities of the group and has generated net accumulated losses before tax of £836,715 (2023: £727,341).

Assuming that HPAC continues to trade in accordance with its agreed business plan it is hoped that the company will become self-financing and surplus cash will be returned to the HPA as circumstances allow.

In the meantime, the HPA will continue to provide ongoing financial support to HPAC as explained above.

 

The Hurlingham Polo Association

Notes to the Financial Statements for the Year Ended 31 December 2024

12 Controlling party

The company is under the common control of its members, and therefore there is no single individual or party that can, or does, have overall control of The Hurlingham Polo Association.

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.

The income and property of the company shall be applied solely towards the promotion of its stated objectives and no part thereof shall be paid or transferred directly or indirectly, by way of dividend or otherwise to the members of the company.