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COMPANY REGISTRATION NUMBER: 2871886
CPD Porthmadog FC Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
30 November 2024
CPD Porthmadog FC Limited
Company Limited by Guarantee
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
177,174
167,424
Current assets
Stocks
11,633
10,886
Debtors
7
4,602
21,146
Cash at bank and in hand
45,870
21,297
--------
--------
62,105
53,329
Creditors: amounts falling due within one year
8
20,392
9,767
--------
--------
Net current assets
41,713
43,562
---------
---------
Total assets less current liabilities
218,887
210,986
Creditors: amounts falling due after more than one year
9
54,714
39,645
---------
---------
Net assets
164,173
171,341
---------
---------
Capital and reserves
Profit and loss account
164,173
171,341
---------
---------
Members funds
164,173
171,341
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CPD Porthmadog FC Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 1 July 2025 , and are signed on behalf of the board by:
Mr P P Jones
Director
Company registration number: 2871886
CPD Porthmadog FC Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Y Traeth, Porthmadog, Gwynedd, LL49 9PP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is stated exclusive of value added tax. Gate and other matched revenue is recognised over the period of the football season as games are played. Sponsorship and similar commercial income is recognised over the duration of the respective contracts. Grant income is recognised over the duration of the period it relates to, rather than when received.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
5% reducing balance
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Solar panels
-
5% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Company limited by guarantee
The company is limited by guarantee of members and does not have a share capital. The liability of members is limited to £1
5. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2023
138,872
124,492
140,982
12,651
27,582
444,579
Additions
30,262
4,328
34,590
---------
---------
---------
--------
--------
---------
At 30 Nov 2024
138,872
154,754
145,310
12,651
27,582
479,169
---------
---------
---------
--------
--------
---------
Depreciation
At 1 Dec 2023
56,747
72,830
131,373
11,086
5,119
277,155
Charge for the year
4,155
16,384
2,787
391
1,123
24,840
---------
---------
---------
--------
--------
---------
At 30 Nov 2024
60,902
89,214
134,160
11,477
6,242
301,995
---------
---------
---------
--------
--------
---------
Carrying amount
At 30 Nov 2024
77,970
65,540
11,150
1,174
21,340
177,174
---------
---------
---------
--------
--------
---------
At 30 Nov 2023
82,125
51,662
9,609
1,565
22,463
167,424
---------
---------
---------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
2,027
8,421
Other debtors
2,575
12,725
-------
--------
4,602
21,146
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,547
4,033
Social security and other taxes
4,915
Other creditors
9,930
5,734
--------
-------
20,392
9,767
--------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,994
22,443
Other creditors
39,720
17,202
--------
--------
54,714
39,645
--------
--------
10. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in creditors:
Deferred government grants due within one year
9,930
5,734
Deferred government grants due after more than one year
39,720
17,202
--------
--------
49,650
22,936
--------
--------
Recognised in other operating income:
Government grants recognised directly in income
12,413
5,734
--------
-------
A grant received from the Cyngor Gwynedd Prosperity Fund was used to purchase equipment included within plant and machinery. The grant is accounted for as deferred income and is released to the profit and loss account on a systematic basis over the expected useful life of the related assets. Government grants relating to tangible fixed assets are treated as deferred income and credited to the profit and loss account on a straight-line basis over the useful life of the assets to which they relate. This may differ from the reducing balance depreciation method applied to those assets, but is considered to provide a systematic and appropriate allocation of the grant benefit in accordance with FRS 102.