Company Registration No. 00214373 (England and Wales)
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
4
55,000
90,000
Tangible assets
5
2,478,551
2,500,304
2,533,551
2,590,304
Current assets
Stocks
407,006
634,475
Debtors
6
518,262
595,780
Cash at bank and in hand
1,505,577
337,560
2,430,845
1,567,815
Creditors: amounts falling due within one year
7
(3,382,435)
(3,769,831)
Net current liabilities
(951,590)
(2,202,016)
Total assets less current liabilities
1,581,961
388,288
Creditors: amounts falling due after more than one year
8
(765,028)
(46,783)
Net assets
816,933
341,505
Capital and reserves
Called up share capital
50,000
50,000
Share premium account
130,396
130,396
Revaluation reserve
2,268,809
2,268,809
Profit and loss reserves
(1,632,272)
(2,107,700)
Total equity
816,933
341,505
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2021 and are signed on its behalf by:
M Grattan
Director
Company Registration No. 00214373
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 2 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2018
8,000
130,396
2,268,809
(1,695,368)
711,837
Year ended 30 November 2019:
Loss and total comprehensive income for the year
-
-
-
(412,332)
(412,332)
Issue of share capital
42,000
-
-
42,000
Balance at 30 November 2019
50,000
130,396
2,268,809
(2,107,700)
341,505
Year ended 30 November 2020:
Profit and total comprehensive income for the year
-
-
-
475,428
475,428
Balance at 30 November 2020
50,000
130,396
2,268,809
(1,632,272)
816,933
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 3 -
1
Accounting policies
Company information
Castleford Rugby League Football Club Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Mend A Hose Jungle, Wheldon Road, Castleford, West Yorkshire, WF10 2SD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The balance sheet as at 30 November 2020 shows that the company has net current liabilities of £951,590 which includes loans from directors and former directors which amounted to £2,360,375.
The directors have confirmed that they will continue to support the company and will not withdraw their support to the detriment of the third party creditors.
On this basis, the directors concluded it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover
comprises the value of income from Rugby League games, sponsorship deals, merchandise sales, bar and restaurant sales and other ancillary activities excluding Value Added Tax and trade discounts.
Merchandise income from shop and internet sales is accounted for on a receivable basis.
Gate receipts relate to the proceeds taken at the turnstiles for each game and the season ticket sales for the season they relate to.
Sponsorship, advertising, hospitality and executive box sales are accounted for the in the season to which they relate.
Lottery income is accounted for on a receipts basis.
Income received prior to the year end in respect of future seasons is treated as deferred income.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Player transfer fees
over the period of the player's contract
Player registrations are assessed on an annual basis and impairment losses arising are charged to the profit and loss account in the period in which they arise.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Plant and equipment
20% and 25% reducing balance
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Included in land and buildings are alterations to leasehold property which are being depreciated over the remaining term of the lease.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
117
145
4
Intangible fixed assets
Player transfer fees
£
Cost
At 1 December 2019
220,000
Additions
60,000
Disposals
(60,000)
At 30 November 2020
220,000
Amortisation and impairment
At 1 December 2019
130,000
Amortisation charged for the year
95,000
Disposals
(60,000)
At 30 November 2020
165,000
Carrying amount
At 30 November 2020
55,000
At 30 November 2019
90,000
Players' transfer fees are capitalised as intangible fixed assets and amortised over the period of the player's contract.
Amortisation has been accelerated where players have left the club before their contract term expired.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 8 -
5
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 December 2019
2,452,810
534,247
2,987,057
Additions
8,056
8,056
At 30 November 2020
2,452,810
542,303
2,995,113
Depreciation and impairment
At 1 December 2019
53,007
433,747
486,754
Depreciation charged in the year
4,266
25,542
29,808
At 30 November 2020
57,273
459,289
516,562
Carrying amount
At 30 November 2020
2,395,537
83,014
2,478,551
At 30 November 2019
2,399,803
100,501
2,500,304
Included in the cost or valuation of land and buildings is freehold land of £2,230,696 (2019: £2,230,696) which is not depreciated.
Land and buildings were valued in 1999 at £652,371. A subsequent revaluation of £1,616,438 was carried out in December 2007 which has been elected as its deemed cost at that date. The total cost of land and buildings also includes additions at cost of £184,001.
Land and buildings are carried at valuation.
If land and buildings were measured using the cost model, the carrying amounts
would
have been approximately £104,024 (2019 - £107,992), being cost £251,864 (2019 - £251,864) and depreciation £147,840 (2019 - £143,872).
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
315,705
381,314
Other debtors
202,557
214,466
518,262
595,780
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 9 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
2,500
Trade creditors
288,026
492,703
Taxation and social security
189,207
105,613
Other creditors
2,902,702
3,171,515
3,382,435
3,769,831
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
47,500
Other creditors
717,528
46,783
765,028
46,783
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
7,500
-
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
We have considered the adequacy of the disclosures made in the accounting policies on page 9 concerning the continuation of the support of the company's directors, its bankers and other providers of finance. In view of the significance of this uncertainty, we consider that it should be drawn to your attention but our opinion is not qualified in this respect.
The senior statutory auditor was Peter Hart.
The auditor was Henton & Co LLP.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 10 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
24,041
24,041
11
Directors' transactions
The directors made available loans to the company which are repayable on demand. Interest is being accrued at 2% over base rate. At the balance sheet date the total balance owed to the directors was £120,000 (2019: £120,000).
2020-11-30
2019-12-01
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27 September 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
J Fulton
M Grattan
S Vause
J Duff
D Lowe
R Clarkson
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