Registration number:
for the Year Ended
The Hurlingham Polo Association
Contents
Balance Sheet |
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Notes to the Financial Statements |
The Hurlingham Polo Association
(Registration number: 05049372)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investments in subsidiaries |
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Listed investments |
621,865 |
564,923 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Page 1 |
The Hurlingham Polo Association
(Registration number: 05049372)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Mr Stephen Thomas Alexander Hutchinson
Director
Page 2 |
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company 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:
The principal place of business is:
Manor Farm
Little Coxwell
Faringdon
Oxfordshire
SN7 7LW
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements contain information about The Hurlingham Polo Association as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 398 of the Companies Act from the requirement to prepare consolidated financial statements as the group it heads qualifies as a small group.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of membership fees, sponsorship services and ancillary income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Page 3 |
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2017
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 statement of financial position 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:
Asset class |
Depreciation method and rate |
Office equipment |
20% straight line |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 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.
Page 4 |
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2017
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Page 5 |
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2017
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2017 |
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Provision |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated 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 |
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2017 |
2016 |
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Subsidiary undertakings |
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Manor Farm, Little Coxwell, Faringdon, Oxfordshire, SN7 7LW |
Ordinary |
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England & Wales |
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Manor Farm, Little Coxwell, Faringdon, Oxfordshire, SN7 7LW |
Ordinary |
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England & Wales |
The principal activity of HPA Licensing Limited is |
HPA Events Limited is dormant and has never traded.
The loss for the financial period of HPA Licensing Limited was £205,016 (2016: £161,166) and the aggregate amount of capital and reserves at the end of the period was (£545,927) (2016: (£340,911)).
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The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2017
Listed investments |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2017 |
564,923 |
564,923 |
Fair value adjustments |
42,542 |
42,542 |
Additions |
66,010 |
66,010 |
Disposals |
(51,610) |
(51,610) |
At 31 December 2017 |
621,865 |
621,865 |
Impairment |
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Carrying amount |
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At 31 December 2017 |
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621,865 |
Included within the total investment balance of £621,865 (2016: £564,923) is a cash balance of £2,959 (2016: £65).
The aggregate cost of the listed investments held is £541,321 (2016: £525,068).
Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 7 |
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Amounts owed to Guards Polo Club |
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Taxation and social security |
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Other creditors |
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Financial commitments, guarantees and contingencies |
At 31 December 2017 the company had future minimum lease payments under non-cancellable operating leases as follows:
2017 |
2016 |
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£ |
£ |
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Within 1 year |
3,442 |
3,006 |
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Between 2 and 5 years |
6,263 |
4,746 |
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9,705 |
7,752 |
Page 8 |
The Hurlingham Polo Association
Notes to the Financial Statements for the Year Ended 31 December 2017
Related party transactions |
During the period rent of £7,500 (2016: £7,500) was paid to the Chief Executive, D J B Woodd, for the premises used by the Association for administrative purposes. At the balance sheet date a creditor of £8,803 (2016: £7,831) was owed to D J B Woodd by the company.
In order to optimise operational efficiency and maximise the exploitation of the Hurlingham brand, the company has updated its trading structure by the creation of two wholly owned subsidiary companies, being:
HPA Licensing Limited
HPA Events Limited
HPA Licensing Limited commenced trading in 2015 and HPA Events Limited has remained dormant. During the period since its incorporation, The Hurlingham Polo Association has provided funding to HPA Licensing Limited ("HPAL") to cover the working capital requirements of the company and this amounted to £472,616 at 31 December 2017.
Since 1 January 2018 HPAL has continued to trade in accordance with its agreed business plan and a number of franchise agreements, which will generate income for the company. have now been finalised and signed. Other such agreements are under negotiation and are expected to be agreed within the foreseeable future.
The HPA has been providing the cash required to meet HPAL's working capital and the directors of the company have provided assurances that such further funds that may be necessary in order to meet its liabilities as they fall due will be forthcoming from the HPA. In addition the HPA has indicated that it will not seek repayment of any amounts already advanced unless HPAL would remain solvent following such repayment.
Because the generation of financial returns by HPA Licensing Limited cannot be predicted with any certainty the amount advanced at 31 December 2017 by The Hurlingham Polo Association has been provided for in full.
HPA Events Limited as a wholly owned subsidiary is a dormant company and a creditor balance of £1 is payable to this company at the year end. This represents the share capital acquired by the Hurlingham Polo Association.
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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.
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