REGISTERED NUMBER: 07095767 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
COVENTRY RUGBY LIMITED |
REGISTERED NUMBER: 07095767 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
COVENTRY RUGBY LIMITED |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
COVENTRY RUGBY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5 The Quadrant |
Coventry |
West Midlands |
CV1 2EL |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 2,392,670 | 1,558,680 |
Cost of sales | 1,729,537 | 1,841,462 |
GROSS PROFIT/(LOSS) | 663,133 | (282,782 | ) |
Administrative expenses | 997,215 | 1,050,509 |
(334,082 | ) | (1,333,291 | ) |
Other operating income | - | 90,042 |
OPERATING LOSS | 4 | (334,082 | ) | (1,243,249 | ) |
Interest receivable and similar income | - | 13 |
(334,082 | ) | (1,243,236 | ) |
Gain/loss on revaluation of tangible assets | 4,352,128 | - |
4,018,046 | (1,243,236 | ) |
Interest payable and similar expenses | 26,537 | 34,716 |
PROFIT/(LOSS) BEFORE TAXATION | 3,991,509 | (1,277,952 | ) |
Tax on profit/(loss) | 1,088,032 | - |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 1,304,609 | (1,277,834 | ) |
Non-controlling interests | 1,598,868 | (118 | ) |
2,903,477 | (1,277,952 | ) |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 | 26,766 | 32,965 |
Tangible assets | 7 | 5,550,790 | 1,104,663 |
Investments | 8 | - | - |
5,577,556 | 1,137,628 |
CURRENT ASSETS |
Stocks | 6,980 | 6,980 |
Debtors | 9 | 109,160 | 111,716 |
Cash at bank and in hand | 175,700 | 171,248 |
291,840 | 289,944 |
CREDITORS |
Amounts falling due within one year | 10 | 3,124,906 | 2,664,591 |
NET CURRENT LIABILITIES | (2,833,066 | ) | (2,374,647 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,744,490 |
(1,237,019 |
) |
CREDITORS |
Amounts falling due after more than one year | 11 | (1,302,736 | ) | (1,312,736 | ) |
PROVISIONS FOR LIABILITIES | (1,088,032 | ) | - |
NET ASSETS/(LIABILITIES) | 353,722 | (2,549,755 | ) |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
CONSOLIDATED BALANCE SHEET - continued |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 383 | 383 |
Share premium | 3,779,622 | 3,779,622 |
Retained earnings | (4,983,579 | ) | (6,288,188 | ) |
(1,203,574 | ) | (2,508,183 | ) |
NON-CONTROLLING INTERESTS | 12 | 1,557,296 | (41,572 | ) |
TOTAL EQUITY | 353,722 | (2,549,755 | ) |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
The financial statements have been prepared 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 28 March 2024 and were signed on its behalf by: |
J L Sharp - Director |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
COMPANY BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Stocks |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 11 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
Company's loss for the financial year | (359,519 | ) | (1,277,711 | ) |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
COMPANY BALANCE SHEET - continued |
30 JUNE 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Coventry Rugby Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 12,009 | 13,588 |
Goodwill amortisation | 6,199 | 6,504 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 | 123,977 |
AMORTISATION |
At 1 July 2022 | 91,012 |
Amortisation for year | 6,199 |
At 30 June 2023 | 97,211 |
NET BOOK VALUE |
At 30 June 2023 | 26,766 |
At 30 June 2022 | 32,965 |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | INTANGIBLE FIXED ASSETS - continued |
Company |
Goodwill |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
7. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | 1,088,760 | 52,756 | 22,468 | 9,447 | 1,173,431 |
Additions | 59,112 | 2,240 | 37,242 | 7,414 | 106,008 |
Revaluations | 4,352,128 | - | - | - | 4,352,128 |
At 30 June 2023 | 5,500,000 | 54,996 | 59,710 | 16,861 | 5,631,567 |
DEPRECIATION |
At 1 July 2022 | - | 52,278 | 15,153 | 1,337 | 68,768 |
Charge for year | - | 522 | 8,902 | 2,585 | 12,009 |
At 30 June 2023 | - | 52,800 | 24,055 | 3,922 | 80,777 |
NET BOOK VALUE |
At 30 June 2023 | 5,500,000 | 2,196 | 35,655 | 12,939 | 5,550,790 |
At 30 June 2022 | 1,088,760 | 478 | 7,315 | 8,110 | 1,104,663 |
Cost or valuation at 30 June 2023 is represented by: |
Fixtures |
Long | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | 5,500,000 | 54,996 | 59,710 | 16,861 | 5,631,567 |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
7. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 71,364 | 78,951 |
Other debtors | 37,796 | 32,765 |
109,160 | 111,716 |
COVENTRY RUGBY LIMITED (REGISTERED NUMBER: 07095767) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | 10,000 | 10,000 |
Trade creditors | 142,321 | 154,906 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 45,892 | 60,841 |
Other creditors | 2,926,693 | 2,438,844 |
3,124,906 | 2,664,591 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 19,167 | 29,167 |
Other creditors | 1,283,569 | 1,283,569 |
1,302,736 | 1,312,736 |
12. | NON-CONTROLLING INTERESTS |
The group holds 51% of the equity share capital of Butts Park Arena Limited. The shareholding was acquired prior to Butts Park Arena Limited acquiring any assets. The amount of £1,557,296 (2022 £41,572) represents the loss attributable to the non-controlling interest. |