Registration number:
Quarndon Cricket Club Limited
for the Period from 25 March 2016 to 31 March 2017
Quarndon Cricket Club Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Quarndon Cricket Club Limited
Company Information
Directors |
C J Storr M Percival D J Ball |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Quarndon Cricket Club Limited
for the Period Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quarndon Cricket Club Limited for the period ended 31 March 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Quarndon Cricket Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quarndon Cricket Club Limited and state those matters that we have agreed to state to the Board of Directors of Quarndon Cricket Club Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quarndon Cricket Club Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Quarndon Cricket Club Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quarndon Cricket Club Limited. You consider that Quarndon Cricket Club Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Quarndon Cricket Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Millennium Way
Pride Park
Derby
DE24 8HG
Page 2 |
Quarndon Cricket Club Limited
(Registration number: 10085865)
Balance Sheet as at 31 March 2017
Note |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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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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Page 3 |
Quarndon Cricket Club Limited
(Registration number: 10085865)
Balance Sheet as at 31 March 2017
For the financial period ending 31 March 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 and 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.
Approved and authorised by the
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C J Storr
Director
Page 4 |
Quarndon Cricket Club Limited
Notes to the Financial Statements for the Period from 25 March 2016 to 31 March 2017
General information |
The company is a company limited by guarantee incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
The principal place of business is:
Derby
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 are presented in Sterling (£) and rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
Page 5 |
Quarndon Cricket Club Limited
Notes to the Financial Statements for the Period from 25 March 2016 to 31 March 2017
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 |
Land |
Not depreciated |
Buildings |
22 year straight line |
Plant and machinery |
15% reducing balance |
Fixtures, fittings, tools and equipment |
15% reducing balance |
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.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Page 6 |
Quarndon Cricket Club Limited
Notes to the Financial Statements for the Period from 25 March 2016 to 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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Transfer from Quarndon Cricket Club |
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Additions |
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At 31 March 2017 |
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Depreciation |
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Charge for the |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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Page 7 |
Quarndon Cricket Club Limited
Notes to the Financial Statements for the Period from 25 March 2016 to 31 March 2017
Investments |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Carrying amount |
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At 31 March 2017 |
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Debtors |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Creditors |
Note |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 8 |
Quarndon Cricket Club Limited
Notes to the Financial Statements for the Period from 25 March 2016 to 31 March 2017
Loans and borrowings |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Related party transactions |
Summary of transactions with other related parties
On incorporation assets of £80,390 and liabilities of £37,796 were introduced to the company from the unincorporated Quarndon Cricket Club (CASC number CH2223).
Page 9 |