Company Registration No. 00053779 (England and Wales)
OLTON GROUNDS,LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
OLTON GROUNDS,LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OLTON GROUNDS,LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1
1
Investments
5
98
98
99
99
Current assets
Debtors
6
281,530
284,247
Cash at bank and in hand
1,849
1,954
283,379
286,201
Creditors: amounts falling due within one year
7
(2,000)
(5,674)
Net current assets
281,379
280,527
Net assets
281,478
280,626
Capital and reserves
Called up share capital
4,130
4,130
Other reserves
7,265
7,265
Profit and loss reserves
270,083
269,231
Total equity
281,478
280,626
The directors of the company have elected not to include a copy of the profit and loss account 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 23 June 2021 and are signed on its behalf by:
Mr J Worton
Director
Company Registration No. 00053779
OLTON GROUNDS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
1
Accounting policies
Company information
Olton Grounds,Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
78 Grange Road, Olton, Solihull, West Midlands, B91 1DA.
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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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 land
No depreciation
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
OLTON GROUNDS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 3 -
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.
1.5
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
600
500
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
OLTON GROUNDS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 4 -
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2019 and 30 September 2020
1
Depreciation and impairment
At 1 October 2019 and 30 September 2020
Carrying amount
At 30 September 2020
1
At 30 September 2019
1
5
Fixed asset investments
2020
2019
£
£
Other investments other than loans
98
98
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
281,530
283,807
Other debtors
440
281,530
284,247
7
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
2,000
5,674
8
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.
The senior statutory auditor was Mr Richard Alan Horton FCCA.
OLTON GROUNDS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
8
Audit report information
(Continued)
- 5 -
The auditor was Jerroms.
9
Events after the reporting date
The directors have considered the effect of the Covid-19 outbreak that is continuing to spread throughout the world on the organisations activities. The club is not trading, therefore the outbreak has not caused any disruption to the company.
The directors are confident that they have sufficient support from the parent company, West Warwickshire Sports Complex to continue its operations for the foreseeable future.
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
West Warwickshire Club Limited
8,283
8,283
West Warwickshire Sports Complex Limited
273,247
275,524
Both related party balances at the year end are repayable on demand.
11
Parent company
The parent company is West Warwickshire Sports Complex Limited, a charitable company registered in England, which holds 79.07% (2019: 79.07%) of issued share capital of the company.
There is no ultimate controlling party as West Warwickshire Sports Complex Limited is a charity limited by guarantee and has no person or company with significant control.
12
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13
Auditor's liability limitation agreement
The company has, by resolution, waived the need for approval of the auditors' limitation liability, which has
been set at £ 2
,
000,000 within the letter of engagement dated 14 October 2020 . This approval has been
confirmed in the letter of representation dated
24 May 2021
.