Company Registration No. 00268844 (England and Wales)
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
FILLETED ACCOUNTS
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
481,294
483,034
Current assets
Stocks
3,808
3,955
Debtors
4
16,790
10,737
Cash at bank and in hand
90,747
92,539
111,345
107,231
Creditors: amounts falling due within one year
5
(32,355)
(34,373)
Net current assets
78,990
72,858
Total assets less current liabilities
560,284
555,892
Creditors: amounts falling due after more than one year
6
(42,622)
(46,922)
Net assets
517,662
508,970
Capital and reserves
Revaluation reserve
197,275
197,275
Profit and loss reserves
320,387
311,695
Members' funds
517,662
508,970
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 July 2020 and are signed on its behalf by:
D P J Palmer - President
C Fisher - Vice President
Director
Director
Company Registration No. 00268844
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
The County Constitutional Club (St.Albans) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 29 Ridgmont Road, St.Albans, Hertfordshire. AL1 3AG.
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. The principal accounting policies adopted are set out below
1.2
Turnover
Revenue represents amounts receivable for services net of VAT.
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:
Land and buildings Freehold
Not provided for
Fixtures, fittings & equipment
25% on cost
No depreciation is provided in respect of the freehold land and buildings. The directors consider that the economic life and residual value is such that depreciation is not significant.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
bank overdrafts are shown within borrowings in current liabilities.
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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 balance sheet 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.
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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019 and 31 March 2020
479,505
42,171
521,676
Depreciation and impairment
At 1 April 2019
-
38,642
38,642
Depreciation charged in the year
-
1,740
1,740
At 31 March 2020
-
40,382
40,382
Carrying amount
At 31 March 2020
479,505
1,789
481,294
At 31 March 2019
479,505
3,529
483,034
The historical cost of the freehold land and buildings is £
282,230.
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
7,365
3,717
Other debtors
9,425
7,020
16,790
10,737
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
4,176
3,766
Trade creditors
2,907
3,399
Corporation tax
18
23
Other taxation and social security
1,741
3,148
Other creditors
23,513
24,037
32,355
34,373
The bank loan is secured by way of a legal charge over the freehold property known as 29 Ridgmont Road, St Albans, Herts.
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
42,622
46,922
The bank loan is secured by way of a legal charge over the freehold property known as 29 Ridgmont Road, St Albans, Herts.
Amounts included above which fall due after five years are as follows:
Payable by instalments
26,307
30,303
7
Related party transactions
During the year fees of £31,000 (2019: £31,000) were paid to T D Hall, a director of the company for services provided to the club.