Company Registration No. 00268844 (England and Wales)
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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 - 7
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
480,104
481,294
Current assets
Stocks
1,244
3,808
Debtors
5
1,707
16,790
Cash at bank and in hand
156,943
90,747
159,894
111,345
Creditors: amounts falling due within one year
6
(28,893)
(32,355)
Net current assets
131,001
78,990
Total assets less current liabilities
611,105
560,284
Creditors: amounts falling due after more than one year
7
(99,368)
(42,622)
Net assets
511,737
517,662
Capital and reserves
Revaluation reserve
197,275
197,275
Profit and loss reserves
314,462
320,387
Members' funds
511,737
517,662
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 2021 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 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 June 2021 and are signed on its behalf by:
B T Breed - Vice President
C F Fisher - 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 2021
- 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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities and the company's principle risks and uncertainties, including those arising from the current Covid-19 pandemic and the government's response to it. The company meets its day-to-day working capital requirements through use of its cash, overdraft and banking facilities. During the year the company secured additional funding under the government backed Coronavirus Business
Bounce Back
Loan scheme and has also taken advantage of government backed initiatives such as the furlough scheme
and hospitality grants
to assist with its day to day cash management.
T
he directors are satisfied that the company can continue to operate within its current cash and other facilities. However, the directors acknowledge that the environment is continuously changing and, as such, projecting the impacts of COVID-19 is challenging.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Income from subscriptions are allocated on a pro rata basis, in the period to which they relate.
1.4
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
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
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
.
1.5
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.
1.6
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.
1.7
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.
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.9
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2020 and 31 March 2021
479,505
42,171
521,676
Depreciation and impairment
At 1 April 2020
40,382
40,382
Depreciation charged in the year
1,190
1,190
At 31 March 2021
41,572
41,572
Carrying amount
At 31 March 2021
479,505
599
480,104
At 31 March 2020
479,505
1,789
481,294
The historical cost of the freehold land and buildings is £
282,230.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,365
Other debtors
1,707
9,425
1,707
16,790
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
4,128
4,176
Trade creditors
1,395
2,907
Corporation tax
18
Other taxation and social security
31
1,741
Other creditors
23,339
23,513
28,893
32,355
The bank loan is secured by way of a legal charge over the freehold property known as 29 Ridgmont Road, St Albans, Herts.
THE COUNTY CONSTITUTIONAL CLUB (ST ALBANS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
99,368
42,622
The bank loan is secured by way of a legal charge over the freehold property known as 29 Ridgmont Road, St Albans, Herts.
In July 2020 and August 2020 the Company received £31,250 and £29,800 respectively from the Coronavirus Bounce Back Loan Scheme (BBLS). This enables smaller businesses to access finance more quickly during the Coronavirus outbreak. The term of the loan is 6 years with no interest or repayments due in the first 12 months.
Amounts included above which fall due after five years are as follows:
Payable by instalments
20,672
26,307
8
Related party transactions
During the year fees of £31,000 (20
20
: £31,000) were paid to T D Hall, a director of the company for services provided to the club.