Company Registration No. 3041174 (England and Wales)
Newcastle Eagles (Basketball) Limited
Unaudited accounts
for the year ended 31 July 2022
Newcastle Eagles (Basketball) Limited
Unaudited accounts
Contents
Newcastle Eagles (Basketball) Limited
Company Information
for the year ended 31 July 2022
Company Number
3041174 (England and Wales)
Registered Office
EAGLES COMMUNITY ARENA, CLUMBER STREET
SCOTSWOOD ROAD
NEWCASTLE UPON TYNE
TYNE AND WEAR
NE4 7AF
Newcastle Eagles (Basketball) Limited
Statement of financial position
as at 31 July 2022
Intangible assets
200,000
-
Cash at bank and in hand
150,446
155,415
Creditors: amounts falling due within one year
(131,290)
(92,062)
Net current assets
161,978
233,636
Total assets less current liabilities
1,142,215
234,451
Creditors: amounts falling due after more than one year
(345,073)
(164,616)
Called up share capital
100
100
Fair value reserve
777,760
-
Profit and loss account
19,282
69,735
Shareholders' funds
797,142
69,835
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 April 2023 and were signed on its behalf by
P Blake
Director
Company Registration No. 3041174
Newcastle Eagles (Basketball) Limited
Notes to the Accounts
for the year ended 31 July 2022
Newcastle Eagles (Basketball) Limited is a private company, limited by shares, registered in England and Wales, registration number 3041174. The registered office is EAGLES COMMUNITY ARENA, CLUMBER STREET, SCOTSWOOD ROAD, NEWCASTLE UPON TYNE, TYNE AND WEAR, NE4 7AF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Fixtures & fittings
33% straight line
Computer equipment
50% straight line
Intangible fixed assets reflects the value of the Newcastle Eagles professional basketball franchise as awarded by the Basketball League Ltd. The value was determined by the Directors and is believed to be a reasonable and conservative valuation, consistent with the value of other franchises
Newcastle Eagles Basketball Ltd owns 18 ordinary shares in the Basketball League Ltd, representing 8.33% of the issued share capital. The valuation reflects 8.33% of the current market value for these shares
4
Intangible fixed assets
Goodwill
Newcastle Eagles (Basketball) Limited
Notes to the Accounts
for the year ended 31 July 2022
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2021
65,475
17,242
21,787
104,504
Additions
-
866
3,077
3,943
At 31 July 2022
65,475
18,108
24,864
108,447
At 1 August 2021
64,836
17,084
21,787
103,707
Charge for the year
295
448
1,538
2,281
At 31 July 2022
65,131
17,532
23,325
105,988
At 31 July 2022
344
576
1,539
2,459
At 31 July 2021
639
158
-
797
6
Investments
Other investments
Valuation at 1 August 2021
18
Fair value adjustments
777,760
Valuation at 31 July 2022
777,778
Amounts falling due within one year
Trade debtors
78,214
88,349
Other debtors
58,934
74,320
8
Creditors: amounts falling due within one year
2022
2021
Trade creditors
61,478
26,868
Taxes and social security
28,954
2,667
Other creditors
39,458
61,127
9
Creditors: amounts falling due after more than one year
2022
2021
Other creditors
199,887
219,430
Loans from directors
145,186
(54,814)
Newcastle Eagles (Basketball) Limited
Notes to the Accounts
for the year ended 31 July 2022
10
Average number of employees
During the year the average number of employees was 31 (2021: 21).