REPORT OF THE DIRECTORS AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FOR
DURHAM AMATEUR ROWING CLUB 1860 LIMITED
DURHAM AMATEUR ROWING CLUB 1860 LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Directors | 2 |
| Statement of Income and Retained Earnings | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| Chartered Accountants' Report | 10 |
| Detailed Income and Expenditure Account | 11 |
DURHAM AMATEUR ROWING CLUB 1860 LIMITED
COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2023
DIRECTORS: B Hudson P Rutter A Golightley SECRETARY: H Gravatt REGISTERED OFFICE: City Boathouse Green Lane Old Elvet Durham City DH1 3JU REGISTERED NUMBER: 12532589 (England and Wales) ACCOUNTANTS: Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
Page 1
DURHAM AMATEUR ROWING CLUB 1860 LIMITED
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report with the financial statements of the company for the year ended 31 March 2023.
PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of preparing to commence trade as an amateur rowing club.
DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.
B Hudson
P Rutter
Other changes in directors holding office are as follows:
A Golightley was appointed as a director after 31 March 2023 but prior to the date of this report.
H Gravatt ceased to be a director after 31 March 2023 but prior to the date of this report.
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
B Hudson - Director
13 July 2023
Page 2
DURHAM AMATEUR ROWING CLUB 1860 LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2023
| Notes TURNOVER Cost of sales GROSS SURPLUS Administrative expenses Other operating income OPERATING (DEFICIT)/SURPLUS 4 Donations received 5 Income from shares in group undertakings Interest payable and similar expenses SURPLUS BEFORE TAXATION Tax on surplus 6 SURPLUS FOR THE FINANCIAL YEAR Retained earnings at beginning of year RETAINED EARNINGS AT END OF YEAR |
2023 £ 133,435 12,998 120,437 239,238 (118,801) 85,138 (33,663) 1,373,100 1,339,437 74,000 1,413,437 9,455 1,403,982 - 1,403,982 3,741 1,407,723 |
2022 £ - - - 1,259 (1,259) 5,000 3,741 - 3,741 - 3,741 - 3,741 - 3,741 - 3,741 |
|---|---|---|
The notes form part of these financial statements
Page 3
DURHAM AMATEUR ROWING CLUB 1860 LIMITED (REGISTERED NUMBER: 12532589)
BALANCE SHEET 31 MARCH 2023
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Stocks Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS RESERVES Income and expenditure account |
2023 £ 281 19,738 5,476 25,495 13,010 |
£ 1,796,037 1 1,796,038 12,485 1,808,523 400,800 1,407,723 1,407,723 1,407,723 |
2022 £ - - 4,341 4,341 600 |
£ - - |
|---|---|---|---|---|
| - 3,741 |
||||
| 3,741 - |
||||
| 3,741 | ||||
| 3,741 | ||||
| 3,741 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
-
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The notes form part of these financial statements
continued...
Page 4
DURHAM AMATEUR ROWING CLUB 1860 LIMITED (REGISTERED NUMBER: 12532589)
BALANCE SHEET - continued 31 MARCH 2023
The financial statements have been prepared 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 13 July 2023 and were signed on its behalf by:
B Hudson - Director
The notes form part of these financial statements
Page 5
DURHAM AMATEUR ROWING CLUB 1860 LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. STATUTORY INFORMATION
Durham Amateur Rowing Club 1860 Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost and not provided Plant and machinery etc - 25% on reducing balance and 10% on cost
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Page 6
continued...
DURHAM AMATEUR ROWING CLUB 1860 LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
2. ACCOUNTING POLICIES - continued
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.
3. EMPLOYEES AND DIRECTORS
The average number of employees during the year was 6 (2022 - NIL).
4.
5.
| 2023 £ Directors' remuneration - OPERATING (DEFICIT)/SURPLUS The operating deficit (2022 - operating surplus) is stated after charging: 2023 £ Depreciation - owned assets 38,520 EXCEPTIONAL ITEMS 2023 £ Donations received 1,373,100 |
2022 £ - 2022 £ - |
|---|---|
| 2022 £ - |
Included within exceptional items is the trade and assets transferred from Durham Amateur Rowing Club. More information is found within note 13 of the accounts.
6. TAXATION
Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2023 nor for the year ended 31 March 2022.
7. TANGIBLE FIXED ASSETS
| COST Additions At 31 March 2023 DEPRECIATION Charge for year At 31 March 2023 NET BOOK VALUE At 31 March 2023 |
Land and buildings £ 1,710,708 1,710,708 25,143 25,143 1,685,565 |
Plant and machinery etc £ 123,849 123,849 13,377 13,377 110,472 |
Totals £ 1,834,557 |
|---|---|---|---|
| 1,834,557 | |||
| 38,520 | |||
| 38,520 | |||
| 1,796,037 |
continued...
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DURHAM AMATEUR ROWING CLUB 1860 LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
8. FIXED ASSET INVESTMENTS
| COST Additions At 31 March 2023 NET BOOK VALUE At 31 March 2023 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts Trade creditors Other creditors 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans Amounts falling due in more than five years: Repayable by instalments Bank loans more 5 yr by instal 12. SECURED DEBTS The following secured debts are included within creditors: Bank loans |
2023 £ 10,459 9,279 19,738 2023 £ 6,880 3,907 2,223 13,010 2023 £ 400,800 370,662 2023 £ 407,680 |
Investment in subsidiary company £ 1 1 1 2022 £ - - - 2022 £ - - 600 600 2022 £ - - 2022 £ - |
Investment in subsidiary company £ 1 1 1 2022 £ - - - 2022 £ - - 600 600 2022 £ - - 2022 £ - |
|---|---|---|---|
The above bank loans are secured on the Land to which they relate.
continued...
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DURHAM AMATEUR ROWING CLUB 1860 LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023
13. RELATED PARTY DISCLOSURES
During the year donations received from Durham Amateur Rowing Club totalled £1,440,676, of which £67,576 was received as a specific donations, and £1,373,100 was received by way of transferring its trade and assets, detailed below.
On 31 March 2022 the trade and assets of the charity Durham Amateur Rowing Club were transferred to this company, for the following amounts:-
| company, for the following amounts:- | |
|---|---|
| Property | 1,257,152 |
| Fixtures, Fittings and Equipment | 37,172 |
| Boats and Oars | 69,387 |
| Fixed Asset Investments | 1 |
| Motor Vehicles | 9,388 |
On 31 March 2022 the company purchased 100% of the share capital in Durham Amateur Rowing Club Limited for £1.00. This is included within investments in Fixed Assets. All income received from this company is shown within Income from shares in group undertakings.
14. CALLED UP SHARE CAPITAL
The company is limited by guarantee and therefore does not have any issued share capital.
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED FINANCIAL STATEMENTS OF DURHAM AMATEUR ROWING CLUB 1860 LIMITED
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Durham Amateur Rowing Club 1860 Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Durham Amateur Rowing Club 1860 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Durham Amateur Rowing Club 1860 Limited and state those matters that we have agreed to state to the Board of Directors of Durham Amateur Rowing Club 1860 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Durham Amateur Rowing Club 1860 Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Durham Amateur Rowing Club 1860 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Durham Amateur Rowing Club 1860 Limited. You consider that Durham Amateur Rowing Club 1860 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Durham Amateur Rowing Club 1860 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 financial statements.
Ribchesters Chartered Accountants Finchale House Belmont Business Park Durham DH1 1TW
13 July 2023
This page does not form part of the statutory financial statements
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DURHAM AMATEUR ROWING CLUB 1860 LIMITED
DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Turnover Membership Corporate membership Private racking and storage Trailerage Learn to row School rowing sessions Durham City regatta Clothing Autumn SBH Durham SBH Explore rowing Room hire Cost of sales Purchases Trailerage Learn to row Durham City regatta Allcomers regatta Sprint regatta Autumn SBH Durham SBH Closing stock GROSS SURPLUS Other income Donations received Sundry receipts Insurance claims Government grants Income from investment Expenditure Rent Rates and water Light and heat Wages Manager wages Coach wages Postage and stationery Motor expenses Travelling Insurance Equipment hire Carried forward |
2023 £ 83,110 360 13,727 8,473 6,882 2,550 2,070 192 4,095 10,215 288 1,473 105 5,531 236 3,340 18 61 1,649 2,339 13,279 (281) 72,345 250 1,843 10,700 74,000 79 2,605 19,721 52,587 65,380 4,250 2 3,512 201 15,142 2,252 165,731 |
£ 133,435 12,998 120,437 159,138 279,575 279,575 |
2022 £ - - - - - - - - - - - - - - - - - - - - - - 5,000 - - - - - - - - - - - - - - - - |
£ - - |
|---|---|---|---|---|
| - 5,000 |
||||
| 5,000 | ||||
| 5,000 |
This page does not form part of the statutory financial statements
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DURHAM AMATEUR ROWING CLUB 1860 LIMITED
DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Brought forward Repairs and renewals Rowing equipment repairs Computer costs Sundry expenses Cleaning Training Accountancy Subscriptions Professional fees Legal fees Finance costs Bank charges Arrangement fees Credit card fees Bank loan interest HMRC interest Depreciation Freehold property Plant and machinery Fixtures and fittings Motor vehicles Exceptional items Donations received NET SURPLUS |
2023 £ 165,731 2,978 8,193 505 693 4,477 111 4,206 2,754 4,120 - 545 6,150 255 9,242 213 25,143 7,313 3,717 2,347 |
£ 279,575 193,768 85,807 16,405 69,402 38,520 30,882 1,373,100 1,403,982 |
2022 £ - - - - - - - 600 - - 652 7 - - - - - - - - |
£ 5,000 1,252 |
|---|---|---|---|---|
| 3,748 7 |
||||
| 3,741 - |
||||
| 3,741 - |
||||
| 3,741 |
This page does not form part of the statutory financial statements
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