2023 ANNUAL REPORT

45 FINANCIAL REPORT 1. GENERAL INFORMATION Nottinghamshire County Cricket Club Limited is a club incorporated under the Co-operative and Community Benefit Societies Act 2014 and is registered on the mutuals public register by the FCA.The address of the registered office is given in the company information page of these financial statements. The nature of the club’s operations and principal activites are those of a First-Class county cricket club and responsibility for recreational cricket in Nottinghamshire. 2. ACCOUNTING POLICIES 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Co-operative and Community Benefit Societies Act 2014. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below.These policies have been consistently applied to all years presented unless otherwise stated. 2.2 Going concern In preparing the financial statements on a going concern basis, the General Committee has paid due regard to relevant forecast financial information - including cash flows, funding from key supporties and sensitivities and uncertainties affecting the club. In the General Committee’s opinion, the club is a going concern for a minimum of twelve months from the date of approval of the financial statements. 2.3 Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. Depreciation rates are as follows: Freehold property between 20 and 50 years Fixtures, fittings, plant and equipment and motor vehicles between 3 and 20 years Office equipment between 1 and 3 years 2.4 Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through income and expenditure if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Investments in joint ventures are measured at cost less impairment. 2.5 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first‑in, first‑out formula. Provision is made for damaged, obsolete and slow‑moving stock where appropriate. 2.6 Debtors and creditors receivable/payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income and expenditure account in other administrative expenses. 2.7 Loans and borrowings Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. NOTES TO THE F INANCIAL STATEMENTS F O R T H E Y E A R E ND E D 3 0 S E P T E M B E R 2 0 2 3