Trent Bridge Annual Report 2018

NOTTINGHAMSHIRE COUNTY CRICKET CLUB 2018 ANNUAL REPORT & ACCOUNTS 40 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 on the company information page of these financial statements. The nature of the Club’s operations and principal activity is that of a first-class county cricket club. 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) and the Co‑operative and Communities Benefits 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 The financial statements have been prepared on a going concern basis which assumes that the Club will continue to trade for at least 12 months from the date the financial statements have been approved.The Club has net current liabilities on its balance sheet on page 37. Financial forecasts including cash flows for the period to 30 September 2019 have been prepared by the Committee which support the day-to-day operations of the Club. On that basis, the Committee have concluded that the financial statements can be prepared on a going concern basis. 2.3 Tangible fixed assets Tangible fixed assets are stated at cost (or deemed cost) or valuation 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 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 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. 2.5 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. 2.6 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. 2.7 Operating leases Rentals payable and receivable under operating leases are charged to the income and expenditure account on a straight line basis over the period of the lease. 2.8 Current and deferred taxation Current tax represents the amount of tax payable or receivable in respect of the taxable surplus (or deficit) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 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 1 8