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REGISTERED NUMBER: 03781853 (England and Wales)










Unaudited Financial Statements

for the Period 1 January 2018 to 30 June 2018

for

Somerset Football Association Limited

Somerset Football Association Limited (Registered number: 03781853)






Contents of the Financial Statements
for the Period 1 January 2018 to 30 June 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Somerset Football Association Limited

Company Information
for the Period 1 January 2018 to 30 June 2018







DIRECTORS: F P Hillier MBE (President)
A P Hockley (Chairman)
P M Chaplin (Deputy Chairman)
D Braithwaite
R J Fox
R J Hemburrow
A G Hurford
D Waghorn


SECRETARY: J M Pike


REGISTERED OFFICE: Charles Lewin House
Landmark House
Wirral Park Road
Glastonbury
Somerset
BA6 9FR


REGISTERED NUMBER: 03781853 (England and Wales)


ACCOUNTANTS: Ivan Rendall & Co
Torre Lea House
33 The Avenue
Yeovil
Somerset
BA21 4BN


BANKERS: National Westminster Bank PLC
3 High Street
Midsomer Norton
Bath
BA3 2ZY

Somerset Football Association Limited (Registered number: 03781853)

Balance Sheet
30 June 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 746,643 748,039
Investment property 5 360,000 360,000
1,106,643 1,108,039

CURRENT ASSETS
Stocks 4,605 7,281
Debtors 6 14,747 48,723
Cash at bank and in hand 552,080 493,474
571,432 549,478
CREDITORS
Amounts falling due within one year 7 127,610 75,360
NET CURRENT ASSETS 443,822 474,118
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,550,465

1,582,157

CREDITORS
Amounts falling due after more than one
year

8

(8,949

)

(14,208

)

PROVISIONS FOR LIABILITIES (21,500 ) (22,000 )

ACCRUALS AND DEFERRED INCOME (261,947 ) (261,988 )
NET ASSETS 1,258,069 1,283,961

RESERVES
Non-distributable reserves 177,837 177,337
Disbanded clubs etc account 3,747 3,747
Income and expenditure account 1,076,485 1,102,877
MEMBERS' FUNDS 1,258,069 1,283,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2018 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.

Somerset Football Association Limited (Registered number: 03781853)

Balance Sheet - continued
30 June 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income and Expenditure Account has not been delivered.

The financial statements were approved by the Board of Directors on 19 October 2018 and were signed on its behalf by:




F P Hillier MBE (President) - Director A P Hockley (Chairman) - Director




R J Hemburrow - Director


Somerset Football Association Limited (Registered number: 03781853)

Notes to the Financial Statements
for the Period 1 January 2018 to 30 June 2018

1. STATUTORY INFORMATION

Somerset Football Association 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
No significant judgements have been made by management in preparing these financial statements.

Turnover
Turnover represents the amount derived from the operation of principle and ordinary activities, measured at the
fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - over the lease term
Fixtures fittings & equipment - 25% on reducing balance and Straight line over 4 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in surplus or deficit.

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are
initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can
be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and
losses arising from changes in the fair value of investment properties are included in profit or loss in the period in
which they arise.

Stocks
Stock is valued at the lower of cost, using the first in first out method, and selling price less costs to complete and
sell.

Somerset Football Association Limited (Registered number: 03781853)

Notes to the Financial Statements - continued
for the Period 1 January 2018 to 30 June 2018

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets
and liabilities.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised
in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective
interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is
the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between
an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company
would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to the surplus or deficit in the period to which they relate.

Grants
Grants are recognised when all conditions for receipt of the grant have been satisfied and there is reasonable
assurance that the grant will be received. Grants in respect of fixed assets are credited to the income and
expenditure account over the expected useful lives of the related assets. Grants relating to revenue costs are
credited to the income and expenditure account in line with the relevant costs. Grants to be matched with
expected future costs are carried forward as deferred income.

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 period 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value are reviewed to determine whether there is an
indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount
of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is
estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the
asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been
determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A
reversal of an impairment loss is recognised immediately in profit or loss.

Somerset Football Association Limited (Registered number: 03781853)

Notes to the Financial Statements - continued
for the Period 1 January 2018 to 30 June 2018

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 (2017 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold fittings
property & equipment Totals
£    £    £   
COST
At 1 January 2018 734,975 171,723 906,698
Additions - 4,267 4,267
At 30 June 2018 734,975 175,990 910,965
DEPRECIATION
At 1 January 2018 6,624 152,035 158,659
Charge for period 368 5,295 5,663
At 30 June 2018 6,992 157,330 164,322
NET BOOK VALUE
At 30 June 2018 727,983 18,660 746,643
At 31 December 2017 728,351 19,688 748,039

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2018
and 30 June 2018 360,000
NET BOOK VALUE
At 30 June 2018 360,000
At 31 December 2017 360,000

Fair value at 30 June 2018 is represented by:

£   
Valuation in 2010 141,376
Valuation in 2013 (7,039 )
Valuation in 2016 65,000
Cost 160,663
360,000

Somerset Football Association Limited (Registered number: 03781853)

Notes to the Financial Statements - continued
for the Period 1 January 2018 to 30 June 2018

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2018 2017
£    £   
Cost 160,663 160,663
Aggregate depreciation (42,386 ) (40,779 )

Investment property was valued on an open market basis on 6 October 2016 by Michael Gould, Property Agents
.

In the opinion of the directors no adjustment is considered necessary to the market value of investment property
as at 30 June 2018.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 9,042 16,633
Accrued income 413 20,888
Prepayments 5,292 11,202
14,747 48,723

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Other loans (see note 9) 10,494 10,446
Trade creditors 18,222 8,566
Social security and other taxes 6,555 6,647
Deferred income 86,457 46,737
Other creditors 2,438 2,314
Accruals 3,444 650
127,610 75,360

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2018 2017
£    £   
Other loans (see note 9) 8,949 14,208

9. LOANS

An analysis of the maturity of loans is given below:

2018 2017
£    £   
Amounts falling due within one year or on demand:
Other loans 10,494 10,446

Somerset Football Association Limited (Registered number: 03781853)

Notes to the Financial Statements - continued
for the Period 1 January 2018 to 30 June 2018

9. LOANS - continued
2018 2017
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 8,949 10,518

Amounts falling due between two and five years:
Other loans - 2-5 years - 3,690

The other loan is repayable in monthly instalments over a ten year period. The interest rate on the loan is 1%
above the bank's sterling base rate.

10. OTHER FINANCIAL COMMITMENTS

The amount outstanding to the independent pension provider in regards to the defined contribution pension
scheme at the period end was £2,438 (2017 £2,314) of which is included within other creditors.

11. NATIONAL GAME STRATEGY

The National Game Strategy commenced in 2015 and figures included in the financial statements relating thereto
in accordance with the funding agreement are as follows:

a) £ 13,842 (2017 £ 10,726) - Deferred income brought forward from last year.

b) £133,406 (2017 £247,440) - Grant awards received during the period.

c) £133,107 (2017 £244,324) - Expenditure made during the period.

d) £ 14,141 (2017 £ 13,842) - Deferred income carried forward to next year.

12. CUPS AND TROPHIES

An insurance valuation has been carried out in respect of the replacement cost of perpetual cups and trophies,
both owned and held in trust. The total value placed on the cups and trophies is £104,000.