REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 January 2018 to 30 June 2018 |
for |
Somerset Football Association Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Torre Lea House |
33 The Avenue |
Yeovil |
Somerset |
BA21 4BN |
BANKERS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Non-distributable reserves |
Disbanded clubs etc account |
Income and expenditure account |
MEMBERS' FUNDS |
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 |
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 |
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 |
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 |
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 |
Leasehold property | - |
Fixtures fittings & equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | fittings |
property | & equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
Additions |
At 30 June 2018 |
DEPRECIATION |
At 1 January 2018 |
Charge for period |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 31 December 2017 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2018 |
and 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 31 December 2017 |
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 |
Accrued income |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other loans (see note 9) |
Trade creditors |
Social security and other taxes |
Deferred income | 86,457 | 46,737 |
Other creditors |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other loans (see note 9) |
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 |
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 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
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. |