Registered number
10845327
Ilkeston Town FC Limited
Filleted Accounts
30 June 2022
Ilkeston Town FC Limited
Registered number: 10845327
Balance Sheet
as at 30 June 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 73,754 87,919
Tangible assets 4 588,128 654,144
661,882 742,063
Current assets
Stocks 16,744 9,500
Debtors 5 3,130 17,426
Cash at bank and in hand 1,167 89,457
21,041 116,383
Creditors: amounts falling due within one year 6 (576,073) (766,841)
Net current liabilities (555,032) (650,458)
Total assets less current liabilities 106,850 91,605
Creditors: amounts falling due after more than one year 7 (86,209) (54,379)
Net assets 20,641 37,226
Capital and reserves
Called up share capital 1 1
Profit and loss account 20,640 37,225
Shareholders' funds 20,641 37,226
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Hilton
Director
Approved by the board on 17 August 2022
Ilkeston Town FC Limited
Notes to the Accounts
for the year ended 30 June 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. 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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% Straight Line
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 24 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2021 141,654
At 30 June 2022 141,654
Amortisation
At 1 July 2021 53,735
Provided during the year 14,165
At 30 June 2022 67,900
Net book value
At 30 June 2022 73,754
At 30 June 2021 87,919
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures & Fittings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2021 727,853 124,657 852,510
Additions 27,916 42,549 70,465
Disposals - (7,500) (7,500)
At 30 June 2022 755,769 159,706 915,475
Depreciation
At 1 July 2021 133,191 65,175 198,366
Charge for the year 103,898 32,427 136,325
On disposals - (7,344) (7,344)
At 30 June 2022 237,089 90,258 327,347
Net book value
At 30 June 2022 518,680 69,448 588,128
At 30 June 2021 594,662 59,482 654,144
5 Debtors 2022 2021
£ £
Trade debtors 1,980 3,321
VAT Debtor 1,150 14,105
3,130 17,426
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans 14,093 13,803
Obligations under finance lease and hire purchase contracts 9,971 -
Trade creditors 61,801 595,623
Taxation and social security costs 79,466 98,674
Directors Loan Account 409,892 57,191
Accruals 850 1,550
576,073 766,841
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 40,286 54,379
Obligations under finance lease and hire purchase contracts 45,923 -
86,209 54,379
8 Controlling party
The company at the balance sheet date was 100% controlled by the sole director Mr David Hilton.
9 Other information
Ilkeston Town FC Limited is a private company limited by shares and incorporated in England. Its registered office is:
The New Manor Ground
Awsworth Road
Ilkeston
Derbyshire
DE7 8JF
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