Company registration number 03364308 (England and Wales)
THE FOOTBALL CONFERENCE LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
THE FOOTBALL CONFERENCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THE FOOTBALL CONFERENCE LIMITED
BALANCE SHEET
- 1 -
30 June 2023
31 May 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
27,318
28,803
Current assets
Debtors
5
1,851,112
1,692,606
Cash at bank and in hand
765,652
600,561
2,616,764
2,293,167
Creditors: amounts falling due within one year
6
(2,561,628)
(2,256,691)
Net current assets
55,136
36,476
Total assets less current liabilities
82,454
65,279
Provisions for liabilities
7
(5,240)
(4,000)
Net assets
77,214
61,279
Reserves
Income and expenditure account
77,214
61,279
Members' funds
77,214
61,279
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 August 2023 and are signed on its behalf by:
Mr S R Thompson
Director
Company registration number 03364308 (England and Wales)
THE FOOTBALL CONFERENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
The Football Conference Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Waterloo House (Part) Fourth Floor, Waterloo House, 20 Waterloo Street, Birmingham, United Kingdom, B2 5TB.
1.1
Reporting period
The company's year end has been extended to 30th June 2023, making it a 13 month period to bring it in line with the football calendar year. As a result, the comparative figures are not entirely comparable as they represent a 12 month period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Income and expenditure
Turnover represents the sales and income of the league from member clubs, grants and interest received, excluding VAT and is included net of associated costs where considered appropriate. Income is recognised from clubs in relation to the playing season and other income in respect of the financial year, and is measured at the fair value of the consideration receivable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Trophies
Not depreciated
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
THE FOOTBALL CONFERENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxations assets and liabilities are not discontinued.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged against the profit on a straight line basis over the lease term.
THE FOOTBALL CONFERENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
22
17
THE FOOTBALL CONFERENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
Trophies
Total
£
£
£
Cost
At 1 June 2022
43,069
21,802
64,871
Additions
1,461
1,461
At 30 June 2023
44,530
21,802
66,332
Depreciation and impairment
At 1 June 2022
36,068
36,068
Depreciation charged in the Period
2,946
2,946
At 30 June 2023
39,014
39,014
Carrying amount
At 30 June 2023
5,516
21,802
27,318
At 31 May 2022
7,001
21,802
28,803
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,046,403
355,962
Other debtors
804,709
1,336,644
1,851,112
1,692,606
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
184,873
307,682
Corporation tax
388
325
Other taxation and social security
226,696
7,160
Other creditors
626,131
1,748,174
Accruals and deferred income
1,523,540
193,350
2,561,628
2,256,691
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
5,240
4,000
THE FOOTBALL CONFERENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
5,240
4,000
2023
Movements in the Period:
£
Liability at 1 June 2022
4,000
Credit to profit or loss
(18)
Effect of change in tax rate - profit or loss
1,258
Liability at 30 June 2023
5,240
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,322
9,128
The company operates a defined contribution pension scheme in respect of the staff. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £1,325 were outstanding at 30 June 2023 (2022: £958)
10
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Hession C.A.
Statutory Auditor:
BK Plus Audit Limited
THE FOOTBALL CONFERENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
109,440
42,865