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COMPANY REGISTRATION NUMBER: SC604370
Forres Mechanics Football Club Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
30 April 2023
Forres Mechanics Football Club Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Forres Mechanics Football Club Limited
Company Limited by Guarantee
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
329,892
308,330
Current assets
Stocks
3,100
2,883
Debtors
7
12,450
11,955
Cash at bank and in hand
51,680
73,033
--------
--------
67,230
87,871
Creditors: amounts falling due within one year
8
69,046
44,427
--------
--------
Net current (liabilities)/assets
( 1,816)
43,444
---------
---------
Total assets less current liabilities
328,076
351,774
Creditors: amounts falling due after more than one year
9
49,784
59,002
---------
---------
Net assets
278,292
292,772
---------
---------
Capital and reserves
Profit and loss account
278,292
292,772
---------
---------
Members funds
278,292
292,772
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Forres Mechanics Football Club Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr D MacKintosh
Director
Company registration number: SC604370
Forres Mechanics Football Club Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is Mosset Park, Lea Road, Forres, IV36 1AU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents monies received (excluding value added tax) from gate receipts, sponsorship, bar takings and other such activities. Amounts received from the SFA and other organisations are included in income in the periods in which the funds relate. Advertising income is accounted for on the accruals basis and included within the accounting period to which it relates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and fittings
-
25% straight line
Equipment
-
33% reducing balance Office Equipment, software not depreciated
No depreciation has been charged on the premises and ground. The directors consider that the residual value of the premises and ground is at least equal to its net book value. The floodlights have not yet been brought into use therefore no depreciation has been charged on these.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors and bank loans. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs.
4. Company limited by guarantee
The Company has been formed to benefit members of the public who, or Organisations which, have an interest in Forres Mechanics Football Club (the "Community").
5. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 25 ).
6. Tangible assets
Premises and ground
Plant and fittings
Centenary gifts
Floodlights
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2022
296,482
12,821
1,370
2,347
313,020
Additions
863
23,805
599
25,267
Disposals
( 225)
( 225)
---------
--------
-------
--------
-------
---------
At 30 Apr 2023
296,482
13,459
1,370
23,805
2,946
338,062
---------
--------
-------
--------
-------
---------
Depreciation
At 1 May 2022
4,346
344
4,690
Charge for the year
3,247
387
3,634
Disposals
( 154)
( 154)
---------
--------
-------
--------
-------
---------
At 30 Apr 2023
7,439
731
8,170
---------
--------
-------
--------
-------
---------
Carrying amount
At 30 Apr 2023
296,482
6,020
1,370
23,805
2,215
329,892
---------
--------
-------
--------
-------
---------
At 30 Apr 2022
296,482
8,475
1,370
2,003
308,330
---------
--------
-------
--------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
12,450
11,955
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,193
4,090
Trade creditors
4,570
2,103
Social security and other taxes
7,229
7,214
Other creditors
53,054
31,020
--------
--------
69,046
44,427
--------
--------
Included within Other creditors above is an amount of £22,000 (2022: £nil) received by way of loans from members. These amounts were advanced between December 2018 and January 2019 and are payable within the year. Other creditors also include grant income of £1,000 in respect of the new Floodlights. This will be amortised in line with the accounting policy when the Floodlights are brought into use.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,694
32,886
Other creditors
21,090
26,116
--------
--------
49,784
59,002
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £10,832 (2022: £15,466) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within Other Creditors above is an amount of £Nil (2022: £22,000) received by way of loans from members. These amounts were advanced between December 2018 and January 2019 and were all repayable within 5 years. The balance outstanding is now shown with other creditors due within one year. Other creditors also include grant income of £19,000 in respect of the new Floodlights. This will be amortised in line with the accounting policy when the Floodlights are brought into use.
10. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2023
2022
£
£
Tangible assets
51,687
--------
----
11. Related party transactions
No transactions were undertaken with related parties during the period.