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Guiseley Association Football Club Limited
Unaudited financial statements
31 May 2023
Company Registration Number 02629783
Guiseley Association Football Club Limited
Financial statements
year ended 31 May 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Guiseley Association Football Club Limited
Balance sheet
31 May 2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
613,500
563,132
Current assets
Debtors
5
36,715
21,153
Cash at bank and in hand
49,555
145,199
--------
---------
86,270
166,352
Creditors: amounts falling due within one year
6
10,004
23,302
--------
---------
Net current assets
76,266
143,050
---------
---------
Total assets less current liabilities
689,766
706,182
Creditors: amounts falling due after more than one year
7
( 1,074,354)
( 1,074,354)
------------
------------
Net liabilities
( 384,588)
( 368,172)
------------
------------
Guiseley Association Football Club Limited
Balance sheet (continued)
31 May 2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
193,252
193,252
Profit and loss account
( 577,940)
( 561,524)
---------
---------
Shareholders funds
( 384,588)
( 368,172)
---------
---------
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 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 profit and loss account and directors' report have not been delivered.
For the year ending 31 May 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 .
These financial statements were approved by the board of directors and authorised for issue on 14 September 2023 , and are signed on behalf of the board by:
Mr S R Allen
Director
Company registration number: 02629783
Guiseley Association Football Club Limited
Notes to the financial statements
year ended 31 May 2023
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. 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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Ofice equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 28 ).
4. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
Cost
At 1 Jun 2022
547,016
29,138
195,335
1,333
772,822
Additions
52,785
43,689
96,474
Disposals
( 43,689)
( 43,689)
---------
--------
---------
--------
-------
---------
At 31 May 2023
599,801
29,138
195,335
1,333
825,607
---------
--------
---------
--------
-------
---------
Depreciation
At 1 Jun 2022
24,063
184,666
961
209,690
Charge for the year
762
1,600
55
2,417
---------
--------
---------
--------
-------
---------
At 31 May 2023
24,825
186,266
1,016
212,107
---------
--------
---------
--------
-------
---------
Carrying amount
At 31 May 2023
599,801
4,313
9,069
317
613,500
---------
--------
---------
--------
-------
---------
At 31 May 2022
547,016
5,075
10,669
372
563,132
---------
--------
---------
--------
-------
---------
5. Debtors
2023
2022
£
£
Trade debtors
3,870
21,145
Other debtors
32,845
8
--------
--------
36,715
21,153
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,925
18,114
Social security and other taxes
5,188
Other creditors
79
--------
--------
10,004
23,302
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,074,354
1,074,354
------------
------------
8. Taxation
The company does not currently have to complete a corporation tax return as H M Revenue and Customs have given the company written confirmation that one is not required due to the large tax losses accumulated and the directors of the company do not believe that it will be making taxable profit to clear these tax losses for the foreseeable future. We have therefore not provided for deferred taxation.
9. Related party transactions
The company was under the control of its directors throughout the current and previous year. The share capital is all owned by the directors and there is no majority shareholder.
10. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nethermoor Park, Otley Road, Guiseley, Leeds, West Yorkshire, LS20 8BT.