1 June 2022 false No description of principal activity Taxfiler 2023.14 true 13541346business:PrivateLimitedCompanyLtd2022-06-012023-05-31 135413462022-05-31 135413462022-06-012023-05-31 13541346business:AuditExempt-NoAccountantsReport2022-06-012023-05-31 13541346business:FilletedAccounts2022-06-012023-05-31 135413462023-05-31 13541346business:Director12022-06-012023-05-31 13541346business:RegisteredOffice2022-06-012023-05-31 135413462022-05-31 13541346core:WithinOneYear2023-05-31 13541346core:WithinOneYear2022-05-31 13541346core:ShareCapitalcore:PreviouslyStatedAmount2023-05-31 13541346core:ShareCapitalcore:PreviouslyStatedAmount2022-05-31 13541346core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-05-31 13541346core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-05-31 13541346core:PreviouslyStatedAmount2023-05-31 13541346core:PreviouslyStatedAmount2022-05-31 13541346business:SmallEntities2022-06-012023-05-31 13541346countries:EnglandWales2022-06-012023-05-31 13541346core:BetweenOneFiveYears2023-05-31 13541346core:BetweenOneFiveYears2022-05-31 135413462021-06-012022-05-31 iso4217:GBP xbrli:pure
Company Registration No. 13541346 (England and Wales)
AFC Whyteleafe Limited Unaudited accounts for the year ended 31 May 2023
AFC Whyteleafe Limited Unaudited accounts Contents
Page
- 2 -
AFC Whyteleafe Limited Company Information for the year ended 31 May 2023
Director
K Waters
Company Number
13541346 (England and Wales)
Registered Office
101 Ways Limited 145 City Road London EC1V 1AZ United Kingdom
- 3 -
AFC Whyteleafe Limited Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Cash at bank and in hand
337 
4,870 
Creditors: amounts falling due within one year
(103,983)
(29,134)
Net current liabilities
(103,646)
(24,264)
Net liabilities
(103,646)
(24,264)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(103,746)
(24,364)
Shareholders' funds
(103,646)
(24,264)
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 February 2024 and were signed on its behalf by
K Waters Director Company Registration No. 13541346
- 4 -
AFC Whyteleafe Limited Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
AFC Whyteleafe Limited is a private company, limited by shares, registered in England and Wales, registration number 13541346. The registered office is 101 Ways Limited, 145 City Road, London, EC1V 1AZ, United Kingdom.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
3
Accounting policies
Principal activity
The principal activity of the company in the period under review was that of a sports club.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Presentation currency
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned from ticket sales, sponsorship deals, prize money, shop sales, bar sales and donations given by fans.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
- 5 -
AFC Whyteleafe Limited Notes to the Accounts for the year ended 31 May 2023
Taxation
Taxation for the period 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 taxation assets and liabilities are not discounted. 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 statement of financial position date.
Deferred taxation
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.
Leased assets
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.
Going concern
The financial statements have been prepared on a going concern basis. The company has incurred losses during the period and the director is aware that the statement of financial position shows net liabilities at the financial reporting date, however, the director is committed to continuing to provide financial support to the company to allow it to meet its obligations, if and when, they fall due. It is on this basis that the director is of the opinion the company should continue to adopt the going concern basis in preparing the annual financial statements.
4
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Other creditors
101,583 
26,974 
Accruals
2,400 
2,160 
103,983 
29,134 
5
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 May 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
11,000 
11,000 
Later than one year and not later than five years
11,917 
22,917 
22,917 
33,917 
6
Transactions with related parties
During the period the director loaned the company £74,609 (2022: £26,974). At the statement of financial position date, the company owed the director £101,583 (2022: £26,974). The loans are interest free and repayable on demand.
7
Average number of employees
During the year the average number of employees was 0 (2022: 0).
- 6 -