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Registration number: 08960635

Widnes Football Club Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Widnes Football Club Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Widnes Football Club Ltd

Company Information

Directors

Mr D A Day

Mr G Hartley

Mr J McKeown

Mr I Ross

Mrs V J Ross

Mr A Bevan

Registered office

10 Grange Road
West Kirby
Wirral
Merseyside
CH48 4HA

Accountants

Bertram Burrows Limited
10 Grange Road
West Kirby
Wirral
CH48 4HA

 

Widnes Football Club Ltd

(Registration number: 08960635)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,790

-

Current assets

 

Debtors

5

14,546

9,339

Cash at bank and in hand

 

21,284

61,551

 

35,830

70,890

Creditors: Amounts falling due within one year

6

(346,613)

(279,708)

Net current liabilities

 

(310,783)

(208,818)

Total assets less current liabilities

 

(287,993)

(208,818)

Creditors: Amounts falling due after more than one year

6

(12,000)

(16,800)

Net liabilities

 

(299,993)

(225,618)

Capital and reserves

 

Called up share capital

7

73,096

73,096

Retained earnings

(373,089)

(298,714)

Shareholders' deficit

 

(299,993)

(225,618)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
Mr I Ross
Director

 

Widnes Football Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Grange Road
West Kirby
Wirral
Merseyside
CH48 4HA
United Kingdom

These financial statements were authorised for issue by the Board on 15 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

The balance sheet as at 30 June 2023 shows a deficit of £299,993. Included within Creditors due within one year is an amount of £330,524 in respect of amounts owed to the shareholders of the Company. The shareholders have agreed to continue to support the Company for the foreseeable future and therefore the Directors believe the accounts should be prepared on a going concern basis.

Revenue recognition

Turnover represents amounts receivable for sponsorship, subscriptions and match day ticket sales.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

 

Widnes Football Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Asset class

Depreciation method and rate

Properties under construction

Not depreciated

Plant and equipment

3 or 5 years straightline

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Widnes Football Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 2).

 

Widnes Football Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Plant and equipment
£

Properties under construction
 £

Total
£

Cost or valuation

At 1 July 2022

-

-

-

Additions

8,296

16,638

24,934

At 30 June 2023

8,296

16,638

24,934

Depreciation

At 1 July 2022

-

-

-

Charge for the year

2,144

-

2,144

At 30 June 2023

2,144

-

2,144

Carrying amount

At 30 June 2023

6,152

16,638

22,790

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

2,500

7,500

Prepayments

238

238

Other debtors

11,808

1,601

 

14,546

9,339

 

Widnes Football Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

4,800

4,800

Trade creditors

 

6,701

10

Taxation and social security

 

-

1,404

Accruals and deferred income

 

4,588

18,645

Other creditors

 

330,524

254,849

 

346,613

279,708

Included in other creditors are amounts due to Shareholders in the amount of £330,524 (2022: £254,849). The loans are interest free and repayable upon demand.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

12,000

16,800

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

73,096 Ordinary Shares of £1 each

73,096

73,096

73,096

73,096

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,000

16,800

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,800

4,800