Registration number:
Havant and Waterlooville Football Club Limited
for the Year Ended 31 May 2023
Havant and Waterlooville Football Club Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Havant and Waterlooville Football Club Limited
Company Information
Chairman |
D A Pope |
Chief executive |
M A Pope |
Directors |
R R Jones A B Hewitt Dr T K Mellor P F Tracey G K Pratt |
Company secretary |
R R Jones |
Registered office |
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Accountants |
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Havant and Waterlooville Football Club Limited
(Registration number: 01967707)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds/(deficit) |
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( |
For the financial 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:
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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.
Havant and Waterlooville Football Club Limited
(Registration number: 01967707)
Balance Sheet as at 31 May 2023
Approved and authorised by the
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Havant and Waterlooville Football Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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:
Havant and Waterlooville Football Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Asset class |
Depreciation method and rate |
Long leasehold property |
2% reducing balance |
Plant & machinery |
25% reducing balance |
Fixtures and fittings |
20% reducing balance |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Havant and Waterlooville Football Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Disposals |
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At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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Included within the net book value of land and buildings above is £935,964 (2022 - £1,007,973) in respect of long leasehold land and buildings.
Havant and Waterlooville Football Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Havant and Waterlooville Football Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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2023 |
2022 |
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Due after more than five years |
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After more than five years by instalments |
- |
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- |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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3,505,084 |
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2,455,084 |
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40 |
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40 |
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Havant and Waterlooville Football Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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Other borrowings
Unsecured investors loan in relation to a new admin block and a 3G pitch is denominated in £ sterling with a nominal interest rate of 10%, and the final instalment is due on 1 October 2028. The carrying amount at year end is £270,000 (2022 - £600,000). |
Included in the loans and borrowings are the following amounts due after more than five years:
Other loans after five years
The loan has been renegotiated and is now is repayable over 4 years carrying a fixed interest rate of 10%. Repayment hiolidays are allowed depending on trading levels.
Related party transactions |
Transactions with directors |
2023 |
At 1 June 2022 |
Other payments made to company by director |
At 31 May 2023 |
S D Munro |
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( |
150,000 |
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2022 |
At 1 June 2021 |
At 31 May 2022 |
S D Munro |
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( |
( |
Summary of transactions with entities with joint control or significant interest
Havant and Waterlooville Football Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
The loan's are secured by way of a debenture dated 15th May 2012 and are interest free and repayable on demand,
During 2023 Cummins and Pope Limted converted the loan's into ordinary shares.
Summary of transactions with other related parties
The loan's have been renegotiated and are now repayable over a period of 4 years with a fixed interest rate of 10%. Repayment holidays are permissable and dependant on trading levels.
Loans from related parties
2023 |
Entities with joint control or significant influence |
Other related parties |
Total |
At start of period |
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Advanced |
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- |
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Repaid |
( |
( |
( |
At end of period |
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2022 |
Entities with joint control or significant influence |
Other related parties |
Total |
At start of period |
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Advanced |
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- |
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At end of period |
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