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Registration number: 01967707

Havant and Waterlooville Football Club Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Havant and Waterlooville Football Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

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

West Leigh Park
Martin Road
Havant
Hampshire
PO9 5TH

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Havant and Waterlooville Football Club Limited

(Registration number: 01967707)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

958,014

1,037,037

Current assets

 

Stocks

5

19,000

18,250

Debtors

6

79,915

24,398

Cash at bank and in hand

 

18,185

57,008

 

117,100

99,656

Creditors: Amounts falling due within one year

7

(169,217)

(759,337)

Net current liabilities

 

(52,117)

(659,681)

Total assets less current liabilities

 

905,897

377,356

Creditors: Amounts falling due after more than one year

7

(256,210)

(631,210)

Net assets/(liabilities)

 

649,687

(253,854)

Capital and reserves

 

Called up share capital

8

3,506,124

2,455,124

Share premium reserve

379,321

379,321

Revaluation reserve

4,083

4,083

Retained earnings

(3,239,841)

(3,092,382)

Shareholders' funds/(deficit)

 

649,687

(253,854)

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:

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.

 

Havant and Waterlooville Football Club Limited

(Registration number: 01967707)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 7 February 2024 and signed on its behalf by:
 

.........................................
D A Pope
Chairman

.........................................
M A Pope
Chief executive

 

Havant and Waterlooville Football Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
West Leigh Park
Martin Road
Havant
Hampshire
PO9 5TH

These financial statements were authorised for issue by the Board on 7 February 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2022 - 42).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

1,373,066

106,656

1,479,722

Disposals

-

(3,411)

(3,411)

At 31 May 2023

1,373,066

103,245

1,476,311

Depreciation

At 1 June 2022

365,093

77,592

442,685

Charge for the year

72,009

5,512

77,521

Eliminated on disposal

-

(1,909)

(1,909)

At 31 May 2023

437,102

81,195

518,297

Carrying amount

At 31 May 2023

935,964

22,050

958,014

At 31 May 2022

1,007,973

29,064

1,037,037

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

5

Stocks

2023
£

2022
£

Other inventories

19,000

18,250

6

Debtors

Current

2023
£

2022
£

Trade debtors

43,588

8,072

Prepayments

25,515

5,680

Other debtors

10,812

10,646

 

79,915

24,398

 

Havant and Waterlooville Football Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

61,140

45,388

Taxation and social security

48,482

25,350

Accruals and deferred income

11,329

20,578

Other creditors

48,266

668,021

169,217

759,337

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

225,000

600,000

Other non-current financial liabilities

 

31,210

31,210

 

256,210

631,210

2023
£

2022
£

Due after more than five years

After more than five years by instalments

-

600,000

-

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

3,505,084

3,505,084

2,455,084

2,455,084

"A" Ordinary Shares of £1 each

40

40

40

40

 

3,505,124

3,505,124

2,455,124

2,455,124

 

Havant and Waterlooville Football Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

225,000

600,000

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.

10

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

(150,000)

150,000

-

       
     

 

2022

At 1 June 2021
£

At 31 May 2022
£

S D Munro

(150,000)

(150,000)

     
   

 

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

Cummins and Pope Limited - Derek Pope and Mark Pope are shareholders in Cummins and Pope Limited.
 Loan's to provide working capital and the laying of a 3G pitch.
 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

A related party and one other non related party have loaned the company £300,000 to assist the company in laying a 3G pitch.
 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

815,334

300,000

1,115,334

Advanced

85,000

-

85,000

Repaid

(900,000)

(30,000)

(930,000)

At end of period

334

270,000

270,334

2022

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

660,334

300,000

960,334

Advanced

155,000

-

155,000

At end of period

815,334

300,000

1,115,334