Company registration number 05916248 (England and Wales)
A.F.C. FYLDE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
PAGES FOR FILING WITH REGISTRAR
A.F.C. FYLDE LTD
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
3 - 6
A.F.C. FYLDE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 MAY 2023
- 1 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

A.F.C. FYLDE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 MAY 2023
30 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
161,138
182,448
Current assets
Stocks
40,833
104,003
Debtors
5
327,009
28,596
Cash at bank and in hand
4,698
35,534
372,540
168,133
Creditors: amounts falling due within one year
6
(3,340,274)
(2,510,057)
Net current liabilities
(2,967,734)
(2,341,924)
Net liabilities
(2,806,596)
(2,159,476)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
8
(2,806,598)
(2,159,478)
Total equity
(2,806,596)
(2,159,476)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
Mr D Haythornthwaite
Director
Company registration number 05916248 (England and Wales)
A.F.C. FYLDE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
- 3 -
1
Accounting policies
Company information

A.F.C. Fylde Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mill Farm Sports Village, Coronation Way, Wesham, Preston, PR4 3JZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has been loss making in the current and previous year and also has net liabilities on the balance sheet. The directors are confident that the company will continue to trade for at least twelve months from the signing of the accounts, as financial support is available and will continue to be made available from Tangerine Holdings Limited, a Group under the common control of Mr D Haythornthwaite.

1.3
Turnover

Turnover represents amounts receivable in respect of sponsorship, gate receipts and other services net of vat.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of three years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
at varying rates on cost
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

A.F.C. FYLDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
45
49
A.F.C. FYLDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 31 May 2022 and 30 May 2023
18,919
Amortisation and impairment
At 31 May 2022 and 30 May 2023
18,919
Carrying amount
At 30 May 2023
-
0
At 30 May 2022
-
0
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 31 May 2022
416,163
52,878
95,656
39,251
603,948
Additions
-
0
-
0
4,550
4,817
9,367
At 30 May 2023
416,163
52,878
100,206
44,068
613,315
Depreciation and impairment
At 31 May 2022
259,393
40,564
89,677
31,866
421,500
Depreciation charged in the year
18,494
4,051
3,643
4,489
30,677
At 30 May 2023
277,887
44,615
93,320
36,355
452,177
Carrying amount
At 30 May 2023
138,276
8,263
6,886
7,713
161,138
At 30 May 2022
156,770
12,314
5,979
7,385
182,448
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
180,222
8,119
Other debtors
128,820
6,313
Prepayments and accrued income
11,485
7,682
320,527
22,114
Deferred tax asset (note )
6,482
6,482
327,009
28,596
A.F.C. FYLDE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
112,970
669,221
Taxation and social security
157,140
94,159
Other creditors
2,863,805
1,677,126
Accruals and deferred income
206,359
69,551
3,340,274
2,510,057
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
8
Reserves
Retained
earnings
£
At 30 May 2019
(2,159,478)
Deficit for the year
(647,120)
At 30 May 2020
(2,806,598)
9
Directors' transactions

During the year the company received sponsorship monies from companies in which Mr D A Haythornthwaite has a controlling interest to the value of £1,080,000 (2022: £900,000)

 

Net amounts due to companies in which Mr D A Haythornthwaite has a controlling interest are £2,731,886 (2022: £1,925,055)

10
Ultimate controlling party

The company is under the control of Mr D A Haythornthwaite and Mr J Davis, directors and equal shareholders.

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