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REGISTERED NUMBER: 02959001 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st May 2023

for

CHORLEY FOOTBALL CLUB LIMITED

CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001)






Contents of the Financial Statements
for the Year Ended 31st May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHORLEY FOOTBALL CLUB LIMITED

Company Information
for the Year Ended 31st May 2023







DIRECTORS: Mr P E N Yemoh
Mr J S Clarke





REGISTERED OFFICE: Victory Park
Duke Street
Chorley
Lancashire
PR7 3DU





REGISTERED NUMBER: 02959001 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001)

Balance Sheet
31st May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 154,000 163,247

CURRENT ASSETS
Stocks 5 4,500 4,500
Debtors 6 15,749 86,909
Cash at bank and in hand 2,213 52,178
22,462 143,587
CREDITORS
Amounts falling due within one year 7 511,148 441,522
NET CURRENT LIABILITIES (488,686 ) (297,935 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(334,686

)

(134,688

)

CREDITORS
Amounts falling due after more than one
year

8

148,364

113,066
NET LIABILITIES (483,050 ) (247,754 )

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings (483,052 ) (247,756 )
SHAREHOLDERS' FUNDS (483,050 ) (247,754 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001)

Balance Sheet - continued
31st May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st March 2024 and were signed on its behalf by:





Mr P E N Yemoh - Director


CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001)

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

1. STATUTORY INFORMATION

Chorley Football Club Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company due to the company being a wholly owned subsidiary within the group.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the value of gate receipts, sponsorship and income from fundraising events, stated net of discounts and of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Stand - 5% on cost
Plant and machinery - 10% on cost
Fixtures, fittings and equipment - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33.3% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company continues to streamline its operating base and is committed to finding ways to increase sponsorship income and increase gate receipts in order to continue as a going concern.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 29 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Plant and and
Stand machinery equipment
£    £    £   
COST
At 1st June 2022 149,136 10,225 28,094
Additions 5,500 1,220 351
Disposals - (2,000 ) -
At 31st May 2023 154,636 9,445 28,445
DEPRECIATION
At 1st June 2022 9,710 1,699 17,331
Charge for year 7,503 1,074 2,927
Eliminated on disposal - (483 ) -
At 31st May 2023 17,213 2,290 20,258
NET BOOK VALUE
At 31st May 2023 137,423 7,155 8,187
At 31st May 2022 139,426 8,526 10,763

CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st June 2022 3,900 5,327 196,682
Additions - - 7,071
Disposals (3,900 ) - (5,900 )
At 31st May 2023 - 5,327 197,853
DEPRECIATION
At 1st June 2022 1,869 2,826 33,435
Charge for year 650 1,266 13,420
Eliminated on disposal (2,519 ) - (3,002 )
At 31st May 2023 - 4,092 43,853
NET BOOK VALUE
At 31st May 2023 - 1,235 154,000
At 31st May 2022 2,031 2,501 163,247

5. STOCKS
31.5.23 31.5.22
£    £   
Stocks 4,500 4,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 14,986 84,070
Other debtors 763 2,323
Prepayments - 516
15,749 86,909

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 99,577 79,382
Amounts owed to group undertakings 186,360 163,729
Social security and other taxes 22,370 33,027
VAT 17,334 23,775
Other creditors 60,558 30,380
Directors' current accounts 46,609 17,221
Accruals & deferred income 78,340 94,008
511,148 441,522

CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Other loans - 2-5 years 15,920 9,650
Other loans more 5yrs instal 61,750 66,500
Amounts owed to group undertakings 70,694 -
Directors' loan accounts - 36,916
148,364 113,066

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 61,750 66,500

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
2 Ordinary £1 2 2

10. RELATED PARTY DISCLOSURES

At the 31 May 2023 the company owed £46,609 to its directors (2022: £54,137). No interest has been charged to the company in respect of these loans and no repayment date has been agreed.

11. ULTIMATE CONTROLLING PARTY

As at 31 May 2023, the company's parent company was Chorley Sporting Club Limited, and its ultimate parent company was Reset Events Ltd. The company's ultimate controlling party was Mr P Yemoh by virtue of his shareholding in Reset Events Ltd.