Company registration number 08964370 (England and Wales)
DORKING WANDERERS FC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
DORKING WANDERERS FC LTD
COMPANY INFORMATION
Directors
Mr M White
Mr K T Lea
Company number
08964370
Registered office
Meadowbank Football Ground
Mill Lane
Dorking
Surrey
England
RH4 1DX
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
DORKING WANDERERS FC LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DORKING WANDERERS FC LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DORKING WANDERERS FC LTD FOR THE YEAR ENDED 31 MAY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dorking Wanderers FC Ltd for the year ended 31 May 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Dorking Wanderers FC Ltd, as a body, in accordance with the terms of our engagement letter dated 26 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Dorking Wanderers FC Ltd and state those matters that we have agreed to state to the board of directors of Dorking Wanderers FC Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dorking Wanderers FC Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Dorking Wanderers FC Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dorking Wanderers FC Ltd. You consider that Dorking Wanderers FC Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Dorking Wanderers FC Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Malcolm Piper & Company Limited
20 August 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
DORKING WANDERERS FC LTD
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
46,500
39,334
Tangible assets
5
2,802,042
155,226
2,848,542
194,560
Current assets
Stocks
35,856
1,575
Debtors
6
41,880
398,310
Cash at bank and in hand
44,641
98,027
122,377
497,912
Creditors: amounts falling due within one year
7
(639,618)
(242,515)
Net current (liabilities)/assets
(517,241)
255,397
Total assets less current liabilities
2,331,301
449,957
Creditors: amounts falling due after more than one year
8
(1,601,608)
(450,315)
Net assets/(liabilities)
729,693
(358)
Capital and reserves
Called up share capital
9
103
100
Share premium account
225,180
Profit and loss reserves
504,410
(458)
Total equity
729,693
(358)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 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.
DORKING WANDERERS FC LTD
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr M White
Director
Company Registration No. 08964370
DORKING WANDERERS FC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Dorking Wanderers FC Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Meadowbank Football Ground, Mill Lane, Dorking, Surrey, England, RH4 1DX.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Amortisation 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:
Player Registration
Amortised evenly over the life of individual contracts.
1.4
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 improvements
10% Reducing balance
Fixtures and fittings
15% Reducing balance
Computers
20% Reducing balance
Right-of-use assets
Straight line over the term of the lease
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.
1.5
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.
DORKING WANDERERS FC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
IFRS 16 was adopted from 1 June 2022.
All leases with a term of more than 12 months, unless the underlying asset is of low value, are recognised as a right-of-use asset, with a corresponding lease liability, at the date which the leased asset is available for use by the company.
Lease liabilities are measured at cost and not discounted to present value.
Right-of-use assets are initially measured at cost comprising the following:
the amount of the initial measurement of the lease liability;
any lease payments made at or before the commencement date less any lease incentives received;
any initial direct costs; and
restoration costs.
Right-of-use assets have been subsequently measured at the revalued amount. Fair value has been arrived at using a combination of RICS valuations and market test valuations.
Payments associated with short-term leases of property, plant and equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
1.11
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.
DORKING WANDERERS FC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
31
29
4
Intangible fixed assets
Player Registration
£
Cost
At 1 June 2022
39,334
Additions
64,000
At 31 May 2023
103,334
Amortisation and impairment
At 1 June 2022
Amortisation charged for the year
56,834
At 31 May 2023
56,834
Carrying amount
At 31 May 2023
46,500
At 31 May 2022
39,334
DORKING WANDERERS FC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Right-of-use assets
Total
£
£
£
£
£
Cost
At 1 June 2022
61,569
140,532
4,812
206,913
Additions
462,796
51,966
1,243,100
1,757,862
Revaluation
954,060
954,060
At 31 May 2023
524,365
192,498
4,812
2,197,160
2,918,835
Depreciation and impairment
At 1 June 2022
11,697
38,894
1,098
51,689
Depreciation charged in the year
46,206
18,155
743
65,104
At 31 May 2023
57,903
57,049
1,841
116,793
Carrying amount
At 31 May 2023
466,462
135,449
2,971
2,197,160
2,802,042
At 31 May 2022
49,872
101,639
3,715
155,226
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,509
60,404
Other debtors
6,371
337,906
41,880
398,310
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,750
10,019
Trade creditors
267,616
109,283
Taxation and social security
267,832
57,112
Other creditors
95,420
66,101
639,618
242,515
Included in "Other creditors" is £18,048 (2022:£nil) of Football Foundation grants that are being released over the terms of the grants.
DORKING WANDERERS FC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
65,937
74,687
Other creditors
1,535,671
375,628
1,601,608
450,315
Included in "Other creditors" is £293,976 (2022:£nil) of Football Foundation grants that are being released over the terms of the grants.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
1,027,012
-
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
100,000
100,000
100
100
A Ordinary shares of 0.1p each
2,564
-
3
-
102,564
100,000
103
100