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No description of principal activities is disclosed
2022-07-01
Sage Accounts Production 23.0 - FRS102_2021
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xbrli:shares
iso4217:GBP
08396323
2022-07-01
2023-06-30
08396323
2023-06-30
08396323
2022-06-30
08396323
2021-07-01
2022-06-30
08396323
2022-06-30
08396323
2021-06-30
08396323
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2022-07-01
2023-06-30
08396323
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2022-07-01
2023-06-30
08396323
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2022-07-01
2023-06-30
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2023-06-30
08396323
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2022-06-30
08396323
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2023-06-30
08396323
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2022-06-30
08396323
core:SharePremium
2023-06-30
08396323
core:SharePremium
2022-06-30
08396323
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2023-06-30
08396323
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2022-06-30
08396323
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2023-06-30
08396323
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2022-06-30
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2022-06-30
08396323
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2022-07-01
2023-06-30
08396323
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2022-07-01
2023-06-30
08396323
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2022-07-01
2023-06-30
08396323
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08396323
1
2022-07-01
2023-06-30
Company registration number:
08396323
Charlton Athletic Womens Football Club Limited
Filleted financial statements
30 June 2023
Charlton Athletic Womens Football Club Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Charlton Athletic Womens Football Club Limited
Directors responsibilities statement
Year ended 30 June 2023
The directors are responsible for preparing the directors 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Charlton Athletic Womens Football Club Limited
Statement of financial position
30 June 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
4 |
16,845 |
|
|
|
68,379 |
|
|
Cash at bank and in hand |
|
|
7,081 |
|
|
|
30,919 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
23,926 |
|
|
|
99,298 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
5 |
(
1,363,526) |
|
|
|
(
597,730) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
1,339,600) |
|
|
|
(
498,432) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
1,339,600) |
|
|
|
(
498,432) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
1,339,600) |
|
|
|
(
498,432) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
7 |
|
|
4,500 |
|
|
|
4,500 |
Share premium account |
|
|
|
|
40,500 |
|
|
|
40,500 |
Profit and loss account |
|
|
|
|
(
1,384,600) |
|
|
|
(
543,432) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
1,339,600) |
|
|
|
(
498,432) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 August 2024
, and are signed on behalf of the board by:
Mr Edward Warrick
Director
Company registration number:
08396323
Charlton Athletic Womens Football Club Limited
Notes to the financial statements
Year ended 30 June 2023
1.
General information
Charlton Athletic Womens Football Club Limited (Company number
08396323
) is a private company limited by shares, registered in England and Wales. The address of the registered office is The Valley, Floyd Road, London, SE7 8BL.
Going concern
As at 30 June 2023, the club made a loss for the financial year of £841,168 (2022 - £825,553) and had net current liabilities of £1,339,600 (2022 - £498,432).The following events relevant to the solvency of the club occurred in the year:Clear Ocean Capital Limited, a company controlled by T Sandgaard, provided the club with further loan funding of £821,287 during the year, taking the total owed to that company to £1,217,397.Since the year end Clear Ocean Capital Limited waived the loan in its entirety, as part of the sale to SE7 Partners Limited, a company controlled by Global Football Partners, who have since provided the club with additional cash injections.The directors have prepared forecasts which estimate that the club will require additional funding to continue as a going concern and pay its liabilities as they fall due, for a period of at least one year from the date of approval of the accounts. This will be provided by SE7 Partners Limited, who have confirmed that, if necessary, they will provide additional funding above that envisaged in the base projections. Global Football Partners have provided the club with a letter of financial support for a period of not less than 12 months from the date of signing these financial statements.On that basis, the directors conclude that the company should be assessed as a going concern for a period of at least twelve months from the date of signing the financial statements.
Turnover
Turnover represents income receivable from football and related commercial activities, net of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. Therefore, matchday income is recognised when matches are played and grant funding is included in the season that it relates to.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from the director.
2.
Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 43 (2022: 40).
3.
Tax on loss
Major components of tax expense/income
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
Adjustments in respect of previous periods |
|
- |
(
61,485) |
|
|
|
_______ |
_______ |
|
Tax on loss |
|
- |
(
61,485) |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense/income
The tax assessed on the loss for the year is higher than (2022: higher than) the
standard rate of corporation tax in the UK
of
20.50
% (2022: 19.00%).
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Loss before taxation |
|
(
841,168) |
(
887,038) |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Loss multiplied by rate of tax at 20.5% |
|
(
172,439) |
(
168,537) |
|
Unrelieved tax losses |
|
172,439 |
107,052 |
|
|
|
_______ |
_______ |
|
Tax on loss |
|
- |
(
61,485) |
|
|
|
_______ |
_______ |
|
|
|
|
|
4.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
335 |
13,833 |
|
Other debtors |
|
16,510 |
54,546 |
|
|
|
_______ |
_______ |
|
|
|
16,845 |
68,379 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
11,018 |
32,749 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,324,397 |
538,278 |
|
Social security and other taxes |
|
19,711 |
19,503 |
|
Other creditors |
|
8,400 |
7,200 |
|
|
|
_______ |
_______ |
|
|
|
1,363,526 |
597,730 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Prior period errors
On 30 June 2022 the following amounts were owed to Charlton Athletic Football Company Limited; trade creditor of £108,700 and accruals of £33,468. Within these financial statements we have reallocated these comparative amounts from their respective heading and combined them under the heading of Amounts owed to group undertakings as shown in Note 5. Whilst there has been a change to the indvidual headings, there has been no alteration to the current liabilities figure included on 30 June 2022. There has been no other changes to the Profit and Loss Account or Balance Sheet value on 30 June 2022.
7.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
0.10 each |
|
45,000 |
|
4,500 |
|
45,000 |
|
4,500 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
8.
Events after the end of the reporting period
On July 21 2023, it ws announced that SE7 Partners Ltd, backed by Global Football Partners, acquired
Charlton Athletic Womens Football Club Limited
from Clear Ocean Capital Limited. Upon the completion of this transaction, Leo Rifkind and Thomas Sandgaard ceased being directors of the company, at which point James Rodwell and Edward Warrick took over as directors.At 30 June 2023 the company owed Clear Ocean Capital Limited £1,217,397. As part of the sales process, Clear Ocean Capital Limited signed a Deed of Release on 21 July 2023 writing off all amounts owed to it by
Charlton Athletic Womens Football Club Limited
.
9.
Summary audit opinion
The auditor's report for the year dated
29 August 2024
was unqualified
.
The senior statutory auditor was
Michael Fanning
for and on behalf of
Henry Reeves & Co Limited
10.
Controlling party
The immediate parent undertaking was Clear Ocean Capital Limited. As at 21 July 2023 there was a change of ownership and SE7 Partners Ltd became the immediate parent undertaking, a company registered in England and Wales.The ultimate parent undertaking is Global Football Partners Limited, a company incorporated in the Cayman Islands.The smallest and largest group of undertakings for which group accounts for the year ending 30 June 2023 have been drawn up is that headed by Global Football Partners Limited. The registered office address of Global Football Partners Limited is PO Box 309, Maples Corporate Services Limited, Ugland House, Ky1-1104, Grand Cayman, Cayman Islands. Copies of the group accounts are available from PO Box 309, Maples Corporate Services Limited, Ugland House, Ky1-1104, Grand Cayman,Cayman Islands.Prior to 21 July 2023, Thomas Sandgaard was considered to be the ultimate controlling party. From that date, the Directors do not consider there to be an ultimate controlling party
.