REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st May 2024 |
for |
The Southern Counties East Football |
League Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st May 2024 |
for |
The Southern Counties East Football |
League Limited |
The Southern Counties East Football |
League Limited (Registered number: 12037552) |
Contents of the Financial Statements |
for the Year Ended 31st May 2024 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
The Southern Counties East Football |
League Limited (Registered number: 12037552) |
Abridged Balance Sheet |
31st May 2024 |
2024 | 2023 |
£ | £ |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Club development reserve |
Income and expenditure account |
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 surplus or deficit 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. |
The Southern Counties East Football |
League Limited (Registered number: 12037552) |
Abridged Balance Sheet - continued |
31st May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Southern Counties East Football |
League Limited (Registered number: 12037552) |
Notes to the Financial Statements |
for the Year Ended 31st May 2024 |
1. | STATUTORY INFORMATION |
The Southern Counties East Football League Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | 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 theCompanies Act 2006. The financial statements have been prepared under the historical cost convention. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the collection of memberships and registrations in the ordinary course of the company's activities. Sales are presented, net of, 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 when specific criteria have been met for each of the company's activities as follows: |
Revenue from memberships is recognised when the club is admitted to the competition at the annual general meeting. |
Revenue from registrations is recognised at the point the registrations are accepted by the competition. |
Revenue from fines and disciplinary income are recognised at the point the charge has been proven by a commission. |
Sponsorship revenue is recognised at the time the commitment is made for the period in which the sponsorship relates to. |
Interest income is recognised at the time the interest is received by the company. |
The Southern Counties East Football |
League Limited (Registered number: 12037552) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
3. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
The Southern Counties East Football |
League Limited (Registered number: 12037552) |
Notes to the Financial Statements - continued |
for the Year Ended 31st May 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |