Registered number
10845327
Ilkeston Town FC Limited
Filleted Accounts
30 June 2024
Ilkeston Town FC Limited
Registered number: 10845327
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 45,424 59,589
Tangible assets 4 359,661 450,412
405,085 510,001
Current assets
Stocks 18,402 15,952
Debtors 5 2,780 1,220
Cash at bank and in hand 18,606 4,510
39,788 21,682
Creditors: amounts falling due within one year 6 (132,475) (145,362)
Net current liabilities (92,687) (123,680)
Total assets less current liabilities 312,398 386,321
Creditors: amounts falling due after more than one year 7 (28,999) (48,825)
Net assets 283,399 337,496
Capital and reserves
Called up share capital 1 1
Profit and loss account 283,398 337,495
Shareholders' funds 283,399 337,496
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Nally
Director
Approved by the board on 5 September 2024
Ilkeston Town FC Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% Straight Line
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 24
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 141,654
At 30 June 2024 141,654
Amortisation
At 1 July 2023 82,065
Provided during the year 14,165
At 30 June 2024 96,230
Net book value
At 30 June 2024 45,424
At 30 June 2023 59,589
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures & Fittings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 756,086 99,009 855,095
Additions 450 1,660 2,110
Disposals - (2,326) (2,326)
At 30 June 2024 756,536 98,343 854,879
Depreciation
At 1 July 2023 331,203 73,480 404,683
Charge for the year 79,314 12,384 91,698
On disposals - (1,163) (1,163)
At 30 June 2024 410,517 84,701 495,218
Net book value
At 30 June 2024 346,019 13,642 359,661
At 30 June 2023 424,883 25,529 450,412
5 Debtors 2024 2023
£ £
Trade debtors 2,780 1,220
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 22,285 16,324
Trade creditors 57,369 62,515
Taxation and social security costs 40,463 57,673
Accruals 1,700 850
Other creditors - 8,000
132,475 145,362
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,999 24,825
Other creditors 16,000 24,000
28,999 48,825
8 Controlling party
The company at the balance sheet date was controlled by the sole director Mr Andrew Nally.
9 Other information
Ilkeston Town FC Limited is a private company limited by shares and incorporated in England. Its registered office is:
The New Manor Ground
Awsworth Road
Ilkeston
Derbyshire
DE7 8JF
Ilkeston Town FC Limited 10845327 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts April 2024 Andrew Nally No description of principal activity 10845327 2022-07-01 2023-06-30 10845327 core:WithinOneYear 2023-06-30 10845327 core:AfterOneYear 2023-06-30 10845327 core:ShareCapital 2023-06-30 10845327 core:RetainedEarningsAccumulatedLosses 2023-06-30 10845327 2023-07-01 2024-06-30 10845327 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10845327 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10845327 bus:Director40 2023-07-01 2024-06-30 10845327 1 2023-07-01 2024-06-30 10845327 2 2023-07-01 2024-06-30 10845327 core:Goodwill 2023-07-01 2024-06-30 10845327 core:LandBuildings 2023-07-01 2024-06-30 10845327 core:PlantMachinery 2023-07-01 2024-06-30 10845327 countries:England 2023-07-01 2024-06-30 10845327 bus:FRS102 2023-07-01 2024-06-30 10845327 bus:FilletedAccounts 2023-07-01 2024-06-30 10845327 2024-06-30 10845327 core:WithinOneYear 2024-06-30 10845327 core:AfterOneYear 2024-06-30 10845327 core:ShareCapital 2024-06-30 10845327 core:RetainedEarningsAccumulatedLosses 2024-06-30 10845327 core:Goodwill 2024-06-30 10845327 core:LandBuildings 2024-06-30 10845327 core:PlantMachinery 2024-06-30 10845327 2023-06-30 10845327 core:Goodwill 2023-06-30 10845327 core:LandBuildings 2023-06-30 10845327 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure