Devon County FA Property Management Limited 06942343 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the management of the club house and football ground at Coach Road, Newton Abbot. Digita Accounts Production Advanced 6.30.9574.0 true true 06942343 2023-01-01 2023-12-31 06942343 2023-12-31 06942343 core:CurrentFinancialInstruments 2023-12-31 06942343 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06942343 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06942343 core:FurnitureFittings 2023-12-31 06942343 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 06942343 core:PlantMachinery 2023-12-31 06942343 bus:SmallEntities 2023-01-01 2023-12-31 06942343 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06942343 bus:FilletedAccounts 2023-01-01 2023-12-31 06942343 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06942343 bus:RegisteredOffice 2023-01-01 2023-12-31 06942343 bus:Director6 2023-01-01 2023-12-31 06942343 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06942343 core:FurnitureFittings 2023-01-01 2023-12-31 06942343 core:LandBuildings 2023-01-01 2023-12-31 06942343 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 06942343 core:PlantMachinery 2023-01-01 2023-12-31 06942343 countries:EnglandWales 2023-01-01 2023-12-31 06942343 2022-12-31 06942343 core:FurnitureFittings 2022-12-31 06942343 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 06942343 core:PlantMachinery 2022-12-31 06942343 2022-01-01 2022-12-31 06942343 2022-12-31 06942343 core:CurrentFinancialInstruments 2022-12-31 06942343 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06942343 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06942343 core:FurnitureFittings 2022-12-31 06942343 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 06942343 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 06942343

Devon County FA Property Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Devon County FA Property Management Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Devon County FA Property Management Limited

(Registration number: 06942343)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

27,519

30,334

Current assets

 

Stocks

5

3,365

3,717

Debtors

6

14,014

11,875

Cash at bank and in hand

 

118,857

110,996

 

136,236

126,588

Creditors: Amounts falling due within one year

7

(7,582)

(4,112)

Net current assets

 

128,654

122,476

Total assets less current liabilities

 

156,173

152,810

Creditors: Amounts falling due after more than one year

7

(156,172)

(152,809)

Net assets

 

1

1

Capital and reserves

 

Called up share capital

1

1

Shareholders' funds

 

1

1

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 May 2024 and signed on its behalf by:
 


Mr J D Street
Director

 

Devon County FA Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
County Headquarters
Coach Road
Newton Abbot
Devon
TQ12 1EJ

Principal activity

The principal activity of the company is the management of the club house and football ground at Coach Road, Newton Abbot.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Devon County FA Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, 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 specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Devon County FA Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

over the life of the lease

Plant and machinery

25% reducing balance

Fixtures and fittings

10% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Devon County FA Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 9).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

26,434

28,704

2,735

57,873

Additions

-

255

-

255

At 31 December 2023

26,434

28,959

2,735

58,128

Depreciation

At 1 January 2023

11,908

13,837

1,794

27,539

Charge for the year

1,322

1,512

236

3,070

At 31 December 2023

13,230

15,349

2,030

30,609

Carrying amount

At 31 December 2023

13,204

13,610

705

27,519

At 31 December 2022

14,526

14,867

941

30,334

Included within the net book value of land and buildings above is £13,204 (2022 - £14,526) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

3,365

3,717

 

Devon County FA Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

11,970

11,400

Other debtors

1,841

475

Accrued income

203

-

14,014

11,875

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,744

2,508

Taxation and social security

1,290

206

Accruals and deferred income

1,548

1,398

7,582

4,112

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

156,172

152,809

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.