REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
FOR |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
FOR |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 14807568) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 14807568) |
BALANCE SHEET |
30 JUNE 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 14807568) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Harlequin Womens Football Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 pound. |
The principal accounting policies adopted are set out below. |
Harlequin Womens Football Club Limited is a wholly owned subsidiary of Harlequin FC Holdings Limited and the results of Harlequin Womens Football Club Limited are included in the consolidated financial statements of Harlequin FC Holdings Limited which are available from Twickenham Stoop Stadium, Langhorn Drive, Twickenham, Middlesex, United Kingdom, TW2 7SX. |
Going concern |
At the year end, the company reported net liabilities of £1,417,337 which includes balances due to other group companies. |
The group companies rely on support from the group's principal shareholder which has confirmed that the loans owed to it are not due for repayment until at least 30 June 2026. The group, as a whole, faces net current liabilities and overall net liabilities, including a significant amount due to Blue Sky Holdings Limited. |
Blue Sky Holdings Limited has confirmed it intends to continue to provide financial support to enable the group to meet its obligations are they fall due, at least until 30 June 2026. The directors are confident that Blue Sky Holdings Limited has sufficient resources to provide a sufficient level of support, and based on this, the provision of a letter of support, as well as previous support provided, they consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustment that would result if the going concern assumption was found to be inappropriate. |
In approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. In forming their expectation, the directors have considered the additional future funding requirements as outlined in the budgets and cash flow forecasts up to 30 June 2026. These forecasts are based on prudent estimates and assessments of uncertainties, alongside the availability of financial support from the group's principal shareholder. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 14807568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents amounts receivable net of VAT. |
Turnover from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer, the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract, when the amount of turnover can be measured reliably, and it is probable that the company will receive the consideration due under the contract. |
Deferred income |
Deferred income other than grants represents amounts receivable in relation to membership over a period of time. It is released to profit or loss in the season to which it relates. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rate in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Fixtures and fittings | - | 20% on cost |
Financial instruments |
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes a party to the contractual provisions of the instrument. |
Financial instruments and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other receivables 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 rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flow from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 14807568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities, including trade and other payables, bank and other loans, loans from fellow group companies and preference shares that are classified as debt, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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 period 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. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employees services are received. |
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 14807568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 30 June 2024 |
DEPRECIATION |
Charge for period |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Amounts owed to group undertakings |
8. | LEASING AGREEMENTS |
At the balance sheet date, the company had total commitments under non-cancellable operating leases of £14,146. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
HARLEQUIN WOMENS FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 14807568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 APRIL 2023 TO 30 JUNE 2024 |
10. | RELATED PARTY DISCLOSURES |
Group company |
98% subsidiary of the immediate parent entity |
At the year end £82,670 was owed to a group company, bearing interest at 4.5% per annum, with a term of not less than 12 months notice for repayment. |
There are additional shared operational and overhead costs between a group company and Harlequin Womens Football Club Limited, including the use of the stadium, which have not been recharged onto Harlequin Womens Football Club Limited, as a reliable estimate of the costs incurred cannot be made. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the board of directors of Somers Isles Private Trust Company Ltd. |
The ultimate parent company of Harlequin Football Club Limited is Prime Life Common Fund Limited, a company domiciled in Bermuda. |
The results of Harlequin Womens Football Club Limited are consolidated into their immediate parent, Harlequin FC Holdings Limited, a company registered and domiciled in England and Wales. Consolidated financial statements are available from Harlequin FC Holdings Limited, Twickenham Stoop Stadium, Langhorn Drive, Twickenham, Middlesex, TW2 7SX. |