Company registration number 14819031 (England and Wales)
PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr E Coleborn
(Appointed 5 June 2023)
Mrs V A Cohen
(Appointed 24 July 2023)
Mr E Eisner
(Appointed 5 June 2023)
Mrs G I Eisner
(Appointed 24 July 2023)
Mrs J B Eisner
(Appointed 24 July 2023)
Mrs S B Eisner
(Appointed 24 July 2023)
Mrs T T Eisner
(Appointed 24 July 2023)
Ms CM Martin
(Appointed 24 July 2023)
Mr A Redman
(Appointed 5 June 2023)
Company number
14819031
Registered office
Fratton Park
Frogmore Road
Portsmouth
Hampshire
United Kingdom
PO4 8RA
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
Notes
£
£
Current assets
Debtors
3
18,416
Cash at bank and in hand
54,306
72,722
Creditors: amounts falling due within one year
4
(274,146)
Net current liabilities
(201,424)
Capital and reserves
Called up share capital
5
1
Profit and loss reserves
(201,425)
Total equity
(201,424)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr E Coleborn
Director
Company registration number 14819031 (England and Wales)
PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 21 April 2023
-
0
-
0
-
Period ended 30 June 2024:
Loss and total comprehensive income
-
(201,425)
(201,425)
Issue of share capital
5
1
-
1
Balance at 30 June 2024
1
(201,425)
(201,424)
PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Portsmouth Women's Community Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fratton Park, Frogmore Road, Portsmouth, Hampshire, United Kingdom, PO4 8RA.

 

The principal activity of the company is that of operating a professional women's football club.

 

On 5 June 2023 the company took over the operation of the Portsmouth Women Football Club (the football club, 'Portsmouth Women') which became a semi-professional football club. On 14 April 2024, Portsmouth Women secured promotion to the Women's Championship by winning the Southern Premier Division title. In June 2024, Portsmouth Women announced a transition to full time professional status following their promotion to the Women's Championship.

 

The company is a wholly-owned subsidiary within the Tornante Company LLC group, alongside Portsmouth Community Football Club Limited, which operates the men's football club.

1.1
Reporting period

These financial statements present the financial information of the company from its incorporation on 21 April 2023 to 30 June 2024, being the first accounting period of the company.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.3
Going concern

As set out in the Directors' Responsibilities Statement on page 3, in preparing these financial statements the directors are required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.true

 

Portsmouth Women's Community Football Club Limited ("PWCFC") currently has no bank lending facilities in place and operates from its bank current account to meet its commitments as they fall due, receiving further funding from fellow group undertakings and the principal shareholder periodically to assist with working capital and continued investment. The profitability of PWCFC is dependent on a number of factors both in and out of PWCFC's control, but the principal factor is the success of the team.

In assessing the appropriateness of the going concern assumption, PWCFC have produced cash flow forecasts that extend to the end of the 2025/26 football season, taking into account several potential scenarios to reflect the inherent uncertainty of changes to PWCFC's league position. Within the scenarios forecasted, PWCFC acknowledges that further financial resources will be required from the owners, and although such funding is not contracted at this time, the directors believe that sufficient funds will be made available as required.

 

Based on the cash flow forecasts prepared, and considering the reasonably foreseeable scenarios expected in relation to the ongoing football season and expectation for the subsequent season, together with the availability of further funding from the owners as required, the directors are satisfied that PWCFC has sufficient resources to continue to meets its obligations as they fall due. Accordingly, the directors have concluded that it is appropriate for the financial statements to be prepared on the going concern basis.

1.4
Turnover

Turnover represents the net amount receivable from football and related commercial activities, excluding transfer fees receivable, and is stated net of VAT. Income from broadcasting, match days and those elements of commercial activities relating to matches is recognised when the related matches are played. Income from advance ticket sales, including season tickets, is deferred accordingly. Other commercial income is recognised on a receivables basis.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets 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.

PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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.

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

Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs 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 employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
23
3
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
2,501
Other debtors
15,915
18,416
PORTSMOUTH WOMEN'S COMMUNITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
17,346
Amounts owed to group undertakings
240,161
Taxation and social security
2,979
Other creditors
13,660
274,146
5
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
1
1
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
Date of audit report:
20 January 2025
7
Related party transactions

In accordance with Section 1AC.35 of FRS 102 the company has taken exemption from disclosing transactions and balances between group undertakings which are wholly owned by members of the group.

8
Parent company

Portsmouth Women's Community Football Club Ltd ('PWCFC') is wholly-owned by Portsmouth FC LLC of which The Tornante Company LLC holds 100% of the voting rights. The Tornante Company LLC is wholly-owned by Michael Eisner who is the only holder of a ‘Significant Interest’ in PWCFC (as defined in the English Football League Regulations).

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