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Registration number: 03127905

Oxford City Football Club (Trading) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 May 2024

 

Oxford City Football Club (Trading) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Oxford City Football Club (Trading) Limited

(Registration number: 03127905)
Balance Sheet as at 30 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

136,574

108,331

Current assets

 

Stocks

5

22,000

10,000

Debtors

6

734,012

526,792

Cash at bank and in hand

 

60,016

2,481

 

816,028

539,273

Creditors: Amounts falling due within one year

7

(249,047)

(306,405)

Net current assets

 

566,981

232,868

Total assets less current liabilities

 

703,555

341,199

Creditors: Amounts falling due after more than one year

7

(1,228,376)

(652,124)

Net liabilities

 

(524,821)

(310,925)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(524,921)

(311,025)

Shareholders' deficit

 

(524,821)

(310,925)

For the financial year ending 30 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 Profit and Loss Account.

Approved and authorised by the director on 12 February 2025
 

.........................................

Mr J Merritt
Director

 

Oxford City Football Club (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

1

General information

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

The address of its registered office is:
The Oxford City Community Arena
Marsh Lane
Headington
Oxford
OX3 0NQ

These financial statements were authorised for issue by the director on 12 February 2025.

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.

Going concern

At 30th May 2024, the company's liabilities exceeded its total assets by £524,821.
The company is dependent upon the continued support of its creditors. On the basis that this support will continue, the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss.

 

Oxford City Football Club (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow-moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

Oxford City Football Club (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 25).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 May 2023

284,154

284,154

Additions

79,613

79,613

At 30 May 2024

363,767

363,767

Depreciation

At 31 May 2023

175,823

175,823

Charge for the year

51,370

51,370

At 30 May 2024

227,193

227,193

Carrying amount

At 30 May 2024

136,574

136,574

At 30 May 2023

108,331

108,331

5

Stocks

2024
£

2023
£

Goods for resale

22,000

10,000

6

Debtors

 

Oxford City Football Club (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

Note

2024
£

2023
£

Trade debtors

 

770

5,198

Amounts owed by group undertakings and undertakings in which the company has a participating interest

731,242

521,594

Other debtors

 

2,000

-

 

734,012

526,792

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

11,163

Trade creditors

 

214,559

207,241

Taxation and social security

 

9,918

38,541

Accruals and deferred income

 

5,000

16,363

Other creditors

 

19,570

33,097

 

249,047

306,405

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,228,376

652,124

Directors' guarantees have been provided as security for loans.

 

Oxford City Football Club (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Oxford City Football Club (Trading) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 May 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

1,228,376

652,124

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

11,163

10

Parent and ultimate parent undertaking

The company's immediate parent is Oxford City Football Club 1882 Ltd, incorporated in England.

 The ultimate controlling party is Ignite Sport UK Limited.