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COMPANY REGISTRATION NUMBER: 00519334
SUTTON UNITED FOOTBALL CLUB LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
SUTTON UNITED FOOTBALL CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
2,311,152
2,455,850
Current assets
Stocks
63,152
63,249
Debtors
7
72,600
42,722
Cash at bank and in hand
18,221
138,073
----------
----------
153,973
244,044
Creditors: amounts falling due within one year
8
2,048,134
1,491,332
-------------
-------------
Net current liabilities
1,894,161
1,247,288
-------------
-------------
Total assets less current liabilities
416,991
1,208,562
Creditors: amounts falling due after more than one year
9
2,014,197
1,335,360
-------------
-------------
Net liabilities
( 1,597,206)
( 126,798)
-------------
-------------
Capital and reserves
Called up share capital
10
2,296,000
1,886,750
Share premium account
153,150
57,850
Profit and loss account
( 4,046,356)
( 2,071,398)
-------------
-------------
Shareholders deficit
( 1,597,206)
( 126,798)
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st May 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SUTTON UNITED FOOTBALL CLUB LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
T. Allison
Director
Company registration number: 00519334
SUTTON UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Borough Sports Ground, Gander Green Lane, Sutton, Surrey, SM1 2EY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover represents income (excluding Value Added Tax) from gate receipts, transfer fees, subscriptions, donations, lotteries, bar and from other club functions and activities.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Stadium improvements
-
5% reducing balance
Pitches
-
10% reducing balance
Floodlights
-
10% reducing balance
Fixtures, fittings, etc.
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Grants
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 94 (2023: 84 ).
5. Tax on loss
At 31st May 2024, there were unrelieved losses of approximately £5.5m (2023 - £3.6m) available for offset against future trading profits.
A deferred tax asset is not provided in respect of the accumulated tax losses as there is insufficient evidence to show that those losses will be utilised.
6. Tangible assets
Stadium improvements
Pitches
Floodlights
Fixtures, fittings, etc.
Assets under construction
Total
£
£
£
£
£
£
Cost
At 1 Jun 2023
1,763,347
518,713
119,000
215,196
214,100
2,830,356
Additions
93,688
93,688
Disposals
( 84,552)
( 84,552)
-------------
----------
----------
----------
----------
-------------
At 31 May 2024
1,763,347
612,401
119,000
215,196
129,548
2,839,492
-------------
----------
----------
----------
----------
-------------
Depreciation
At 1 Jun 2023
122,136
86,916
20,175
145,279
374,506
Charge for the year
76,246
57,259
9,882
10,447
153,834
-------------
----------
----------
----------
----------
-------------
At 31 May 2024
198,382
144,175
30,057
155,726
528,340
-------------
----------
----------
----------
----------
-------------
Carrying amount
At 31 May 2024
1,564,965
468,226
88,943
59,470
129,548
2,311,152
-------------
----------
----------
----------
----------
-------------
At 31 May 2023
1,641,211
431,797
98,825
69,917
214,100
2,455,850
-------------
----------
----------
----------
----------
-------------
7. Debtors
2024
2023
£
£
Trade debtors
56,931
33,314
Other debtors
15,669
9,408
---------
---------
72,600
42,722
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,146
9,987
Trade creditors
682,964
768,537
Social security and other taxes
129,445
102,322
Other creditors
1,225,579
610,486
-------------
-------------
2,048,134
1,491,332
-------------
-------------
The company has £743,300 of convertible loan notes with a maturity date within one year. £643,300 of these loan notes were converted into ordinary shares in December 2024.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
10,472
20,573
Other creditors
2,003,725
1,314,787
-------------
-------------
2,014,197
1,335,360
-------------
-------------
Included within creditors: amounts falling due after more than one year is an amount of £363,000 (2023: £393,250) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
During the year the company issued convertible loan notes with a value of £1,469,410 (2023 - £743,300). These loan notes can be converted to ordinary shares in the company at any time up until their maturity. £412,350 of the long term loan notes were converted into ordinary shares in December 2024.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 50 each
45,920
2,296,000
37,735
1,886,750
---------
-------------
---------
-------------
During the year 8,185 ordinary shares of £50 each were issued. 2,091 shares were issued for cash for £104,550 and 6,094 shares were issued for cash for £400,000.
11. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
485,799
----
----------
In November 2021, the company entered into a contract regarding stadium improvements for £615,346. Work commenced during the previous year and initial costs from Integra reduced the level of the commitment at the previous year end. The contract has been cancelled by mutual consent.
12. Events after the end of the reporting period
Following the year end and before the start of the 2024/25 season, the stadium pitch at Gander Green Lane was removed and replaced with a new pitch provided by Crystal Palace Women, supported by the Football Foundation. The cost of the pitch was £841k.
13. Going concern
The company has been able to settle its obligations when required since the year end and believes it will continue to be able to do so for the coming year. The company has primarily achieved this with the issue of significant additional share capital and convertible loan notes. £1,055,650 of the loan notes have been converted to share capital in December 2024.