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Company registration number:
03566611
Tamworth Football Club Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2024
Tamworth Football Club Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Tamworth Football Club Limited
Year ended
31 May 2024
As described on the statement of financial position, the Board of Directors of
Tamworth Football Club Limited
are responsible for the preparation of the
financial statements
for the year ended
31 May 2024
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Sherlock Hynes Limited
Accountants & Business Advisers
11 Cedar Drive
Tamworth
Staffordshire
B79 8QL
United Kingdom
Tamworth Football Club Limited
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Tangible assets 5
989,927
 
991,536
 
Current assets    
Stocks
3,000
 
3,500
 
Debtors 6
19,761
 
12,020
 
Cash at bank and in hand
(15,791
)
(21,508
)
6,970
 
(5,988
)
Creditors: amounts falling due within one year 7
(58,143
)
(43,684
)
Net current liabilities
(51,173
)
(49,672
)
Total assets less current liabilities 938,754   941,864  
Creditors: amounts falling due after more than one year 8
(1,072,952
)
(1,068,811
)
Net liabilities
(134,198
)
(126,947
)
Capital and reserves    
Called up share capital
281,345
 
281,345
 
Other reserves
157,792
 
157,792
 
Profit and loss account
(573,335
)
(566,084
)
Shareholders deficit
(134,198
)
(126,947
)
For the year ending
31 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
28 January 2025
, and are signed on behalf of the board by:
R Andrews
S Lathbury
DirectorDirector
Company registration number:
03566611
Tamworth Football Club Limited
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
The Lambs Ground
,
Kettlebrook
,
Tamworth
,
Staffordshire
,
B79 1HA
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% diminishing balance
Motor vehicles
25% diminishing 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.

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 stocks to their present location and condition.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
17
(2023:
17.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 June 2023
and
31 May 2024
985,099
 
93,507
 
1,078,606
 
Depreciation      
At
1 June 2023
-  
87,070
 
87,070
 
Charge -  
1,609
 
1,609
 
At
31 May 2024
-  
88,679
 
88,679
 
Carrying amount      
At
31 May 2024
985,099
 
4,828
 
989,927
 
At 31 May 2023
985,099
 
6,437
 
991,536
 

6 Debtors

20242023
££
Trade debtors
23,400
 
9,493
 
Other debtors
(3,639
)
2,527
 
19,761
 
12,020
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
10,000
 
10,000
 
Trade creditors
23,908
 
15,216
 
Taxation and social security
23,497
 
13,236
 
Other creditors
738
 
5,232
 
58,143
 
43,684
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
8,866
 
18,866
 
Other creditors
1,064,086
 
1,049,945
 
1,072,952
 
1,068,811
 

9 Directors' advances, credit and guarantees

As at 31 May 2024, the directors have extended advances and credits to the company. The balance of the loan account as at 31 May 2023 amounted to £1,049,945. During the year, an additional amount of £14,141 was lent by the directors to meet the company's operational requirements. The total directors' advances and credits for the year amounted to £1,064,086. Repayment Terms: The directors' advances are unsecured and interest-free. Repayment terms, if any, will be determined through mutual agreement between the directors and the club. The directors confirm that the advances made during the year were for the purpose of supporting the company's financial needs and facilitating its operations.