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REGISTERED NUMBER: 03762658 (England and Wales)













Financial Statements

for the Year Ended 30 June 2024

for

Lincolnshire Football Association
Limited

Lincolnshire Football Association
Limited (Registered number: 03762658)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 3

Notes to the Financial Statements 5


Lincolnshire Football Association
Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr Nicholas Philip Hanson
Ms Shan Margaret Jaehrig
Mr Mark Pover
Mr Anthony Reynolds
Mr Liam Joseph Scully
Prof Sir Jonathan Van-Tam
Miss Angela Westley
Mr Oliver Tasker
Mr Christopher John Cook
Ms Leanne Kate Mayo
Mr Andrew Whitham





SECRETARY: Mr Nicholas Philip Hanson





REGISTERED OFFICE: Lincolnshire F.A. Headquarters
Deepdale Enterprise Park
Nettleham
LINCOLN
Lincolnshire
LN2 2LL





REGISTERED NUMBER: 03762658 (England and Wales)






Lincolnshire Football Association
Limited

Company Information
for the Year Ended 30 June 2024







ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

Lincolnshire Football Association
Limited (Registered number: 03762658)

Balance Sheet
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 583,495 596,338

CURRENT ASSETS
Debtors 5 18,879 42,075
Cash at bank 570,224 510,583
589,103 552,658
CREDITORS
Amounts falling due within one year 6 202,773 248,019
NET CURRENT ASSETS 386,330 304,639
TOTAL ASSETS LESS CURRENT
LIABILITIES

969,825

900,977

CREDITORS
Amounts falling due after more than one
year

7

(183,413

)

(188,713

)

PROVISIONS FOR LIABILITIES (5,439 ) (5,439 )
NET ASSETS 780,973 706,825

RESERVES
Revaluation reserve 8 24,400 24,400
Income and expenditure account 8 756,573 682,425
780,973 706,825

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lincolnshire Football Association
Limited (Registered number: 03762658)

Balance Sheet - continued
30 June 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:




Prof Sir Jonathan Van-Tam - Director



Ms Leanne Kate Mayo - Director


Lincolnshire Football Association
Limited (Registered number: 03762658)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Lincolnshire Football Association Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT.

Turnover represents amounts received from various bodies by way of grant income, subscriptions and fees from member clubs, and fees for courses provided by the company. Turnover from cup competitions is shown net of expenditure.

Turnover only includes income where the Association is acting as principal. Where the Association is acting as agent the financial statements only include any administration charge levied, not the gross receipt.

Lincolnshire Football Association
Limited (Registered number: 03762658)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and not provided
Office equipment - 33% on cost and 20% on cost

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Lincolnshire Football Association
Limited (Registered number: 03762658)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 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.

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.

Cash and cash equivalents

Cash at bank and in hand 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.

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, bank 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 payment is 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.


Lincolnshire Football Association
Limited (Registered number: 03762658)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation
Taxation for the year 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.

The company is a non-profit making company and is, therefore, only subject to corporation tax on any investment or non members’ income during the year.

Football association and other grants receivable
Capital grants and other contributions towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

Vat
The company is registered for VAT but only income in relation to ticket sales and advertising revenue for the various cup competitions is liable to VAT. As a consequence the company calculates its recoverable VAT in accordance with the VAT partial exemption rules and only a very small percentage of VAT is recoverable. All income and expenditure is stated net of VAT payable or recoverable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

Lincolnshire Football Association
Limited (Registered number: 03762658)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Freehold Office
property equipment Trophies Totals
£    £    £    £   
COST
At 1 July 2023 655,465 79,839 71,500 806,804
Additions - 351 - 351
At 30 June 2024 655,465 80,190 71,500 807,155
DEPRECIATION
At 1 July 2023 137,657 72,809 - 210,466
Charge for year 10,294 2,900 - 13,194
At 30 June 2024 147,951 75,709 - 223,660
NET BOOK VALUE
At 30 June 2024 507,514 4,481 71,500 583,495
At 30 June 2023 517,808 7,030 71,500 596,338

Freehold property contains an amount of £140,769 in respect of freehold land. Freehold land is not subject to depreciation.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 17,145 17,200
Other debtors 1,734 24,875
18,879 42,075

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade creditors 21,156 5,923
Taxation and social security 1,851 644
Other creditors 179,766 241,452
202,773 248,019

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Other creditors 183,413 188,713

Lincolnshire Football Association
Limited (Registered number: 03762658)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. RESERVES
Income
and
expenditure Revaluation
account reserve Totals
£    £    £   

At 1 July 2023 682,425 24,400 706,825
Surplus for the year 74,148 74,148
At 30 June 2024 756,573 24,400 780,973

9. LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital.

In accordance with the Memorandum and Articles of Association, each member of the company undertakes to contribute to the assets of the company of it being wound up during the time that they are a member, or within one year afterwards, for the payments of the debts and liabilities of the company contracted before the time that they ceased to be member, and of the costs, charges and expenses of winding up of same, and for the adjustments of the rights of contributors among themselves to such an amount as many be required not exceeding ten pounds.

10. SURPLUS

The operating surplus will be used to underpin the continued delivery of our current strategy ‘One Lincolnshire Community, united and inspired by the power of football’.