Company registration number:
03720814
Maidstone United Football Club Limited
Unaudited filleted financial statements
30 June 2024
Maidstone United Football Club Limited
Contents
Statement of financial position
Notes to the financial statements
Maidstone United Football Club Limited
Statement of financial position
30 June 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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4,235 |
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3,000 |
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Debtors |
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4 |
573,984 |
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329,377 |
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Cash at bank and in hand |
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261,743 |
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141,891 |
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_______ |
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_______ |
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839,962 |
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474,268 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
695,840) |
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(
729,258) |
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_______ |
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_______ |
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Net current assets/(liabilities) |
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144,122 |
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(
254,990) |
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_______ |
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_______ |
Total assets less current liabilities |
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144,122 |
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(
254,990) |
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Creditors: amounts falling due |
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after more than one year |
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6 |
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(
10,532) |
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(
19,921) |
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_______ |
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_______ |
Net assets/(liabilities) |
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133,590 |
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(
274,911) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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7 |
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2 |
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2 |
Profit and loss account |
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133,588 |
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(
274,913) |
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_______ |
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_______ |
Shareholders funds/(deficit) |
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133,590 |
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(
274,911) |
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_______ |
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_______ |
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For the year ending 30 June 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
24 March 2025
, and are signed on behalf of the board by:
Mr T Casey
Mr O Ash
Director
Director
Company registration number:
03720814
Maidstone United Football Club Limited
Notes to the financial statements
Year ended 30 June 2024
1.
General information
Maidstone United Football Club Limited (Company number
03720814
) is a private company limited by shares, registered in England and Wales. The address of the registered office is 67 College Road, Maidstone, Kent, ME15 6SX.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. Hence gate receipts are recognised when the match occurs and season tickets are recognised over the period to which they relate.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
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
The company ony enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from banks and other third parties.
2.
Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 28 (2023: 29).
3.
Tangible assets
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Fixtures, fittings and equipment |
Total |
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£ |
£ |
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Cost |
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At 1 July 2023 and 30 June 2024 |
5,118 |
5,118 |
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_______ |
_______ |
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Depreciation |
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At 1 July 2023 and 30 June 2024 |
5,118 |
5,118 |
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_______ |
_______ |
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Carrying amount |
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At 30 June 2024 |
- |
- |
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_______ |
_______ |
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At 30 June 2023 |
- |
- |
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_______ |
_______ |
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4.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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110,516 |
77,794 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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462,718 |
249,988 |
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Other debtors |
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750 |
1,595 |
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_______ |
_______ |
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573,984 |
329,377 |
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_______ |
_______ |
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5.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
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10,276 |
10,021 |
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Trade creditors |
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23,788 |
9,122 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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22,398 |
114,591 |
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Social security and other taxes |
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82,587 |
93,335 |
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Other creditors |
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556,791 |
502,189 |
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_______ |
_______ |
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695,840 |
729,258 |
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_______ |
_______ |
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6.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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£ |
£ |
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Other creditors |
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10,532 |
19,921 |
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_______ |
_______ |
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7.
Called up share capital
Issued, called up and fully paid
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2024 |
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2023 |
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No |
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£ |
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No |
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£ |
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Ordinary shares of £
1.00 each |
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2 |
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2 |
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2 |
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2 |
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_______ |
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_______ |
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_______ |
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_______ |
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8.
Directors advances, credits and guarantees
All loans made to the group of Maidstone United companies by the director's are held in the parent company, Maidstone United Football Club Holdings Limited.
9.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value |
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Balance owed by/(owed to) |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
£ |
|
Maidstone United (Ground) Limited |
- |
207,733 |
(
22,398) |
(
114,591) |
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Maidstone United FC Holdings Limited |
- |
- |
462,718 |
249,988 |
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_______ |
_______ |
_______ |
_______ |
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