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Company registration number: 05686090
Maidstone United (Ground) Limited
Unaudited filleted financial statements
30 June 2024
Maidstone United (Ground) Limited
Contents
Statement of financial position
Notes to the financial statements
Maidstone United (Ground) Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 3,067,412 2,856,471
_______ _______
3,067,412 2,856,471
Current assets
Stocks 3,000 3,000
Debtors 4 78,208 165,392
Cash at bank and in hand 39,832 53,372
_______ _______
121,040 221,764
Creditors: amounts falling due
within one year 5 ( 2,990,023) ( 2,980,754)
_______ _______
Net current liabilities ( 2,868,983) ( 2,758,990)
_______ _______
Total assets less current liabilities 198,429 97,481
_______ _______
Net assets 198,429 97,481
_______ _______
Capital and reserves
Called up share capital 6 1 1
Profit and loss account 198,428 97,480
_______ _______
Shareholders funds 198,429 97,481
_______ _______
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: 05686090
Maidstone United (Ground) Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
Maidstone United (Ground) Limited (Company number 05686090 ) 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.
The company recognises revenue when the amount of revenue can be measured reliably, it is probable future economic benefits will flow to the entity and the services have been delivered. Revenue is in the form of car parking, bar and food takings, pitch and event hire and academy income.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Gallagher Stadium - 2 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
3G pitch - 20 % straight line
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 only enters into basic financial instruments transactions that reault 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 19 (2023: 22).
3. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles 3G Pitch Total
£ £ £ £ £ £
Cost
At 1 July 2023 3,030,009 833,462 265,751 917 224,983 4,355,122
Additions - 33,536 - - 214,417 247,953
Disposals - - - ( 917) ( 224,983) ( 225,900)
_______ _______ _______ _______ _______ _______
At 30 June 2024 3,030,009 866,998 265,751 - 214,417 4,377,175
_______ _______ _______ _______ _______ _______
Depreciation
At 1 July 2023 258,841 820,961 193,044 821 224,983 1,498,650
Charge for the year 20,600 1,837 10,906 23 3,574 36,940
Disposals - - - ( 844) ( 224,983) ( 225,827)
_______ _______ _______ _______ _______ _______
At 30 June 2024 279,441 822,798 203,950 - 3,574 1,309,763
_______ _______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 2,750,568 44,200 61,801 - 210,843 3,067,412
_______ _______ _______ _______ _______ _______
At 30 June 2023 2,771,168 12,501 72,707 96 - 2,856,472
_______ _______ _______ _______ _______ _______
4. Debtors
2024 2023
£ £
Trade debtors 9,459 24,390
Amounts owed by group undertakings and undertakings in which the company has a participating interest 22,397 114,591
Other debtors 46,352 26,411
_______ _______
78,208 165,392
_______ _______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 12,663 17,536
Social security and other taxes 535 4,148
Other creditors 2,976,825 2,959,070
_______ _______
2,990,023 2,980,754
_______ _______
6. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
7. 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.
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Maidstone United Football Club Limited - ( 207,733) 22,397 114,591
Maidstone United FC Holdings Limited - - ( 2,955,705) ( 2,945,705)
_______ _______ _______ _______