REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 July 2024 |
for |
Durham Women's Football Club Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 July 2024 |
for |
Durham Women's Football Club Ltd |
Durham Women's Football Club Ltd (Registered number: 08729505) |
Contents of the Financial Statements |
for the Year Ended 30 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Durham Women's Football Club Ltd |
Company Information |
for the Year Ended 30 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Kepier House |
Belmont Business Park |
Durham |
DH1 1TW |
Durham Women's Football Club Ltd (Registered number: 08729505) |
Balance Sheet |
30 July 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Durham Women's Football Club Ltd (Registered number: 08729505) |
Notes to the Financial Statements |
for the Year Ended 30 July 2024 |
1. | STATUTORY INFORMATION |
Durham Women's Football Club Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts. |
Going concern |
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved. |
The financial statements are prepared on the going concern basis, which assumes that the company will continue to trade. The company has suffered recurring losses pre donations which raises a material uncertainty about its ability to continue as a going concern. However the company received further investment in December 2024 and had an ownership change in August 2024. Based on these two events the directors believe it is likely the company will be able to meet their financial obligations. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those concluded under market conditions. |
Durham Women's Football Club Ltd (Registered number: 08729505) |
Notes to the Financial Statements - continued |
for the Year Ended 30 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents ticket sales, sponsorship, merchandise sales, player sales and prize money receivable. There is also other funding receivable from various sources included in other income. |
Income Recognition |
Ticket revenue |
Ticket revenue is recognised in respect of all football matches played during the current season. |
Sponsorship income |
Sponsorship income is recognised in accordance with the terms in the agreement. |
Prize money |
Prize money is recognised as it is received by the club. |
Funding income |
Funding income is received annually and recognised evenly over the football season to which it relates. |
Merchandise sales |
Merchandise sales are recognised at point of sale. |
Player sales |
Player sales are recognised at point of sale. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of 3 years. |
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except to the extent that it relates to items recognised in comprehensive income or directly to 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Durham Women's Football Club Ltd (Registered number: 08729505) |
Notes to the Financial Statements - continued |
for the Year Ended 30 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 31 July 2023 |
Additions |
At 30 July 2024 |
AMORTISATION |
At 31 July 2023 |
Amortisation for year |
At 30 July 2024 |
NET BOOK VALUE |
At 30 July 2024 |
At 30 July 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Directors' current accounts | 2,565 | 2,565 |
Accruals and deferred income |
Durham Women's Football Club Ltd (Registered number: 08729505) |
Notes to the Financial Statements - continued |
for the Year Ended 30 July 2024 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.10 | 1 | 1 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
There are no related party transactions not concluded at market rate except for the following: |
2024 | 2023 |
£ | £ |
Amounts due to directors | 2,565 | 2,565 |
No interest was charged. |
10. | POST BALANCE SHEET EVENTS |
As at 1 August 2024, the company's entire shareholding was purchased by the director L Sanders. As at 17 December 2024, the company received additional funding. Shares were allotted to two individuals and the amount received for this was £500,000. |
11. | PARENT COMPANY |
The company's immediate parent company in the period of review was Durham University Enterprise Ltd, a limited company registered in England and Wales. Their registered office is The Mountjoy Centre, Stockton Road, Durham, DH1 3LE. However on 1 August 2024, Durham University Enterprise Ltd sold their shares in the company and is no longer the parent company, the company no longer has a parent company. |
12. | ULTIMATE PARENT COMPANY |
The company's ultimate parent company in the year of review was the University of Durham, a charitable organisation registered in England and Wales. Their registered office is The Mountjoy Centre, Stockton Road, Durham, DH1 3LE. No other group financial statements include the results of the company. As mentioned above, this changed on 1 August 2024 when the University of Durham was no longer the ultimate parent company. |