Company Registration No. 03843186 (England and Wales)
ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
Affinia
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
643,369
651,175
Investments
5
1,353,498
1,218,086
1,996,867
1,869,261
Current assets
Debtors
7
54,551
91,271
Cash at bank and in hand
6
1,183,142
1,094,654
1,237,693
1,185,925
Creditors: amounts falling due within one year
8
(445,816)
(416,763)
Net current assets
791,877
769,162
Total assets less current liabilities
2,788,744
2,638,423
Creditors: amounts falling due after more than one year
9
(100,284)
(103,866)
Provisions for liabilities
(10,000)
(26,000)
Net assets
2,678,460
2,508,557
Reserves
Income and expenditure account
2,678,460
2,508,557
Members' funds
2,678,460
2,508,557

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Mr A Chaplin
Director
Company registration number 03843186 (England and Wales)
ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Essex County Football Association Limited (Company limited by guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is The County Office, Springfield Lyons Approach, Springfield, Chelmsford, Essex, CM2 5LB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents all income receivable by the association, net of VAT and discounts, This is recognised at and comprises of the below:

 

ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
At 31 December 2015, the land and buildings net book value reached the expected residual value and accordingly is no longer depreciated.
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
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.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 balance sheet 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.

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 payments 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Grants relating to expenditure on tangible fixed assets are released to the income and expenditure account over the useful life of the asset to which the grant relates. The deferred element of grants is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets

Tangible fixed assets are significantly material in the current and previous reporting period. Tangible fixed assets largely consist of freehold property. Whilst no impairment indicators exist, given the significance of value of freehold property recorded in the financial statements, management obtained an independent valuation from a RICS registered valuer supporting the year end carrying value of freehold property recorded within the financial statements. Going forward, management will assess the need for future valuations supporting the carrying value of freehold property recorded within the financial statements.

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
35
38
ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
763,367
171,645
935,012
Additions
-
0
8,768
8,768
Disposals
-
0
(20,214)
(20,214)
At 30 June 2024
763,367
160,199
923,566
Depreciation and impairment
At 1 July 2023
159,968
123,869
283,837
Depreciation charged in the year
-
0
12,733
12,733
Eliminated in respect of disposals
-
0
(16,373)
(16,373)
At 30 June 2024
159,968
120,229
280,197
Carrying amount
At 30 June 2024
603,399
39,970
643,369
At 30 June 2023
603,399
47,776
651,175
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,353,498
1,218,086

Listed investments are held at fair value and gains/losses are recognised in the income and expenditure account. Market value is provided at the reporting date by the Investment Custodians.

ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
1,218,086
Additions
141,338
Valuation changes
120,679
Cash movement
11,864
Disposals
(138,469)
At 30 June 2024
1,353,498
Carrying amount
At 30 June 2024
1,353,498
At 30 June 2023
1,218,086
6
Restricted Bank Balance

A bank account amounting to £111,938 (2023: 108,168) is held by Essex County Football Association Limited that is restricted for the purpose of expenditure related solely to Essex County Schools Football Association.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
35,026
73,930
Other debtors
19,525
17,341
54,551
91,271
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,303
9,150
Taxation and social security
20,817
26,489
Other creditors
395,696
381,124
445,816
416,763
ESSEX COUNTY FOOTBALL ASSOCIATION LIMITED (COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
100,284
103,866

Creditors due after more than one year includes grants received from the Football Association for the acquisition of the premises. These are to be released over the life of the asset to which they relate, over 50 years straight line.

10
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.

11
Income and expenditure account

Retained earnings are non distributable.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Andrew Runicles
Statutory Auditor:
Affinia (Chelmsford)
Date of audit report:
24 April 2025
13
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
6,327
6,794
Between two and five years
7,816
13,166
14,143
19,960
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