REGISTERED NUMBER: 11119041 (England and Wales)

Holywell Town Football Club 1947 Ltd

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs T M Jones

Mr S Rose

Mrs C L Baker-Williams

Mrs C Long

REGISTERED OFFICE:

Holywell Football Club Halkyn Road

Holywell

United Kingdom

Flintshire

CH8 7TZ

REGISTERED NUMBER:

11119041 (England and Wales)

AUDITORS:

Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

REVIEW OF BUSINESS

The club's aim is to be promoted to the Cymru Premier league.

Total incoming resources for the period was £112,891, an increase of 54% from 2023.

Gross Profit margin for the period was 61% compared with 70% in 2023.

The Club made a deficit in the year of £(23,613), compared with £(3,739) in 2023.

As at 31st December 2024, income and expenditure reserves stood at £(35,904), with total reserves of £20,766.

The Directors acknowledge their responsibility to identify, assess, mitigate and manage risks. The Directors are aware of the risk concerning going concern, but with the ongoing support from the Directors and continued trading the company is expected to lead to future profitability and become self sustainable.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mrs T M Jones

Mr S Rose

Other changes in directors holding office are as follows:

Mr S J Elliott - resigned 1 October 2024

Mr J G Owen - resigned 1 October 2024

Mrs C L Baker-Williams - appointed 1 October 2024

Mrs C Long - appointed 1 October 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs T M Jones - Director

31 March 2025

Disclaimer of opinion

We have audited the financial statements of Holywell Town Football Club 1947 Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements,including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its deficit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We were unable to satisfy ourselves by alternative means concerning the income and expenditure included within the accounts for the year ending 31st December 2024. This was due to a lack of adequate documentation for cash transactions. Consequently, we could not ascertain whether the profit and loss figures are complete. The prior period accounts were not audited, and due to the absence of sufficient audit evidence, we were unable to confirm that the opening balances are free from material misstatement.

Conclusions relating to going concern

Due to the issues discovered within the basis of disclaimer of opinion, it is not appropriate to conclude on whether the use of the going concern basis of accounting is appropriate.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understating of the company and its environment obtained in the course of the audit performed subject to pervasive limitation described above, we have not indemnified material misstatement in the directors report.

Arising from the limitation of our work referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit and

- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We accessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;

- Obtain an understanding of the internal controls that management have in place to prevent and detect fraud;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;

- Identifying and testing journal entries, in particular manual or unusual entries;

- Obtaining third party confirmations of all the companies banking arrangements;

- Performing analytical procedures to identify any unusual or unexpected relationships;

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jason Matischok (Senior Statutory Auditor)

for and on behalf of Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

31 March 2025

TURNOVER

112,891

73,081

Cost of sales

(44,252

)

(21,646

)

GROSS SURPLUS

68,639

51,435

Administrative expenses

(93,894

)

(76,627

)

(25,255

)

(25,192

)

Other operating income

2,921

21,453

OPERATING DEFICIT

4

(22,334

)

(3,739

)

Interest payable and similar expenses

5

(1,279

)

-

DEFICIT BEFORE TAXATION

(23,613

)

(3,739

)

Tax on deficit

6

-

-

DEFICIT FOR THE FINANCIAL YEAR

(23,613

)

(3,739

)

DEFICIT FOR THE YEAR

(23,613

)

(3,739

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(23,613

)

(3,739

)

FIXED ASSETS

Tangible assets

7

97,733

51,553

CURRENT ASSETS

Stocks

8

2,850

3,250

Debtors

9

2,267

550

Cash at bank and in hand

4,104

16,468

9,221

20,268

CREDITORS

Amounts falling due within one year

10

23,488

27,442

NET CURRENT LIABILITIES

(14,267

)

(7,174

)

TOTAL ASSETS LESS CURRENT LIABILITIES

83,466

44,379

CREDITORS

Amounts falling due after more than one year

11

62,700

-

NET ASSETS

20,766

44,379

RESERVES

Other reserves

14

56,670

56,670

Income and expenditure account

14

(35,904

)

(12,291

)

20,766

44,379

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:

Mr S J Elliott - Director

Mrs T M Jones - Director

Retained

Other

Total

earnings

reserves

equity

£

£

£

Balance at 1 January 2023

(8,552

)

56,670

48,118

Changes in equity

Total comprehensive income

(3,739

)

-

(3,739

)

Balance at 31 December 2023

(12,291

)

56,670

44,379

Changes in equity

Total comprehensive income

(23,613

)

-

(23,613

)

Balance at 31 December 2024

(35,904

)

56,670

20,766

Cash flows from operating activities

Cash generated from operations

1

42,134

7,522

Interest element of finance lease payments paid

(1,279

)

-

Net cash from operating activities

40,855

7,522

Cash flows from investing activities

Purchase of tangible fixed assets

(52,259

)

-

Net cash from investing activities

(52,259

)

-

Cash flows from financing activities

Capital repayments in year

14,540

-

Amount introduced by directors

5,000

500

Amount withdrawn by directors

(20,500

)

-

Net cash from financing activities

(960

)

500

(Decrease)/increase in cash and cash equivalents

(12,364

)

8,022

Cash and cash equivalents at beginning of year

2

16,468

8,446

Cash and cash equivalents at end of year

2

4,104

16,468

1.	RECONCILIATION OF DEFICIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Deficit before taxation

(23,613

)

(3,739

)

Depreciation charges

6,077

4,262

Government grants

-

(1

)

Finance costs

1,279

-

(16,257

)

522

Decrease/(increase) in stocks

400

(750

)

(Increase)/decrease in trade and other debtors

(1,717

)

3,070

Increase in trade and other creditors

59,708

4,680

Cash generated from operations

42,134

7,522

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

4,104

16,468

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

16,468

8,446

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

16,468

(12,364

)

4,104

16,468

(12,364

)

4,104

Debt

Finance leases

-

(14,540

)

(14,540

)

Debts falling due after 1 year

-

(10,527

)

(10,527

)

-

(25,067

)

(25,067

)

Total

16,468

(37,431

)

(20,963

)

1.	STATUTORY INFORMATION

Holywell Town Football Club 1947 Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting 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.

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 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Revenue in relation to sponsorship and season tickets are recognised on receipt.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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

2024

2023

£

£

Directors' remuneration

-

-

4.	OPERATING DEFICIT

The operating deficit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

6,079

4,261

Auditors' remuneration

4,680

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Leasing

1,279

-

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

7.	TANGIBLE FIXED ASSETS

Improvements

Supporters

to

Plant and

Stand

property

machinery

£

£

£

COST

At 1 January 2024

-

35,000

15,550

Additions

51,260

-

-

At 31 December 2024

51,260

35,000

15,550

DEPRECIATION

At 1 January 2024

-

-

7,588

Charge for year

2,563

-

1,593

At 31 December 2024

2,563

-

9,181

NET BOOK VALUE

At 31 December 2024

48,697

35,000

6,369

At 31 December 2023

-

35,000

7,962

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

15,839

1,231

67,620

Additions

-

999

52,259

At 31 December 2024

15,839

2,230

119,879

DEPRECIATION

At 1 January 2024

7,761

718

16,067

Charge for year

1,616

307

6,079

At 31 December 2024

9,377

1,025

22,146

NET BOOK VALUE

At 31 December 2024

6,462

1,205

97,733

At 31 December 2023

8,078

513

51,553

8.

STOCKS

2024

2023

£

£

Stocks

2,850

3,250

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,000

550

Other debtors

1,121

-

Prepayments

146

-

2,267

550

As at 31st December 2024 there were no amounts receivable in respect of player transfers.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Finance leases (see note 13)

4,867

-

Trade creditors

-

97

Directors' current accounts

5,000

20,500

Accruals and deferred income

5,000

-

Accrued expenses

8,621

6,845

23,488

27,442

As at December 2024 there were no amounts payable in respect of player loans or transfers.

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans (see note 12)

10,527

-

Finance leases (see note 13)

9,673

-

Accruals and deferred income

42,500

-

62,700

-

Included within Accruals and deferred income is the grant received from for the FAW in June 2024 for the new stand, the grant income is being release over 10 year which is considered to be the useful life of the stand.

12.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due between one and two years:

Other loans - 1-2 years

10,527

-

13.	LEASING AGREEMENTS

The total future minimum lease payments under non-cancellable lease are as follows:

2024£

Less than 1 year

4,493

More than 1 year

17,222

21,715

The company entered into an agreement to lease the Club's printer in July 2024.

14.

RESERVES

Income

and

expenditure

Other

account

reserves

Totals

£

£

£

At 1 January 2024

(12,291

)

56,670

44,379

Deficit for the year

(23,613

)

(23,613

)

At 31 December 2024

(35,904

)

56,670

20,766

15.	CONTINGENT LIABILITIES

As at 31st December 2024 there were no contingent liabilities.