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Unaudited Financial Statements for the Year Ended 31st May 2021 |
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CHORLEY FOOTBALL CLUB LIMITED |
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Unaudited Financial Statements for the Year Ended 31st May 2021 |
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for |
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CHORLEY FOOTBALL CLUB LIMITED |
CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001) |
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Contents of the Financial Statements |
for the Year Ended 31st May 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CHORLEY FOOTBALL CLUB LIMITED |
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Company Information |
for the Year Ended 31st May 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001) |
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Balance Sheet |
31st May 2021 |
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31.5.21 | 31.5.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001) |
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Balance Sheet - continued |
31st May 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001) |
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Notes to the Financial Statements |
for the Year Ended 31st May 2021 |
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1. | STATUTORY INFORMATION |
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Chorley Football Club Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 its parent company due to the company being a wholly owned subsidiary within the group. |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the value of gate receipts, sponsorship and income from fundraising events, stated net of discounts and of Value Added Tax. |
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Tangible fixed assets |
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Stand | - |
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Plant and machinery | - |
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Fixtures, fittings and equipment | - |
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Computer equipment | - |
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Impairment of Assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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. |
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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. |
CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st May 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The company continues to streamline its operating base and is committed to finding ways to increase sponsorship income and increase gate receipts in order to continue as a going concern. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Plant and | and |
Stand | machinery | equipment |
£ | £ | £ |
COST |
At 1st June 2020 |
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Additions |
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At 31st May 2021 |
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DEPRECIATION |
At 1st June 2020 |
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Charge for year |
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At 31st May 2021 |
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NET BOOK VALUE |
At 31st May 2021 |
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At 31st May 2020 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st June 2020 |
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Additions |
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At 31st May 2021 |
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DEPRECIATION |
At 1st June 2020 |
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Charge for year |
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At 31st May 2021 |
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NET BOOK VALUE |
At 31st May 2021 |
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At 31st May 2020 |
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CHORLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 02959001) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st May 2021 |
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5. | STOCKS |
31.5.21 | 31.5.20 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 18,730 | 12,183 |
Other creditors |
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Directors' current accounts | 18,200 | 13,000 |
Accruals & deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Directors' loan accounts | 56,406 | 77,571 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.21 | 31.5.20 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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10. | RELATED PARTY DISCLOSURES |
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At the 31st May 2021 the company owed £74,606 to its directors (2020: £90,571). The value of these loans is disclosed between that owed within one year and that falling due after more than one year. |
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No interest has been charged to the company in respect of these loans and repayments have been agreed by the Board of Directors in respect of the loan owing to Mr GD Watkinson only. |