Company registration number 05132509 (England and Wales)
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
5
185,806
141,458
Tangible assets
4
1,138,715
1,023,906
1,324,521
1,165,364
Current assets
Stocks
44,604
85,883
Debtors
6
1,071,628
574,406
Cash at bank and in hand
7,951
3,630,363
1,124,183
4,290,652
Creditors: amounts falling due within one year
7
(2,437,861)
(2,631,568)
Net current (liabilities)/assets
(1,313,678)
1,659,084
Total assets less current liabilities
10,843
2,824,448
Creditors: amounts falling due after more than one year
8
(1,273,171)
(1,637,053)
Provisions for liabilities
9
(190,819)
(190,819)
Net (liabilities)/assets
(1,453,147)
996,576
Capital and reserves
Called up share capital
10
2,507,904
2,507,904
Share premium account
2,859,902
2,859,902
Profit and loss reserves
(6,820,953)
(4,371,230)
Total equity
(1,453,147)
996,576
The directors of the company have elected not to include a copy of the profit and loss 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 31 March 2023 and are signed on its behalf by:
R Couhig
Director
Company Registration No. 05132509
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Wycombe Wanderers Football Club Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Adams Park, Hillbottom Road, Sands, High Wycombe, Buckinghamshire, HP12 4HJ.
The
se financial statements are for the 11 month period ended 30 June 2022. The
comparative
s
are
for the
year
ended 31 July 202
1.
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 a
mounts
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
The financial statements have been prepared on a going concern basis. The director
true
s
ha
ve
reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment
.
Based on these assessments, given the measures that could be undertaken to mitigate the current adverse
results
, and the current resources available, the director
s
ha
ve
concluded that
t
he
y
can continue to adopt the going concern basis in preparing the annual report and accounts.
Integral to this assessment is the continuing support of the majority shareholder, which has been confirmed, for at least 12 months from the date of the financial statements being signed.
1.3
Turnover
Turnover represents income from
EFL membership fees,
television rights, gate receipts, catering and other commercial activities, exclusive of value added tax.
Season tickets sold in advance of the following season are included in deferred income and accounted for as turnover in the season to which they relate.
Transfer fees are only included when there is a contractual certainty as to their receipt and are disclosed separately in the profit and loss account.
1.4
Intangible fixed assets other than goodwill
The element of a player's transfer fee which relates to registration is capitalised as an intangible asset and amortised as follows:
Player registration
Over length of contract
Conditional amounts receivable in respect of players transferred are accounted in the year in which the condition is met. Signing on fees and loyalty bonuses are included within direct operating costs in the period of payment.
1.5
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.
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
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:
Fixtures, fittings & equipment
5% - 25% per annum on a straight line basis
Motor vehicles
25% per annum on a straight line basis
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 profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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).
In the case of player registrations, recoverable amount would be based upon management's assessment of fair value less sales costs.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.8
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.11
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.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Football Trust grants for capital expenditure are credited to a deferral account and are released to revenue over the expected useful life of the asset.
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 5 -
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.
Intangible asset impairment
The directors assess whether there is any reason to consider player contracts impaired. If they consider there are indications of impairment, an impairment review is conducted in line with note 1.6.
Depreciation of tangible fixed assets
Tangible fixed assets are depreciated to write off the cost of the asset, less any residual value, over its useful life. Estimates of useful lives are based on the nature of the asset and management's experience. The actual useful lives of assets may vary.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing of the debtor and historical experience.
Dilapidations provision
Management assess all operating lease agreements to consider whether a dilapidations provision is required. Where possible, such provisions are based on surveys conducted by qualified experts. An annual assessment is then conducted by management to consider whether any adjustment to the provision is required.
3
Employees
The average monthly number of persons (including directors) employed by the company during year was 152
(
2021
-
91
).
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021
3,407,263
Additions
329,589
At 30 June 2022
3,736,852
Depreciation and impairment
At 1 August 2021
2,383,357
Depreciation charged in the period
214,780
At 30 June 2022
2,598,137
Carrying amount
At 30 June 2022
1,138,715
At 31 July 2021
1,023,906
5
Intangible fixed assets
Player registration
£
Cost
At 1 August 2021
207,500
Additions
157,500
At 30 June 2022
365,000
Amortisation and impairment
At 1 August 2021
66,042
Amortisation charged for the period
113,152
At 30 June 2022
179,194
Carrying amount
At 30 June 2022
185,806
At 31 July 2021
141,458
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
133,269
417,912
Other debtors
938,359
156,494
1,071,628
574,406
7
Creditors: amounts falling due within one year
2022
2021
£
£
Overdraft
110,290
Trade creditors
516,209
455,876
Taxation and social security
512,214
231,393
Other creditors
1,299,148
1,944,299
2,437,861
2,631,568
Bank loans and overdrafts are secured by way of a charge over the assets of the company.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
1,273,171
1,637,053
9
Provisions for liabilities
2022
2021
£
£
Provision for dilapidations
190,819
190,819
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
500 Founder shares of £1 each
500
500
2,107,403 Ordinary shares of £1 each
2,107,403
2,107,403
400,000 Voting shares of £1 each
400,000
400,000
1 Enshrined rights share of £1 each
1
1
2,507,904
2,507,904
WYCOMBE WANDERERS FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 8 -
11
Audit report information
Material uncertainty related to going concern
In the full financial statements we made the following comment in our Audit report:
In forming our opinion on the financial statements, we have considered the adequacy of the disclosure made in note 1.2 to the financial statements concerning the company’s ability to continue as a going concern. As at 30 June
2022
the company’s net liabilities were £
1,453,147
(20
21
: £
996,576 - net assets)
.
These conditions indicate that there is an element of uncertainty that may cast doubt about the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
The senior statutory auditor was Gary A Heywood.
The auditor was Haines Watts High Wycombe Limited.
12
Operating lease commitments
Total operating lease commitments which are not included on the balance sheet amount to £
557,750
(
2021
: £
615,000
).
2022-06-30
2021-08-01
false
31 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
R Couhig
M Couhig
P Couhig
T Stroud
L Hector
D Smith
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