Company registration number 09651123 (England and Wales)
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
30,597
9,983
Tangible assets
5
184,129
153,087
214,726
163,070
Current assets
Stocks
69,246
16,130
Debtors
6
371,586
475,032
Cash at bank and in hand
11,053
36,007
451,885
527,169
Creditors: amounts falling due within one year
7
(1,509,720)
(1,445,988)
Net current liabilities
(1,057,835)
(918,819)
Total assets less current liabilities
(843,109)
(755,749)
Creditors: amounts falling due after more than one year
8
(1,071,363)
(29,167)
Net liabilities
(1,914,472)
(784,916)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,914,572)
(785,016)
Total equity
(1,914,472)
(784,916)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr G Thompson
Director
Company registration number 09651123 (England and Wales)
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
South Shields Football Club 1888 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mariners Park, Shaftesbury Avenue, Jarrow, NE32 3UP.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
In accordance with their responsibilities the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.true
The company has made a loss before taxation in the year and it has significant net current liabilities at that date. In order to continue to operate as a going concern the company is dependent on continued support from Mr G. Thompson. The directors have carefully assessed the position and on the basis of this ongoing support, they consider it appropriate to prepare the financial statements on the going concern basis. The financial statements therefore do not include any adjustments that would result from a withdrawal of the support by Mr G. Thompson.
1.3
Turnover
Turnover comprises net gate and ticket receipts, sponsorship revenue, shop programmes, bar and food sales and other commercial and miscellaneous income exclusive of Value Added Tax. Season ticket and sponsorship income received prior to the year end in respect of the following football season is treated as deferred income.
1.4
Intangible fixed assets other than goodwill
Player registration fees are capitalised as intangible assets acquired and are initially recognised as cost. After recognition, under the cost model, the registrations are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Player Registrations
straight line over the period of the initial contract
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.
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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:
Ground improvements
20% reducing balance basis
Fixtures, fittings & equipment
20% reducing balance basis
Computer equipment
20% reducing balance basis
Motor vehicles
20% reducing balance 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).
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 profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
1.9
Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in the profit and loss.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leases asset are consumed.
1.14
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.
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.
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
68
56
4
Intangible fixed assets
Player Registrations
£
Cost
At 1 July 2022
9,983
Additions
32,795
At 30 June 2023
42,778
Amortisation and impairment
At 1 July 2022
Amortisation charged for the year
12,181
At 30 June 2023
12,181
Carrying amount
At 30 June 2023
30,597
At 30 June 2022
9,983
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
101,157
85,924
187,081
Additions
10,387
40,527
50,914
At 30 June 2023
111,544
126,451
237,995
Depreciation and impairment
At 1 July 2022
2,305
31,691
33,996
Depreciation charged in the year
5,267
14,603
19,870
At 30 June 2023
7,572
46,294
53,866
Carrying amount
At 30 June 2023
103,972
80,157
184,129
At 30 June 2022
98,852
54,235
153,087
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
203,040
103,269
Amounts owed by group undertakings
124,184
363,234
Other debtors
44,362
8,529
371,586
475,032
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
318,332
206,157
Amounts owed to group undertakings
472,787
517,787
Taxation and social security
137,044
74,777
Other creditors
571,557
637,267
1,509,720
1,445,988
SOUTH SHIELDS FOOTBALL CLUB 1888 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
Other creditors
1,052,196
1,071,363
29,167