Company registration number 01486711 (England and Wales)
SOUTHPORT FOOTBALL CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SOUTHPORT FOOTBALL CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SOUTHPORT FOOTBALL CLUB LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,122,220
1,191,956
Current assets
Stocks
4,250
3,500
Debtors
5
72,233
89,448
Cash at bank and in hand
36,276
53,332
112,759
146,280
Creditors: amounts falling due within one year
6
(240,424)
(149,676)
Net current liabilities
(127,665)
(3,396)
Total assets less current liabilities
994,555
1,188,560
Creditors: amounts falling due after more than one year
7
(453,107)
(357,602)
Net assets
541,448
830,958
Capital and reserves
Called up share capital
2,529,505
2,539,605
Profit and loss reserves
(1,988,057)
(1,708,647)
Total equity
541,448
830,958
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 members have 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.
SOUTHPORT FOOTBALL CLUB LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 March 2024 and are signed on its behalf by:
Mr Peter Mitchell
Director
Company registration number 01486711 (England and Wales)
SOUTHPORT FOOTBALL CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
1
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.
2
Accounting policies
Company information
Southport Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Southport Football Club Ltd, Haig Avenue, Southport, England, PR8 6JZ.
2.1
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
2.2
Going concern
We are closely monitoring the situation with regards to COVID-19, which has become a global pandemic. Recent analysis shows that the virus in the UK may have peaked and the impacts of COVID-19 should begin to lessen. Impact on the business since the financial period ended has so far been managed accordingly and does not require any adjustment in the accounts. However, the situation is very fluid and, if the pandemic should spike again, then there could be a potential impact on the business.true
2.3
Turnover
Turnover represents amounts receivable for goods, services and gate receipts net of VAT and trade discounts, together with sponsorship, net proceeds from the sale of players an donations.
Gate receipt revenue is recognised on the date of the match. Season ticket revenue is recognised in the year in which it relates. Advertising and sponsorship revenue is recognised in the year in which it relates. The sale of players revenue is recognised when the player's contract has been signed. Donations and grandstand revenue is recognised when the monies are received.
2.4
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.
SOUTHPORT FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2
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:
Freehold land and buildings
2% on cost
Plant and equipment
10% on cost
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.
2.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
2.6
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SOUTHPORT FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Accounting policies
(Continued)
- 5 -
2.7
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.
2.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
63
58
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 July 2022
1,338,495
439,186
1,777,681
Additions
1,057
1,057
At 30 June 2023
1,338,495
440,243
1,778,738
Depreciation and impairment
At 1 July 2022
321,644
264,081
585,725
Depreciation charged in the year
26,770
44,023
70,793
At 30 June 2023
348,414
308,104
656,518
Carrying amount
At 30 June 2023
990,081
132,139
1,122,220
At 30 June 2022
1,016,851
175,105
1,191,956
SOUTHPORT FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
68,634
86,179
Other debtors
2,375
2,375
Prepayments and accrued income
1,224
894
72,233
89,448
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
10,861
9,768
Trade creditors
139,522
64,141
Taxation and social security
26,576
35,641
Other creditors
506
12,146
Accruals and deferred income
62,959
27,980
240,424
149,676
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
274,708
175,569
Accruals and deferred income
178,399
182,033
453,107
357,602