Company registration number 02489097 (England and Wales)
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
60,641
53,624
Current assets
Stocks
1,500
Debtors
5
80,278
24,618
Cash at bank and in hand
16,610
70,475
96,888
96,593
Creditors: amounts falling due within one year
6
(391,098)
(297,457)
Net current liabilities
(294,210)
(200,864)
Total assets less current liabilities
(233,569)
(147,240)
Creditors: amounts falling due after more than one year
7
(185,083)
(185,083)
Net liabilities
(418,652)
(332,323)
Capital and reserves
Called up share capital
150,105
150,105
Profit and loss reserves
(568,757)
(482,428)
Total equity
(418,652)
(332,323)
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 31 March 2022 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.
T
he 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.
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2023 and are signed on its behalf by:
Mr I J Kettridge
Director
Company Registration No. 02489097
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Bishop's Stortford Football Club Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
R&D Advisors UK Stadium, Woodside Park, Dunmow Road, Bishops Stortford, Hertfordshire, CM23 5RG.
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, [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.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The shareholders will continue to provide financial support for the foreseeable future.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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 sale of services is recognised in line with when the service is performed.
1.4
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.
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:
Land and buildings Leasehold
Over the period of the lease
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% 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
.
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.6
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.
1.7
Cash at bank and in hand
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.
1.8
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.11
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.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
4
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
356,617
34,667
8,617
1,352
401,253
Additions
14,500
14,500
At 31 March 2022
356,617
49,167
8,617
1,352
415,753
Depreciation and impairment
At 1 April 2021
302,993
34,667
8,617
1,352
347,629
Depreciation charged in the year
7,483
7,483
At 31 March 2022
310,476
34,667
8,617
1,352
355,112
Carrying amount
At 31 March 2022
46,141
14,500
60,641
At 31 March 2021
53,624
53,624
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
53,750
15,213
Other debtors
26,528
9,405
80,278
24,618
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
168,670
160,552
Other creditors
222,428
136,905
391,098
297,457
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
185,083
185,083
BISHOP'S STORTFORD FOOTBALL CLUB LIMITED
T/A BISHOP'S STORTFORD FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
358,333
408,333
9
Related party transactions
During the year the company continued to receive an interest free loan from a company which has a common director and shareholder of £335,489 (2021: £310,489). There have been £25,000 advances and no repayments in the year.
10
Ultimate Controlling Party
S P Smith is the ultimate controlling party by virtue of majority shareholding.