Margate Football Club Limited - Accounts to registrar (filleted) - small 18.2
Margate Football Club Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| MARGATE FOOTBALL CLUB LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MARGATE FOOTBALL CLUB LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Business Advisors |
| 7 The Broadway |
| Broadstairs |
| Kent |
| CT10 2AD |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| BALANCE SHEET |
| 31 MAY 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 1. | STATUTORY INFORMATION |
| Margate Football Club Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the going concern basis, which assumes that the company will |
| continue to be able to meet its liabilities as they fall due for the foreseeable future. |
| These financial statements for the year ended 31 May 2017 are the first financial statements that comply with |
| FRS 102 Section 1A small entities. The date of transition is 1 June 2015. The transition to FRS 102 Section 1A |
| small entities has resulted in a small number of changes in accounting policies to those used previously. |
| These changes have had no impact on opening equity or profit for the comparative period. |
| Income recognition |
| Income is recognised when goods have been delivered and services provided to customers such that risks and |
| rewards of ownership have transferred to them. |
| Tangible fixed assets and depreciation |
| Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed |
| to write off the cost of tangible fixed assets over their expected useful lives as follows: |
| Improvements to property - 4 years |
| Plant and machinery - 4 years or 10 years |
| Inventories |
| Stocks have been valued at the lower of cost and estimated selling price less costs to sell. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost. |
| Deferred taxation |
| Deferred taxation is provided on the liability method to take account of timing differences between the treatment |
| of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is |
| accounted for in respect of all material timing differences |
| Leasing |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs |
| The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are |
| recognised in profit and loss account when due. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2017 |
| Additions |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CAPITAL COMMITMENTS |
| 2018 | 2017 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| At the end of the previous year, the company had entered into an agreement for the purchase of a 3G all |
| weather football pitch.The £372,315 commitment at 31 May 2017 represented the instalments paid during the |
| current year. The pitch was available for the 2017/2018 league fixtures. |
| 8. | RELATED PARTY DISCLOSURES |
| The parent company of Margate Football Club Ltd (MFC) is Stour Side Investments Ltd, with registered office |
| Palladium House, 1-4 Argyll Street, London W1F 7LD. |
| MFC has received loans from an individual who at the date of signing these accounts has a participating interest |
| in MFC. This loan is interest free and repayable upon demand. The balance outstanding on the loan at 31 May |
| 2018 was £914,562 (2017: £180,000). The maximum amount owing during the year was £914,562. |
| MFC has received loans from a company in which the above individual holds a participating interest. The loan is |
| interest free if repaid within 5 years. The balance outstanding on the loan at 31 May 2018 was £310,000 (2017: |
| £300,000). The maximum amount outstanding during the year was £360,000. |