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 2021 |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MARGATE FOOTBALL CLUB LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2021 |
| 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 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET 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. |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| BALANCE SHEET - continued |
| 31 MAY 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2021 |
| 1. | STATUTORY INFORMATION |
| Margate Football Club Limited is a |
| 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. |
| 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 2021 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2020 |
| Additions |
| At 31 May 2021 |
| DEPRECIATION |
| At 1 June 2020 |
| Charge for year |
| At 31 May 2021 |
| NET BOOK VALUE |
| At 31 May 2021 |
| At 31 May 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to associates | 8,690 | - |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| MARGATE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01359836) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2021 |
| 8. | RELATED PARTY DISCLOSURES |
| Margate Football Club Ltd (MFC) has received loans from an individual (and his overseas company) who at the date of signing these accounts has a controlling interest in MFC. These loans are interest free and repayable upon demand. The total outstanding on the loans at 31 May 2021 was £1,472,786 (2020: £1,522,456). The maximum amount owing during the year was £1,526,478. |
| As at 31 May 2021, MFC owes £8,690 to a company in which the above individual holds a controlling interest (2020: £7,812 owed to MFC). The arrangement is interest free and repayable upon demand. |
| MFC has received loans from it's holding company. The loan is interest free if repaid within 5 years. The balance outstanding on the loan at 31 May 2021 was £180,763 (2020: £199,594). The maximum amount outstanding during the year was £200,805. |
| 9. | COVID-19 |
| Margate Football Club has again been adversely affected by Covid-19. In November 2020 the season was curtailed and eventually called off in February 2021. |
| Since the year end the 2021/22 season has commenced and, in line with the rest of the country, is continuing as normal. The accounts have therefore been prepared on a going concern basis due to the continuing support of the major shareholders and continuing government Covid-19 financial support. |