| Leicester City Women Football Club Limited |
| Registered number: |
09091120 |
| Balance Sheet |
| as at 30 June 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
- |
|
|
2,111 |
|
| Current assets |
| Debtors |
4 |
|
51,153 |
|
|
1,153 |
| Cash at bank and in hand |
|
|
5,227 |
|
|
256 |
|
|
|
56,380 |
|
|
1,409 |
|
| Creditors: amounts falling due within one year |
5 |
|
(54,321) |
|
|
(149,326) |
|
| Net current assets/(liabilities) |
|
|
|
2,059 |
|
|
(147,917) |
|
| Net assets/(liabilities) |
|
|
|
2,059 |
|
|
(145,806) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
1,959 |
|
|
(145,906) |
|
| Shareholders' funds |
|
|
|
2,059 |
|
|
(145,806) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| S V Whelan |
| Director |
| Approved by the board on 21 June 2021 |
|
| Leicester City Women Football Club Limited |
| Notes to the Accounts |
| for the year ended 30 June 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from sale or loan of players, match day tickets, merchandise sales and sponsorship. Turnover from the sale of merchandise and player sales or loans is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from sponsorship and match day revenue is recognised over the length of sponsorship agreement and at time of match day. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
20% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
10 |
|
18 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 July 2019 |
4,658 |
|
Disposals |
(4,658) |
|
At 30 June 2020 |
- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2019 |
2,547 |
|
Charge for the year |
422 |
|
On disposals |
(2,969) |
|
At 30 June 2020 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2020 |
- |
|
At 30 June 2019 |
2,111 |
|
|
| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Other debtors |
51,153 |
|
1,153 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Taxation and social security costs |
17,889 |
|
21,167 |
|
Other creditors |
36,432 |
|
128,159 |
|
|
|
|
|
|
54,321 |
|
149,326 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Events after the reporting date |
|
|
As of 21 August 2020, ownership of the Company changed by virtue of the Company shares having been acquired by Leicester City Football Club Limited. |
|
|
| 7 |
Going concern |
|
|
The Company was loss making at an operating level in the 2019/20 financial year and is expected to continue to not be profitable at an operating level. The directors have considered the working capital requirements of the Company for the short, medium and longer term including investment in and the cost of the playing squad.
The circumstances impacting on the football industry arising from the outbreak of COVID 19 are now reasonably well understood and the Club has undertaken its cash flow forecasts taking into account the possible downside risks over the next 12 months. These include the continued playing of all home games behind closed doors. The Women's Super League has demonstrated that professional football can continue to be played with the appropriate safeguards in place during this period.
As part of their considerations the directors have reviewed in detail the cash flow forecasts prepared for the period of 12 months from the date of this report. These forecasts show that the Company is reliant on continued funding from the holding company, Leicester City Football Club Limited (LCFC) and or its ultimate shareholders. Since the year end the Company has been funded by LCFC.
The Directors have also considered the Club's cashflow requirements in a severe but plausible scenario and to cover the working capital needs of the Club and the Board, of which two members are the majority shareholders of the Club's ultimate controlling party, have received confirmation that the Holding Company will provide further funding where necessary to meet the requirements of the Company for the next 18 months. Further LCFC has confirmed that existing liabilities will not be called in for the foreseeable future and not less than 12 months from the date of approval of these financial statements. |
|
|
| 8 |
Related party transactions |
|
|
R Morgan
The above is a related party by virtue of being a director up to 21 August 2020.
During the year, the related party incurred expenses on behalf of the company and drew against his account.
The total balance due to the related party of £11,537 was written off in the period.
At the balance sheet date, he was owed £NIL (2019: £2,213) by the company.
J Morgan
The above is a related party by virtue of being a director up to 21 August 2020.
The total balance due to the related party of £541 was written off in the period.
At the balance sheet date, he was owed £NIL (2019: £541) by the company.
This loan was written off during the period.
Spring Rock Developments Ltd
The above is a related party by virtue of a director of the Company also being a director of the related party.
During the year, the related party incurred expenses on behalf of the company and an amount of £142,981 was written off by both the Company and related party.
At the balance sheet date, the related party was owed £34,227 ( 2019: £122,860 ) by the company.
No interest is being charged on this loan for the period.
RCM Living Ltd
The above is a related party by virtue of a director of the Company also being a director of the related party.
At the balance sheet date, the related party owed £13 ( 2019: £1,153 ) to the company.
No interest is being charged on this loan for the period. |
|
|
| 9 |
Controlling party |
|
|
The Company's immediate parent undertaking is Leicester City Football Club Limited, a company incorporated in England and Wales. The ultimate parent and controlling party is V&A Holdings Limited, a company incorporated in the Kingdom of Thailand and the beneficial owner of V&A Holdings Limited is the Srivaddhanaprabha family. |
|
|
| 10 |
Other information |
|
|
Leicester City Women Football Club Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
King Power Stadium |
|
Filbert Way |
|
Leicester |
|
Leicestershire |
|
LE2 7FL |
