Workington Association Football Club Limited - Period Ending 2014-05-31

Registration number: 176420

Workington Association Football Club Limited
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 31 May 2014
 

Workington Association Football Club Limited
(Registration number: 176420)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			51,592			64,869
Current assets
Stocks					1,500			1,500
Debtors					6,289			11,488
Cash at bank and in hand					15,692			26,575
					23,481			39,563
Creditors: Amounts falling due within one year					(36,014)			(20,229)
Net current (liabilities)/assets					(12,533)			19,334
Total assets less current liabilities					39,059			84,203
Creditors: Amounts falling due after more than one year					(5,250)			(6,399)
Net assets					33,809			77,804
Capital and reserves
Called up share capital		4			210,000			150,000
Other reserves					7,328			7,328
Profit and loss account					(183,519)			(79,524)
Shareholders' funds					33,809			77,804

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 27 October 2014 and signed on its behalf by:

.........................................
Mr G Heathcote
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Workington Association Football Club Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Property alterations	5% - 15% reducing balance basis
Equipment and fittings	15% reducing balance basis
Kitchen equipment	15% reducing balance basis
Motor vehicles	15% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Workington Association Football Club Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2013		131,676			131,676
Disposals		(8,584)			(8,584)
At 31 May 2014		123,092			123,092
Depreciation
At 1 June 2013		66,807			66,807
Charge for the year		9,068			9,068
Eliminated on disposals		(4,375)			(4,375)
At 31 May 2014		71,500			71,500
Net book value
At 31 May 2014		51,592			51,592
At 31 May 2013		64,869			64,869

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		-			1,360
Amounts falling due after more than one year		-			1,149
Total secured creditors		-			2,509

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		210,000			210,000			150,000			150,000

New shares allotted

During the year 60,000 Ordinary shares having an aggregate nominal value of £60,000 were allotted for an aggregate consideration of £60,000.

Page 3