WAFC Ltd
Annual report and accounts for the year ended 31 March 2024
Registered Number 08426365
WAFC Ltd
Annual report and accounts
for the year ended 31 March 2024
Contents
Directors for the year ended 31 March 2024 ........................................................................................................ 1 Directors’ report for the year ended 31 March 2024 ............................................................................................. 2 Surplus and deficit account for the year ended 31 March 2024 ............................................................................ 4 Balance sheet as at 31 March 2024 ....................................................................................................................... 5 Balance sheet as at 31 March 2024 (continued) ................................................................................................... 6 Accounting policies .............................................................................................................................................. 7 Notes to the financial statements for the year ended 31 March 2024 ................................................................... 8
WAFC Ltd
Directors for the year ended 31 March 2024
Directors
M Gibbon R Cutler
Registered Office Northern Area Playing Fields Pavilion, Stephenson Road, Washington, Tyne & Wear, England, NE37 3HR
Registered Number 08426365
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WAFC Ltd
Directors’ report for the year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024.
Principal activities
The principal activity of the company is the provision of community “grassroots” football. The company is a not-for-profit organisation, limited by guarantee with any surplus being reinvested in the provision of football.
Review of business and future developments
For the second year running, grassroots football was significantly disrupted by above average rainfall throughout the year. A large number of weekend games had to be cancelled due to waterlogged pitches, especially between October and February.
Despite this distraction, Washington AFC’s Football Development Centre (FDC) for entry-level and nurseryaged players continued to develop with some of the club’s older (u17+) players being supported to complete their FA coaching qualifications to enable them to coach our youngest players. This supports the club’s “football for all” philosophy. For the year ending March 2024, the average monthly membership for our core u7-u18 membership numbered 656, a 12% growth over the last 12 months.
A record £238,238 was paid by players for monthly subs which has grown again this year due to an average of 72 more players paying subs and further improvements in our compliance processes to ensure all members are making monthly contributions.
In the first full year following the completion of the club’s new stadium pitch and clubhouse, £28,754 of income was generated from sales.in the fully licensed bar and kitchen.
The club invested in infrastructure around our site throughout the year including security fencing to enclose the front of the clubhouse, steps down onto our grassroots pitches and further work on our new double-portacabin. This new facility is providing refreshments and shelter to our grassroots players and spectators.
Washington AFC’s Committee and Trustees of the associated charity (WAFC Ltd; charity number 1152109) is made up of three officers: Chairman (Mark Gibbon), Treasurer (Rob Cutler), and Head of Football/Club Secretary (Gary Sykes) all of whom served on the Committee throughout the year ending 31 March 2024. The Committee has been in place and stable for the last ten years and it is expected that all officers will continue in post for the foreseeable future.
Results
The company’s surplus for the financial year is £22,731 (2023 deficit: £101,345).
Directors and their interests
The directors who held office during the year are given below:
M Gibbon R Cutler
The company is entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 March 2024.
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WAFC Ltd
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
This report was approved by the board of directors on 18 April 2024 and signed on behalf of the Board by:
Director
20 Apr 2024
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WAFC Ltd
Surplus and deficit account for the year ended 31 March 2024
| Note | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Turnover | 1 | 312,826 | 334,351 |
| Cost of sales | 184,127 | 362,879 | |
| Gross surplus | 128,699 | (28,529) | |
| Distribution costs | 0 | 0 | |
| Administrative expenses | 105,968 | 72,817 | |
| Operating surplus/(deficit) | 2 | 22,731 | (101,345) |
| Interest payable and similar charges | 0 | 0 | |
| Surplus/(deficit) on ordinary activities before taxation | 22,731 | (101,345) | |
| Tax on surplus/(deficit) on ordinary activities | 3 | 0 | 0 |
| Surplus/(deficit) on ordinary activities after taxation | 22,731 | (101.345) | |
| Retained surplus/(deficit) for the financial year | 22,731 | (101,345) | |
| Accumulated deficit brought forward | (19,252) | 82,093 | |
| Accumulated surplus/(deficit) carried forward | 3,479 | (19,252) |
All amounts relate to continuing activities.
The company has no gains and losses other than the surpluses/deficits above and therefore no separate statement of total recognised gains and losses has been presented.
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WAFC Ltd
Balance sheet as at 31 March 2024
| Note | 2024 | 2024 | 2023 | 2023 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible fixed assets | 4 | 0 | 0 | ||
| Current assets | |||||
| Stock | 0 | 0 | |||
| Debtors | 5 | 2 | 2 | ||
| Cash at bank and in hand | 29,168 | 6,437 | |||
| 29,170 | 6,439 | ||||
| Creditors: amounts falling due | |||||
| within one year | 6 | (25,689) | (25,689) | ||
| Net current assets | 3,481 | (19,250) | |||
| Creditors: amounts falling due after | |||||
| one year | 0 | 0 | |||
| Net assets | 3,481 | (19,250) | |||
| Capital and reserves | |||||
| Reserves | 7 | 2 | 2 | ||
| Surplus and deficit account | 3,479 | (19,252) | |||
| Total capital and reserves | 3,481 | (19,250) |
The financial statements on pages 3 to 10 were approved by the board of directors on 20 April 2024 and were signed on its behalf by:
R Cutler
Director
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WAFC Ltd
Balance sheet as at 31 March 2024 (continued)
Directors’ statements for the year ended 31 March 2024
In approving these financial statements as directors of the company we hereby confirm:
-
(a) that for the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies;
-
(b) that the members have not required the company to obtain an audit of its accounts for the year ending 31 March 2024 in accordance with section 476;
-
(c) that we acknowledge our responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts; and
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(d) that these accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Board on 18 April 2024 and signed on its behalf by
R Cutler
Director
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WAFC Ltd
Accounting policies
Accounting convention
These financial statements are prepared on the going concern basis, under the historical cost convention and in accordance with the Companies Act 2006 and applicable accounting standards. The principal accounting policies, which have been applied consistently throughout the year, are set out below.
Turnover
Turnover represents the total member subscription or invoice value (mainly for sponsors) of income generated during the year.
Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
- Fixtures and fittings - Over a period of 3 years on a straight line basis Motor Vehicles - Over a period of 5 years on a straight line basis Computer equipment - Over a period of 3 years on a straight line basis
Stock
Stock is stated at the lower of cost and net realisable value.
Cash flow statement
The company has taken advantage of the exemption under Financial Reporting Standard 1 (revised 1996) from the requirement to present a cash flow statement on the grounds that it is a small company.
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WAFC Ltd
Notes to the financial statements for the year ended 31 March 2024
1 Turnover
The total turnover of the company for the year has been derived from its principal activity as noted in the Directors’ report.
2 Operating deficit
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Operating surplus/(deficit) is stated after charging / (crediting): | ||
| Depreciation of tangible fixed assets | 0 | 0 |
| Surplus/(loss) on disposal of fixed assets | 0 | 0 |
| Bad debts | 0 | 0 |
3 Taxation
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Analysis of tax in the year: | ||
| Tax in respect of the period | 0 | 0 |
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WAFC Ltd
4 Tangible fixed assets
| Computer equipment |
Fixtures and fittings |
Total | ||
|---|---|---|---|---|
| £ | £ | £ | ||
| Cost | ||||
| At 1 April 2023 | 0 | 0 | 0 | |
| Additions | 0 | 0 | 0 | |
| Disposals | 0 | 0 | 0 | |
| At 31 March 2024 | 0 | 0 | 0 | |
| Deprecation | ||||
| At 1 April 2023 | 0 | 0 | 0 | |
| Additions | 0 | 0 | 0 | |
| Disposals | 0 | 0 | 0 | |
| At 31 March 2024 | 0 | 0 | 0 | |
| Net book values | ||||
| At 31 March 2024 | 0 | 0 | 0 | |
| At 31 March 2023 | 0 | 0 | 0 | |
| 5 Debtors |
||||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade debtors | 0 | 0 | ||
| Prepayments | 0 | 0 | ||
| Amounts owed by other group companies | 0 | 0 | ||
| Called up share capital not paid | 2 | 2 | ||
| Other debtors | 0 | 0 | ||
| 2 | 2 |
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WAFC Ltd
6 Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 25,689 | 25,689 |
| Other taxes and social security costs | 0 | 0 |
| Accruals and deferred income | 0 | 0 |
| Other creditors | 0 | 0 |
| 25,689 | 25,689 |
7 Reserves
The company is limited by guarantee of members and does not have a share capital. The liability of members is limited to £1.
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Reserves | ||||
| Members’ guarantees | 2 | 2 |
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