UCL AGM 2015 WEB

UNITED COUNTIES FOOTBALL LEAGUE (A PRIVATE COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2015

1 Accounting policies

1.1 Accounting convention The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). 1.2 Compliance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated). 1.3 Turnover Turnover represents amounts receivable for grants and sponsorship, for goods sold and for services provided to its member clubs. 1.4 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

Straight line over 3 years

1.5 Stock Stock is valued at the lower of cost and net realisable value.

2 Operating profit

2015

2014

£

£

Operating profit is stated after charging: Depreciation of tangible assets

2,029 5,200

1,769 6,200

Directors' remuneration

3 Investment income

2015

2014

£

£

Bank interest

7

5

7

5

4 Taxation

The company is currently exempt from paying Corporation Tax. Consideration needs to given should the exemption not be renewed by HMRC.

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