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UNITED COUNTIES FOOTBALL LEAGUE
(A PRIVATE COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2015
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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
1,769
Directors' remuneration
5,200
6,200
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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