REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
|
FOR |
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
|
FOR |
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Strategic Report | 2 |
|
Report of the Directors | 3 |
|
Report of the Independent Auditors | 5 |
|
Income Statement | 8 |
|
Other Comprehensive Income | 9 |
|
Balance Sheet | 10 |
|
Statement of Changes in Equity | 11 |
|
Cash Flow Statement | 12 |
|
Notes to the Cash Flow Statement | 13 |
|
Notes to the Financial Statements | 14 |
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
The directors present their strategic report for the year ended 30 June 2019. |
|
REVIEW OF BUSINESS |
The principal activity of the company is that of a professional football club, which has continued throughout the year. In |
the year under review the Club was in League 1, the third tier of English professional football. |
|
In the League Cup the Club lost in the fourth round to Arsenal, who also knocked the club out of the FA Cup third |
round. These two games ensured an increase in gate receipts on the prior season |
|
The club was participating in League 1 for the 2018/19 season for the second year running, meaning there was an |
increase in the Football League distribution to the club. The club managed to finish 10th in the League retaining their |
position in League 1 for the 2019/20 season, this was a 2 place increase over the 2017/18 season finish of 12th. |
|
STRATEGY AND OBJECTIVES |
The directors will be focused on achieving promotion back to the Championship. The strategy to achieve this objective |
includes the following key elements: |
|
- Identifying talented players and securing these players on contracts within financial parameters |
- Developing young players through the club's academy system |
- Increasing the company's turnover through all revenue streams available |
|
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk facing the club continues to be its divisional status in the professional football league due to the |
material effect a change in this has on all revenue streams. Furthermore, the directors consider that any changes in |
regulations imposed by the football regulatory authorities could similarly impact on revenue streams. |
|
In addition, the club has been run against a backdrop of shareholder dispute which has impacted on day to day |
management and resulted in a fan boycott with attendant impact on gate receipts and related sales. Prior to the year end |
the club was been sold and the fan boycott ended and the directors anticipate that this will mitigate the risks associated |
with these factors. |
|
As explained at note 2 the directors have provided an assessment of uncertainties arising from the COVID-19 pandemic |
and the impact on the company. |
|
In order to manage all risks the board and senior management team have put in place regular meetings to ensure risks are |
identified and appropriate action taken. |
|
KEY PERFORMANCE INDICATORS |
The performance of the team is monitored by results and football league tables, and the commercial operations of the |
business are measured in monthly accounts and monitored against budgets. Turnover for the period was £4.6m (2018: |
£3.3m) from which a loss, excluding extraordinary items, of £2.1m (2018: £1.4m) was made and the club had year end |
cash and bank balances of £199k (2018: £369k). |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
The directors present their report with the financial statements of the company for the year ended 30 June 2019. |
|
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2019. |
|
DIRECTORS |
The directors who have held office during the period from 1 July 2018 to the date of this report are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DONATIONS AND EXPENDITURE |
There were no donations made during the financial year. |
|
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
AUDITORS |
The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) |
|
|
Opinion |
We have audited the financial statements of Blackpool Football Club.limited(The) (the 'company') for the year ended |
30 June 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, |
including a summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
|
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 30 June 2019 and of its loss for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
Material uncertainty relating to going concern |
We draw attention to note 2 to the financial statements, which indicates that the company has incurred further losses |
since the year end, is forecasting net operational cash outflows and is reliant on further external funding in order to |
continue its activities into the foreseeable future. As stated in note 2 these conditions indicate that a material uncertainty |
exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not |
modified in respect of this matter. |
|
Emphasis of matter |
We draw attention to note 2 to the financial statements, under the heading "Going concern" which explains the directors' |
assessment of uncertainties arising from the COVID-19 pandemic and their impact on the company. |
|
We draw attention to note 8 to the financial statements which explains the reasons and effect of a material write off of |
balances due from fellow group companies, and to note 5 to the financial statements which explains the reasons and |
effect of certain material impairments and provisions made in the accounts. |
|
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
|
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
|
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) |
|
|
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- |
the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
- |
the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
|
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
|
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
|
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
|
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) |
|
|
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
|
|
for and on behalf of
|
Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
|
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
Notes | £ | £ |
|
TURNOVER | 3 |
|
|
|
Cost of sales |
|
|
GROSS PROFIT |
|
|
|
Administrative expenses |
|
|
(2,991,237 | ) | (3,740,243 | ) |
|
Other operating income |
|
|
OPERATING LOSS | 5 | ( |
) | ( |
) |
|
Extraordinary items | 6 | ( |
) |
( |
) |
Profit/loss on player transfer |
fees | 6 |
|
|
(2,640,862 | ) | (32,368,464 | ) |
|
Interest receivable and similar income |
|
|
LOSS BEFORE TAXATION | ( |
) |
( |
) |
|
Tax on loss | 7 |
|
|
LOSS FOR THE FINANCIAL YEAR | ( |
) |
( |
) |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
Notes | £ | £ |
|
LOSS FOR THE YEAR | ( |
) |
( |
) |
|
|
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
) |
( |
) |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
BALANCE SHEET |
30 JUNE 2019 |
|
30.6.19 | 30.6.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
|
|
Tangible assets | 9 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 10 |
|
|
Debtors | 11 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 12 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
|
|
CAPITAL AND RESERVES |
Called up share capital | 15 |
|
|
Share premium | 16 |
|
|
Capital redemption reserve | 16 |
|
|
Retained earnings | 16 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
|
|
The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
|
|
|
|
|
|
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
|
Balance at 1 June 2017 |
|
|
|
|
|
|
Changes in equity |
Total comprehensive income | - |
( |
) | - |
|
( |
) |
Balance at 30 June 2018 |
|
( |
) |
|
|
|
|
Changes in equity |
Total comprehensive income | - | ( |
) | - |
|
( |
) |
Balance at 30 June 2019 |
|
( |
) |
|
|
( |
) |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
|
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of intangible fixed assets |
|
|
Interest received |
|
|
Net cash from investing activities | ( |
) | ( |
) |
|
Cash flows from financing activities |
Inter-company loans | - | (3,795,791 | ) |
Amount withdrawn by directors | - | (71,530 | ) |
Net cash from financing activities |
|
( |
) |
|
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of
year |
2 |
369,311 |
6,049,098 |
|
Cash and cash equivalents at end of year | 2 |
|
369,311 |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
£ | £ |
Loss before taxation | ( |
) |
( |
) |
Depreciation charges |
|
|
Impairment of tangible fixed assets | - | 60,563 |
Provision versus former directors loan | - | 175,840 |
Extraordinary items | 406,287 | 30,963,062 |
Finance income | - | (445 | ) |
(2,104,165 | ) | (959,944 | ) |
Decrease in stocks |
|
|
Decrease/(increase) in trade and other debtors |
|
( |
) |
Increase/(decrease) in trade and other creditors |
|
( |
) |
Cash generated from operations | ( |
) | ( |
) |
|
2. | CASH AND CASH EQUIVALENTS |
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
|
Year ended 30 June 2019 |
30.6.19 | 1.7.18 |
£ | £ |
Cash and cash equivalents | 198,897 | 369,311 |
Bank overdrafts | ( |
) |
|
198,894 | 369,311 |
Period ended 30 June 2018 |
30.6.18 | 1.6.17 |
£ | £ |
Cash and cash equivalents | 369,311 | 6,049,098 |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Blackpool Football Club.limited(The) is a
|
The company's registered number and registered office address can be found on the Company Information page. |
|
The principal activity during the period was that of a professional football club. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
|
Going concern |
In common with virtually every other business in the country, the company has been experiencing the effects |
of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the company cannot be |
assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to |
protect the company including accessing relevant Government assistance. |
|
The company has furloughed a number of staff to mitigate costs but are planning on these returning within a |
relatively short timescale as the directors anticipate that activity will continue to gradually increase. |
|
Future projections have been prepared to June 2021 include an assessment over the pandemic, which as at the |
time of this report means that, due to lockdown, the club is unable to have any fans in attendance at stadium for |
match, it is currently unknown how long this will be enforced for. |
|
Due to this, the forecasts confirm that the company is expected to continue to record losses and incur further |
significant cash outflows, and accordingly the directors acknowledge that this indicates a material uncertainty |
over the company's ability to continue as a going concern and that steps require to be taken to address this. |
Further to the sale of the company on 13 June 2019 (see note 19) the directors expect that sufficient funds will be |
introduced into the company to enable it to meet its operational requirements, to restructure the business and to |
improve its future results. |
|
Accordingly, the directors have at the time of approving the financial statements, a reasonable expectation that |
the company will have sufficient resources to continue in operational existence for the foreseeable future, and |
they continue to adopt the going concern basis of accounting in preparing the financial statements. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Turnover comprises gate receipts, television and media, sponsorship and royalties, conference catering, retail and |
merchandising sales, exclusive of VAT. |
|
Television media income is recognised in equal instalments during the season and gate receipt income is taken to |
the Income Statement when the matches are played.Sponsorship income is recognised over the life of the |
relevant agreements. Catering, retail and merchandising income are recognised upon the sale of the goods. |
|
Intangible assets |
Initial transfer fees paid in respect of players' contracts are capitalised at cost and amortised over the length of |
the contract. Additional fees paid, such as fees related to appearance criteria, are amortised over the remaining |
contract period from the date the fees are due. |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Tangible fixed assets are initially stated at cost and are subsequently stated at cost less accumulated depreciation |
and impairment losses. |
|
Cost includes original purchase price of the asset and any costs incurred bringing the asset to its working |
condition for its intended use. |
|
Impairment reviews are carried out at each reporting date and where the carrying value exceeds the estimated |
recoverable amount the asset is impaired accordingly. Any prior impairments are reviewed to identify reversals |
at each reporting date. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
|
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is |
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the asset and settle the liability simultaneously. |
|
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method net of any impairment losses, unless the arrangement constitutes a financing transaction where the |
transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial |
assets are reviewed annually for signs of impairment. Financial assets classified as receivable within one year are |
not amortised. |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
|
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
3. | TURNOVER |
|
The turnover and loss before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by class of business is given below: |
|
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
£ | £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All turnover arose within United Kingdom. |
|
4. | EMPLOYEES AND DIRECTORS |
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
Year to
30.06.19 |
Period1.6.17
to 30.6.18 |
£ | £ |
Wages and salaries | 4,444,216 | 4,004,491 |
Social security costs | 242,155 | 218,195 |
Other pension costs | 16,172 | 14,572 |
4,702,543 | 4,237,258 |
|
The average number of employees during the period was as follows: |
|
|
Year to
30.06.19 |
Period1.6.17
to 30.6.18 |
Footballers, coaches and managers | 71 | 69 |
Administrative staff | 43 | 34 |
114 | 103 |
|
|
Year to
30.06.19 |
Period1.6.17
to 30.6.18 |
£ | £ |
Directors' remuneration | 20,000 | 30,000 |
|
5. | OPERATING LOSS |
|
The operating loss is stated after charging: |
|
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
£ | £ |
Hire of plant and machinery |
|
|
Other operating leases |
|
|
Depreciation - owned assets |
|
|
Patents and licences amortisation |
|
|
Auditors' remuneration |
|
|
Impairment of tangible fixed assets |
|
|
Bad debts |
|
|
|
Impairment of tangible fixed assets in the prior year relates to full impairment of the carrying value of two |
vehicles registered to the company which are in the possession of former directors. Bad debts relates to full |
provision against a debtor balance due from a former director. The company continues to pursue recovery of the |
above assets but in view of uncertainties as to the successful outcome has elected to provide against the amounts |
in the accounts. |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
6. | EXTRAORDINARY ITEMS |
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
£ | £ |
Extraordinary items | ( |
) |
( |
) |
Profit/loss on player transfer |
fees |
|
|
(257,478 | ) | (29,161,937 | ) |
|
Profit/loss on player transfer fees represents transfer fees received less the carrying unamortised value of the |
related original transfer fee, less transfer fee levy. |
|
Write off of group debtors in the sum of £476,035 (2018: £30,963,062) is considered to be an extraordinary loss |
in the financial statements; this represents a full write off of balances due from the historic parent company, |
Blackpool Football Club Properties Limited, and full provision for balances due from a fellow subsidiary, |
Blackpool Football Club Hotel Limited. |
|
7. | TAXATION |
|
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 June 2019 nor for the period ended 30 June 2018. |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
Period |
1.6.17 |
Year Ended | to |
30.6.19 | 30.6.18 |
£ | £ |
Loss before tax | ( |
) |
( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of
(2018 - |
( |
) |
( |
) |
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
|
Unrelieved tax losses | 532,057 | 210,808 |
Blackpool FC Development Association Donations | - | (1,900 | ) |
Extraordinary items | 77,195 | 5,882,982 |
Total tax charge | - | - |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
8. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 July 2018 |
|
Additions |
|
Disposals | ( |
) |
At 30 June 2019 |
|
AMORTISATION |
At 1 July 2018 |
|
Amortisation for year |
|
Eliminated on disposal | ( |
) |
At 30 June 2019 |
|
NET BOOK VALUE |
At 30 June 2019 |
|
At 30 June 2018 |
|
|
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2018 |
|
|
|
|
Additions |
|
|
|
|
At 30 June 2019 |
|
|
|
|
DEPRECIATION |
At 1 July 2018 |
|
|
|
|
Charge for year |
|
|
|
|
At 30 June 2019 |
|
|
|
|
NET BOOK VALUE |
At 30 June 2019 |
|
|
|
|
At 30 June 2018 |
|
|
|
|
|
10. | STOCKS |
30.6.19 | 30.6.18 |
£ | £ |
Stocks |
|
|
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts owed by group undertakings have been fully impaired at the year end as explained at note 6, and |
balances due from former directors have been fully provided against as explained at note 5. |
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Bank loans and overdrafts (see note 13) |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
VAT | 286,595 | 208,862 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
30.6.19 | 30.6.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.19 | 30.6.18 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.19 | 30.6.18 |
value: | £ | £ |
|
Ordinary | £1 | 37,500 | 37,500 |
BLACKPOOL FOOTBALL CLUB.LIMITED(THE) (REGISTERED NUMBER: 00048409) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
|
|
16. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
|
At 1 July 2018 | ( |
) |
|
|
1,264,625 |
Deficit for the year | ( |
) | - | - | ( |
) |
At 30 June 2019 | ( |
) |
|
|
(1,376,237 | ) |
|
17. | RELATED PARTY DISCLOSURES |
|
Included in other debtors is an amount owed by the former parent company, Blackpool Football Club |
(Properties) Limited of £25,778 (2018: £30,115,730). During the year a write off of the loan was agreed to the |
value of £30,520,430, which represented £30,115,730 already provided for in 2018 and a further £404,700 |
loaned during 2019, as explained in note 6. The amount was unsecured, interest free and repayable on demand. |
|
Included in other debtors is an amount owed by a company with common directorships, Blackpool Football Club |
Hotel Limited of £918,667 (2018: £847,332). During the year a provision of the loan was agreed to the value of |
£71,335, as explained in note 6. The amount was unsecured, interest free and repayable on demand. |
|
Included in other debtors is £nil (2018: £8,459) owed by Blackpool F.C. Community Trust. The amount is |
unsecured, interest free and repayable on demand. |
|
Included in other debtors, is an amount owed from Mr K S Oyston, a former director, of £161,091 (2018: |
£175,840) against which full provision has been made as explained at note 5. The maximum amount owed during |
the year was £175,840. The loan is unsecured, interest free and repayable on demand. |
|
Included within tangible fixed assets are motor vehicles, held by former directors, with a net book value of |
£60,563 (2018: £60,563) against which full impairment has been made as explained at note 5. |
|
18. | ULTIMATE CONTROLLING PARTY |
|
On 13 June 2019 Blackpool Football Club (Properties) Limited sold its interest in Blackpool Football Club |
Limited to Blackpool Football Club Holdings Ltd; from this date the ultimate controlling party is S P Sadler. |
|
As at 30 June 2019 the company was a subsidiary of Blackpool Football Club Holdings Ltd, a company |
incorporated in England & Wales, which held 100% of the issued share capital. The parent company was |
controlled by S P Sadler at 30 June 2019. |