Registration number:
Hartlepool United Football Club Limited
Filleted
for the
Period from 1 July 2017 to 31 July 2018
Hartlepool United Football Club Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Hartlepool United Football Club Limited
Company Information
Directors |
Mr S Singh Mr I Scobbie |
Registered office |
|
Solicitors |
|
Bankers |
|
1 |
Hartlepool United Football Club Limited
(Registration number: 00098191)
Statement of Financial Position as at 31 July 2018
Note |
31 July |
30 June |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Capital contribution reserve |
1,397,181 |
- |
|
Total equity |
( |
( |
For the financial period ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
2 |
Hartlepool United Football Club Limited
(Registration number: 00098191)
Statement of Financial Position as at 31 July 2018 (continued)
Approved and authorised by the
......................................... |
3 |
Hartlepool United Football Club Limited
Statement of Changes in Equity for the Period from 1 July 2017 to 31 July 2018
Share capital |
Profit and loss account |
Total |
|
At 1 July 2016 |
|
( |
( |
Loss for the period |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 June 2017 |
|
( |
( |
Share capital |
Capital contribution reserve |
Profit and loss account |
Total |
|
At 1 July 2017 |
|
- |
( |
( |
Loss for the period |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
Other capital contribution reserve movements |
- |
1,397,181 |
- |
1,397,181 |
At 31 July 2018 |
|
1,397,181 |
( |
( |
4 |
Hartlepool United Football Club Limited
Notes to the Financial Statements for the Period from 1 July 2017 to 31 July 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At the period end the company had net current liabilities of £249,661 (2017: £1,185,352) and net liabilities of £1,167,233 (2017: £977,345). The going concern basis of the company depends on continued financial support from Clarence 18 Limited, the immediate parent undertaking, which has undertaken to provide financial support to the company to the extent necessary for a period of at least the next 12 months.
Revenue recognition
Turnover is stated exclusive of value added tax. Gate receipts and other match day income are recognised on receipt. Season ticket sales, Football League distributions and sponsorship income are recognised equally across the football season. Transfer fees are recognised on the date of execution of the transfer, unless they are contingent in which case they are recognised upon achievement of the contingent event.
Players' contracts
The cost associated with the acquisition of players' registrations are capitalised as intangible fixed assets. The costs are amortised fully over the contract period. Permanent diminution in value below the amortised value, such as through injury or loss of form, is provided for when management become aware that the diminution is permanent.
5 |
Hartlepool United Football Club Limited
Notes to the Financial Statements for the Period from 1 July 2017 to 31 July 2018 (continued)
2 |
Accounting policies (continued) |
Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
|
Stands, turnstiles and fixtures |
10% on reducing balance |
|
Leasehold improvements |
10% on cost |
|
Fixtures and fittings |
15% on reducing balance |
|
Motor vehicles |
25% on cost |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
6 |
Hartlepool United Football Club Limited
Notes to the Financial Statements for the Period from 1 July 2017 to 31 July 2018 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
7 |
Hartlepool United Football Club Limited
Notes to the Financial Statements for the Period from 1 July 2017 to 31 July 2018 (continued)
Intangible assets |
Player registrations |
|
Cost or valuation |
|
At 1 July 2017 |
|
Disposals |
( |
At 31 July 2018 |
- |
Amortisation |
|
At 1 July 2017 |
|
Amortisation eliminated on disposals |
( |
At 31 July 2018 |
- |
Carrying amount |
|
At 31 July 2018 |
- |
At 30 June 2017 |
- |
8 |
Hartlepool United Football Club Limited
Notes to the Financial Statements for the Period from 1 July 2017 to 31 July 2018 (continued)
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 July 2017 |
|
|
|
|
|
Additions |
|
|
|
- |
|
At 31 July 2018 |
|
|
|
|
|
Depreciation |
|||||
At 1 July 2017 |
|
|
|
|
|
Charge for the period |
|
|
|
|
|
At 31 July 2018 |
|
|
|
|
|
Carrying amount |
|||||
At 31 July 2018 |
|
|
|
- |
|
At 30 June 2017 |
|
|
|
|
|
9 |
Hartlepool United Football Club Limited
Notes to the Financial Statements for the Period from 1 July 2017 to 31 July 2018 (continued)
Debtors |
Note |
31 July |
30 June |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
- |
|
|
Prepayments |
|
- |
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
31 July |
30 June |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings |
- |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
- |
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
31 July |
30 June |
|
Due after one year |
||
Government grants |
|
|
Amounts owed to group undertakings |
848,435 |
- |
Other creditors |
285,000 |
- |
1,146,984 |
15,323 |
The company received government grants of £46,558 to purchase certain equipment. The income has been deferred and continues to be released over the useful economic life of the equipment purchased. Amounts totalling £4,774 (year ended 30 June 2017: £4,676) were released to the income statement in the period.
10 |
Hartlepool United Football Club Limited
Notes to the Financial Statements for the Period from 1 July 2017 to 31 July 2018 (continued)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
Related party transactions |
Summary of transactions with parent
During the period Clarence 18 Limited, the company's immediate parent undertaking, provided loans and paid expenses to the value of £848,435 on behalf of the company. The full amount remained outstanding at the period end.
During the period the former shareholders of the business, Sage Investments Limited, consolidated the amounts owed to it by the company totalling £1,727,181 into a formal loan agreement. The repayment of the loan in terms of timing and amount is dependent upon the on-field success of the football team. The directors have calculated the fair value of the likely amounts payable under the agreement and have reflected a total liability of £330,000 at the year end. The balance of £1,397,181 has been treated as a capital contribution from the previous shareholders and is shown in equity.
At 30 June 2017, the company was owed £334,991 by companies controlled by former shareholders, and owed £1,142,313 to companies controlled by former shareholders.
Parent and ultimate parent undertaking |
The company's immediate parent is Clarence 18 Limited, its ultimate parent is Prestige Group Investments Limited. The ultimate controlling party is Mr S Singh.
11 |