Company Registration No. 00189754 (England and Wales)
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,276
6,206
Tangible assets
4
1,160,879
1,211,850
Investments
5
-
1,000
1,169,155
1,219,056
Current assets
Stocks
41,657
49,127
Debtors
6
164,610
121,395
Cash at bank and in hand
119,656
398,105
325,923
568,627
Creditors: amounts falling due within one year
7
(1,042,721)
(656,025)
Net current liabilities
(716,798)
(87,398)
Total assets less current liabilities
452,357
1,131,658
Creditors: amounts falling due after more than one year
8
(184,099)
(193,715)
Net assets
268,258
937,943
Capital and reserves
Called up share capital
1,707,214
1,707,214
Revaluation reserve
9
172,629
176,698
Profit and loss reserves
(1,611,585)
(945,969)
Total equity
268,258
937,943
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2019
30 June 2019
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 March 2020 and are signed on its behalf by:
S Priestnall
Director
Company Registration No. 00189754
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Yeovil Football & Athletic Club Limited (The) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Huish Park, Lufton Way, YEOVIL, Somerset, BA22 8YF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the end of the current and the preceding year the company had net current liabilities. The company has adequate resources to meet its obligations as they fall due and as such the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue
relating to participation in the football league is recognised in full in relation to the particular football season to which it relates, providing
the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from other ancillary sources is recognised on an event by event basis as and when the services or other activities have contractually completed.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Player contracts
Life on initial contract
1.5
Tangible fixed assets
With the exception of freehold land and buildings, tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Upon adoption of FRS102, the company elected to apply the applicable provisions to carry freehold land and buildings at deemed cost
and subsequently measure at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight line over useful life of buildings
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
20 - 33.3% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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
Basic financial assets, which include 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 6 -
Basic financial 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
paymen
ts 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 174 (2018 - 149).
3
Intangible fixed assets
Player contracts
£
Cost
At 1 July 2018
12,000
Additions
11,000
At 30 June 2019
23,000
Amortisation and impairment
At 1 July 2018
5,794
Amortisation charged for the year
8,930
At 30 June 2019
14,724
Carrying amount
At 30 June 2019
8,276
At 30 June 2018
6,206
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 July 2018
1,719,227
593,091
269,829
2,582,147
Additions
-
1,675
7,897
9,572
At 30 June 2019
1,719,227
594,766
277,726
2,591,719
Depreciation and impairment
At 1 July 2018
654,207
452,109
263,981
1,370,297
Depreciation charged in the year
36,090
21,399
3,054
60,543
At 30 June 2019
690,297
473,508
267,035
1,430,840
Carrying amount
At 30 June 2019
1,028,930
121,258
10,691
1,160,879
At 30 June 2018
1,065,020
140,982
5,848
1,211,850
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
4
Tangible fixed assets
(Continued)
- 8 -
The freehold
buildings class of fixed assets was revalued on 16 February 1998 by David Morgan and Partners, a firm of Chartered Surveyors external to the company. At that point in time, this class of assets had a historical cost of £1,022,343 and a current value of £1,258,519, which has been used as the cost of the freehold buildings from the revaluation date.
At the date of transition to FRS102, the company elected to apply the transitional provisions of FRS102 to carry the previously revalued freehold buildings and all other subsequently capitalised freehold property at deemed cost.
5
Fixed asset investments
2019
2018
£
£
Investments
-
1,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2018
1,000
Disposals
(1,000)
At 30 June 2019
-
Carrying amount
At 30 June 2019
-
At 30 June 2018
1,000
From the beginning of the current year the trade and assets of the subsidiary, Yeovil Town Adacemy FC Ltd, have been absorbed into Yeovil Football & Athletic Club Ltd and the inactive subsidiary company has since been dissolved.
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
111,838
53,108
Amounts owed by group undertakings
-
18,742
Other debtors
52,772
49,545
164,610
121,395
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
6
Debtors
(Continued)
- 9 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
92,099
120,745
Amounts owed to group undertakings
575,456
13,097
Taxation and social security
63,657
84,687
Other creditors
311,509
437,496
1,042,721
656,025
Included in other creditors is £68,613 (2018: £270,849) relating to season tickets purchased in advance.
Creditors amounts falling due within one year includes Hire Purchase liabilities, on which security has been given by the company.
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
184,099
193,715
Included within other creditors due within one year is an amount of £5,778 (2018: £5,778) for deferred income in respect of grants receivable for the funding of various ground improvements, which is included in freehold land and buildings. The balance of £178,602 (2018: £184,380) is included within other creditors due after more than one year. This funding is released to the profit and loss account over a period not in excess of 50 years.
9
Revaluation reserve
2019
2018
£
£
At the beginning of the year
176,698
180,767
Transfer to retained earnings
(4,069)
(4,069)
At the end of the year
172,629
176,698
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 10 -
10
Financial commitments, guarantees and contingent liabilities
If the company ceases to use the ground, all or a proportion of the grants received in respect of various property improvements may become repayable. The amount of this contingent liability at 30 June 2019 is £174,227 (2018: £190,157.
The company may pay, under transfer agreements, further amounts to other clubs in respect of players already transferred, whether that be in relation to future first team appearances for Yeovil Town FC or future transfers to other football clubs. However, no reliable estimate can be made of the likelihood of these circumstances coming to fruition and therefore no recognition of potential future cost is included in these financial statements.
The company may receive, under transfer agreements, further amounts of profit for players already transferred. however, no reliable estimate can be made on the likelihood of these players being transferred or their potential transfer values, and therefore no recognition of potential future profit is included in these financial statements.
2019-06-30
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16 March 2020
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J Fry
N Hayward
B Willis
W Lee
A Rossiter
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S Priestnall
E Pope
G Collis
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