Company Registration No. 04989487 (England and Wales)
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Unaudited accounts
for the year ended 30 June 2020
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Unaudited accounts
Contents
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Company Information
for the year ended 30 June 2020
Directors
A Lemsagam
R Bowden
M Lemsagam
A Morallee
P Hughes
Company Number
04989487 (England and Wales)
Registered Office
BOUNDARY PARK
FURTHERWOOD ROAD
OLDHAM
OL1 2PB
ENGLAND
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Statement of financial position
as at
30 June 2020
Tangible assets
1,322,220
1,433,684
Cash at bank and in hand
39,523
92,179
Creditors: amounts falling due within one year
(3,381,800)
(4,511,359)
Net current liabilities
(2,869,350)
(3,639,730)
Total assets less current liabilities
(1,547,130)
(2,206,046)
Creditors: amounts falling due after more than one year
(1,550,000)
(1,870,000)
Net liabilities
(3,097,130)
(4,076,046)
Called up share capital
20,200
200
Share premium
2,284,722
1,251,727
Profit and loss account
(5,402,052)
(5,327,973)
Shareholders' funds
(3,097,130)
(4,076,046)
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2021 and were signed on its behalf by
A Lemsagam
Director
Company Registration No. 04989487
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2020
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04989487. The registered office is BOUNDARY PARK, FURTHERWOOD ROAD, OLDHAM, OL1 2PB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
In accordance with their responsibilities the directors have considered the appropriateness of the going concern basis for the preparations of the financial statements.
The company's ability to remain a going concern is dependent on the on-going support of the Chairman of the Board of Directors due to the company's net current liabilities of £3.6m (2018/19: £3.9m).
The company's short term (12 months) and medium term (3 years) cash flow projections were reviewed and it was the Directors' view, given the impact of the cost control measures put in place and the emphasis on increasing revenues, that the company's financial position would be expected to improve rather than deteriorate, given currently known factors.
The Chairman has reiterated his commitment to fund any cash shortfalls, a requirement that is expected to decrease as the benefits of the measures put in place to improve the company's financial position start to materialise.
The impact of the coronavirus pandemic in the last three months of the financial year was largely cushioned by accessing the government's Job Retention Scheme. The 2020/21 financial year was expected to bear the brunt of lost revenues due to the impact of the pandemic, however, the company has managed to navigate this very difficult period successfully, as at the date of approval of the financial statements.
Directors are satisfied in their judgement that the company will have access to adequate resources to continue to operate as a professional football club for a period of at least twelve months from the date of approving these accounts.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2020
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25 years
Fixtures & fittings
5 years
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2020
5
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2019
1,909,175
52,423
316,404
2,278,002
Additions
-
-
8,250
8,250
At 30 June 2020
1,909,175
52,423
324,654
2,286,252
At 1 July 2019
475,491
52,423
316,404
844,318
Charge for the year
118,476
-
1,238
119,714
At 30 June 2020
593,967
52,423
317,642
964,032
At 30 June 2020
1,315,208
-
7,012
1,322,220
At 30 June 2019
1,433,684
-
-
1,433,684
6
Debtors: amounts falling due within one year
2020
2019
Trade debtors
448,983
779,450
Accrued income and prepayments
315
-
7
Creditors: amounts falling due within one year
2020
2019
Obligations under finance leases and hire purchase contracts
43,836
158,002
Trade creditors
1,610,984
1,917,012
Taxes and social security
186,755
87,343
Other creditors
594,996
1,024,423
Loans from directors
636,037
1,298,372
Deferred income
241,707
-
8
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
1,500,000
1,600,000
Other creditors
-
270,000
A debenture loan of £270,000 was repaid in 2020.
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2020
Contingent liabilities: £920k (2018/19: £882k)
The contingent liabilities are attributable primarily to potential liabilities arising from matters relating to taxes and customs duties, relating to transactions carried out in 2016 (£882k). This is currently under formal review.
A further £38k has been added due to further potential liabilities identified relating to financial years 2014/15 through to 2017/18. This is currently being reviewed by the club prior to formal communication with HMRC.
10
Average number of employees
During the year the average number of employees was 203 (2019: 181).