Registered number:
FOR THE YEAR ENDED 30 JUNE 2021
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BATON 2010 LIMITED
COMPANY INFORMATION
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BATON 2010 LIMITED
CONTENTS
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BATON 2010 LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2021
The principal activity of the group is property investment.
Throughout the year the company was owned by Staprix NV, a company registered in Belgium, which is beneficially owned by Roland Duchâtelet.
These financial statements include the results of the subsidiary company Charlton Athletic Holdings Limited which has earned rental income from the leases of the Valley Stadium and Charlton Athletic Training Ground to the former subsidiary company, Charlton Athletic Football Company Limited.
On 23 January 2020, the company sold its shareholding in Charlton Athletic Football Company Limited and the 2020 figures in these financial statements include the results of that company up to the date of disposal. Details of the split between the continuing operations of the group and the results from Charlton Athletic Football Company Limited are shown in the consolidated statement of comprehensive income on page 10. On 25 September 2020, the group acquired the leasehold improvement assets at the Valley Stadium and Charlton Athletic Training Ground which were previously owned by Charlton Athletic Football Company Limited. The assets were transferred to Charlton Athletic Holdings Limited as consideration for a deed of waiver and release of Charlton Athletic Football Company Limited's obligations to Staprix NV.
The loss before taxation for the year was £3.2m (2020 – profit of £19.9m).
Following the sale of Charlton Athletic Football Company Limited, the directors consider that there are no relevant key performance indicators.
This report was approved by the board on 13 June 2022
and signed on its behalf.
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BATON 2010 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
The directors present their report and the financial statements for the year ended 30 June 2021.
The loss for the year, after taxation, amounted to £
3,165
thousand
(2020 -
profit
£
19,868
thousand)
.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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BATON 2010 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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BATON 2010 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATON 2010 LIMITED
We have audited the financial statements of Baton 2010 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BATON 2010 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATON 2010 LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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BATON 2010 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATON 2010 LIMITED (CONTINUED)
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BATON 2010 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATON 2010 LIMITED (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error, by designing and performing audit procedures responsive to those risks and obtaining sufficient and appropriate evidence to provide a basis for our opinion. In identifying and assessing risks of material misstatement, we have considered the following: -the nature of the industry and sector in which the Company operates; -the control environment and business performance of the Company; -results of our enquiries of management about their own identification and assessment of the risks of irregularities; -any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and detecting and responding to the risks of fraud; -whether the directors were aware of any instances of non-compliance or of actual, suspected or alleged fraud; -the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and -those matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud to be in respect of management override (i.e. posting of manual adjustments and accounting of complex transactions). As is common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards). The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. The key laws and regulations we considered in this context included the Company’s ongoing compliance with the UK Companies Act and tax legislation. We communicated those relevant identified laws and regulations and potential fraud risks to all engagement
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BATON 2010 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATON 2010 LIMITED (CONTINUED)
team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. Auditing standards limit the required audit procedures to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. In addition, as with any audit, the risk of non-detection of a material misstatement resulting from fraud is greater than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance. As a result of performing the above, we identified the risk of management override as a key audit matter related to the potential risk of fraud. In response to this, our procedures included: -reviewing the appropriateness of journal entries recognised and accounting treatment of transactions identifiable as complex and susceptible to judgment and increased likelihood of error; -assessment of the appropriateness of accounting policies used, the reasonableness of accounting estimates and judgments implemented and whether there is indication of a potential bias; and -evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. In addition to the aforementioned, our procedures to respond to risks identified included the following: -evaluation of the overall presentation, structure and content of the financial statements and whether the financial statements represent the underlying transactions and events in a manner that achieves a presentation that is true and fair.and in accordance with the provisions of relevant laws and regulations described as having a direct effect on the financial statements; -enquiring of management concerning actual and potential litigation and claims; -performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and -concluding on the appropriateness of the director's application of the going concern basis of accounting in preparing the financial statements and, based on the evidence obtained, concluding whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern.
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 Auditors' Report.
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BATON 2010 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATON 2010 LIMITED (CONTINUED)
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 an Auditors' Report 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
Chartered Accountants
Registered Auditors
124 Finchley Road
NW3 5JS
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BATON 2010 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
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BATON 2010 LIMITED
REGISTERED NUMBER:
07326155
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 27 form part of these financial statements.
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BATON 2010 LIMITED
REGISTERED NUMBER:
07326155
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 27 form part of these financial statements.
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BATON 2010 LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2021
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BATON 2010 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2021
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BATON 2010 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2021
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BATON 2010 LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2021
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The Company is a private company limited by shares and is incorporated in England. The address of the registered office is The Valley, Floyd Road, London, SE7 8BL. The principal activity of the company is that of a holding company.
2.
Accounting policies
The financial statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the Company's accounting policies (see note 3).
The consolidated financial statements present the results of the group and its own subsidiaries (''the group'') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The group meets its day to day liabilities using funding from its ultimate parent company, Staprix NV. The board of directors has reviewed the future cash flow projections of the company and in their opinion, the group is able to continue its normal day to day operations for at least 12 months from the date of approval of these financial statements, due to receiving a letter of support from Staprix NV for the period. Accordingly the accounts have been prepared on a going concern basis.
After recognition, under the revaluation model, freehold buildings are carried at fair value determined with sufficient regularity so to ensure that the carrying value does not differ materially from that which would be determined using fair value at the end of each reporting period. Such fair values are determined every five years using the depreciated replacement cost approach because the specialised nature of the asset means that there are no market transactions of this type of asset.
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Negative goodwill arising on the acquisition of subsidiaries in the period ending 30 June 2011 is credited to other reserves. This is not in accordance with FRS 102, which requires that negative goodwill should be presented as a negative asset immediately below the goodwill heading on the statement of financial position. Since the negative goodwill materially relates to assets which are neither depreciated or held for resale, the negative goodwill could remain on the statement of financial position as a negative asset indefinitely. The directors consider that the treatment required by FRS 102 would not show a true and fair view, as it would not properly reflect the particular transaction or correctly state the net assets of the group. The treatment adopted is not consistent with the requirements of the Companies Act 2006.
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
2.
Accounting policies (continued)
Functional and presentation currency
The group's functional and presentational currency is GB pounds. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. Deferred tax is provided on timing differences arising from the revaluation of fixed assets in the financial statements. A net deferred tax asset is not recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The following are the key sources of estimation uncertainty: Depreciation of tangible fixed assets Tangible fixed assets are depreciated over their useful life taking into account residual value where appropriate. The actual useful lives of the assets and residual values may vary depending upon a number of factors, including technological innovation and maintenance programmes.
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The group has tax losses of approximately £3 million (2020: £3 million) available to carry forward against future trading profits.
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
Cost or valuation at 30 June 2021 is as follows:
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
There are fixed and floating charges over the Company's assets in relation to loans made to the former subsidiary company, Charlton Athletic Football Company Limited, by former directors of that company.
The revaluation reserve arose on the revaluation of the Valley Stadium and Sparrows Lane Training Ground and is stated net of deferred tax of £1,935,000 (2020: £1,935,000).
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BATON 2010 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
The company's parent company and ultimate controlling party is Staprix NV, a company registered in Belgium, which is 95% owned by Roland Duchâtelet.
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