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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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FOR |
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THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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FOR |
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THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
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BANKERS: |
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148 - 154 High Street |
Ayr |
KA7 1ND |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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BALANCE SHEET |
30 JUNE 2019 |
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30/6/19 | 30/6/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 9 |
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Other reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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1. | STATUTORY INFORMATION |
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The Ayr United Football and Athletic Club, Limited is a
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Scotland. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The financial statements have been prepared on a going concern basis which assumes that the company will |
continue in operational existence for the foreseeable future. The validity of this assumption depends upon the |
trading performance of the company and the continued support of the Directors and other associated lenders. |
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The company meets its day to day working capital requirements without the facility of a bank overdraft. |
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The directors have prepared projections which indicate that there will be an additional funding requirement in |
the next 12 months. The nature of the company's business however is such that the exact funding requirement, |
if any, is uncertain and will be influenced by many external factors. These unpredictable variations in the |
timing of cash inflows could have a significant effect on the projections. |
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Uncertainties relating to the effects of Covid 19 are also relevant. The appropriateness of the going concern |
basis of preparation of the financial statements depend on assessments of the future economic environment and |
the company's future prospects and performance. |
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Covid 19 is one of the most significant economic events for the UK, and at this date its effects are subject to |
unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. However, no |
company should be expected to predict the unknowable factors or all possible future implications for its |
business and this is particularly the case in relation to Covid 19. The company is taking advantage of all |
possible Government funding. |
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After making enquiries, considering the uncertainties described above and the level of additional funding |
required based on the projections, the directors have a reasonable expectation that the company will have |
adequate resources to continue in operational existence for the foreseeable future. For these reasons, they |
continue to adopt the going concern basis. |
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Turnover |
Turnover represents the value of goods and services provided in the normal course of business, net of any |
VAT. |
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Gate and other match day revenues are recognised over the period of the football season as games are played. |
Sponsorship and similar commercial income is recognised over the duration of the respective contracts. The |
fixed element of broadcasting revenues is recognised over the duration of the football season whilst facility fees |
for live coverage or highlights are recognised when earned. Merit awards are recognised once they are certain. |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery | - |
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Land & buildings are stated at cost (or deemed cost for land & buildings held at valuation at the date of |
transition to FRS102) less accumulated depreciation and accumulated impairment losses. |
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A review of impairment is carried out at each reporting date. Where the carrying value exceeds the |
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible |
reversal at each reporting date. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are initially recognised at transaction value and subsequently |
measured at their settlement value. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Foreign currencies |
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 rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Signing-on fees |
Signing-on fees payable to players are recognised as part of wages and salaries in the profit and loss account , |
and charged evenly over the football seasons covered by the players' contracts. |
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Grants |
Revenue grants receivable are credited to the profit and loss account in the year in which the related |
expenditure is incurred. |
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Grants in respect of capital expenditure on property, plant and machinery, which are depreciated, are treated as |
deferred income, a proportion of which is transferred to revenue annually over the estimated useful life of the |
asset. |
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Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a |
past event, it is probable that the company will be required to settle that obligation and a reliable estimate can |
be made of the amount of the obligation. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Land and | Plant and |
buildings | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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Land & buildings are stated at cost (or deemed cost for land & buildings held at valuation at the date of |
transition to FRS102) less accumulated depreciation and accumulated impairment losses. |
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THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/19 | 30/6/18 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/19 | 30/6/18 |
£ | £ |
Other loans | 5,000 | 5,000 |
Trade creditors |
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Social security and other taxes |
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VAT | 40,958 | 18,018 |
Deferred income | 63,588 | 106,200 |
Accrued expenses |
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Deferred grants |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30/6/19 | 30/6/18 |
£ | £ |
Directors' and associated |
companies loans |
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Other loans | 238,158 | 235,516 |
Deferred grants |
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Other loans include a loan and accrued interest of £60,158 (2018 £59,318) from W J Barr, former chairman |
and a loan for £173,000 which is interest free with no fixed date for repayment. Should however certain |
circumstances arise this loan would become payable on demand with interest charged at 5% per annum. |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30/6/19 | 30/6/18 |
£ | £ |
Directors' and assoc companies | 797,537 | 788,207 |
Other loans | 173,000 | 173,000 |
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The debts are secured by way of a standard security. |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2018 |
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Revaluation reserve movement | (4,502 | ) |
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At 30 June 2019 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified but contained the following: |
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Material uncertainties to going concern |
We draw attention to note 2 in the financial statements, which indicates that the company's current projections |
show an additional funding requirement in the next twelve months to enable the company to meet its liabilities |
as they fall due. The uncertainty as to the timing of the cash inflows and the reliance of the company on the |
financial support of the directors and other associated lenders indicate the existence of a material uncertainty |
which may cast significant doubt about the company's ability to continue as a going concern. |
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Uncertainties related to Covid 19 are also relevant. All audits assess and challenge the reasonableness of |
estimates made by the directors and the appropriateness of the going concern basis of preparation of the |
financial statements. All of these depend on assessments of the future economic environment and the |
company's future prospects and performance. |
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Covid 19 is one of the most significant economic events for the UK, and at this date its effects are subject to |
unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. However, no |
audit should be expected to predict the unknowable factors or all possible future implications for a company |
and this is particularly the case in relation to Covid 19. The company is taking advantage of all possible |
Government funding. |
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Our opinion is not modified in respect of this matter. |
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Marguerite Roos BAcc CA (Senior Statutory Auditor) |
for and on behalf of Galbraith Pritchards Chartered Accountants & Statutory Auditor |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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11. | RELATED PARTY DISCLOSURES |
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There were a number of loans advanced by
Details of amounts including interest payable are as follows. |
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2019 | 2018 |
£ | £ |
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Directors and associated company- | 1,551,730 | 1,511,432 |
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During the year interest of £9,330 (2018 £8,230) was charged by the directors. |
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During the year ended 30th June 2019, a director waived loans made to the club of £nil (2018 £149,000). |
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The company has the use of a car park owned by a director. His company has agreed to waive its entitlement to |
rent for the year ended 30 June 2019. |
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12. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit |
returns to the tax authorities and assist with the preparation of the financial statements. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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