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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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30/6/21 | 30/6/20 |
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 ASSETS |
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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 and authorised for issue 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 2021 |
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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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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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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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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, other match day revenues and Monetary awards 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. |
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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. |
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 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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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. |
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 2021 |
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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 2020 |
and 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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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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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/21 | 30/6/20 |
£ | £ |
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 |
30/6/21 | 30/6/20 |
£ | £ |
Other loans | 5,000 | 10,000 |
Trade creditors |
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Social security and other taxes |
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VAT | 24,544 | 37,262 |
Deferred income | 102,129 | 15,033 |
Accrued expenses |
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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 2021 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30/6/21 | 30/6/20 |
£ | £ |
Directors' and associated |
companies loans |
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Other loans | 60,834 | 60,834 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30/6/21 | 30/6/20 |
£ | £ |
Directors' and assoc companies | - | 797,537 |
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The debts are secured by way of a standard security. |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2020 |
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Revaluation reserve movement | (4,502 | ) |
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At 30 June 2021 |
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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. |
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for and on behalf of
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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 2021 |
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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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2021 | 2020 |
£ | £ |
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Directors and associated company- | 703,448 | 1,654,730 |
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During the year no interest was charged by the directors. |
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A director during the year who has since resigned, owns the car park and historically waived an annual licence fee. |
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12. | FRC 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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