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Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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St Johnstone Football Club Limited |
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Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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St Johnstone Football Club Limited |
St Johnstone Football Club Limited (Registered number: SC007629) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2021 |
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Page |
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Company Information | 1 |
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Chairman's Report | 2 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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St Johnstone Football Club Limited |
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Company Information |
for the Year Ended 31 May 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chapelshade House |
78-84 Bell Street |
Dundee |
DD1 1RQ |
St Johnstone Football Club Limited (Registered number: SC007629) |
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Chairman's Report |
for the Year Ended 31 May 2021 |
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The Financial Year 1st June 2020 to 31st May 2021 must be one of the most challenging years faced by the Club in its 137 year history. |
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To echo a previous report, in early June, the Club was operating with a skeleton staff, little or no income, little prospect of a resumption of football, (far less with fans in attendance) and no full time Manager. |
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Daily emergency meetings were held between myself, Charlie Fraser our Vice-Chairman and Kirsten Robertson Head of Football Operations- a modern day War Cabinet to manage the ever-increasing challenges faced by the Club as a result of the Global Pandemic which had gripped the entire World. |
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It seemed that the future was looking very bleak indeed. |
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The ever-changing SFA Protocols for operating in COVID times and the expense of testing players and staff were just two of the very difficult issues facing the Club during the period and the SPFL did not have their troubles to seek with internal in fighting prevalent during the Summer following upon the calling of the League and the resultant unfavourable effects of promotion and relegation in circumstances where the 2019/20 fixture list was not completed. |
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Given the most gloomy outlook at the start of the Financial Year, it is nothing short of remarkable, that the Club should enjoy its most successful football Season ever. |
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Who would have thought that a first ever League Cup triumph should be so shortly followed by a second Scottish Cup win and that, all in the one Season? |
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Many supporters had waited so long for the 2014 win. Many supporters could be forgiven for thinking that they might not see a repeat of this feat within such a short period of time. |
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But to the immense pride of everyone associated with the Club, St Johnstone won not one, but two National Trophies during the Financial Year- a remarkable Cup Double, and an achievement which must rank with one of the best by a Club in the history of Scottish Football, particularly given the challenges of the Pandemic and the greater resources of a number of the rival Clubs. |
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And to round off a fantastic Season, a draw against Livingston in the last game of the Season secured European football yet again as the Club secured fifth place in the League, having secured a Top Six spot following upon a last gasp defeat of Ross County at home before the split. |
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The Club moved quickly to engage a new Manager and the return of Callum Davidson to the Club was a popular appointment and a breath of fresh air. |
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Already a Club Legend as a player and assistant Manager, Callum adapted seamlessly into his new role as 'gaffer, bringing with him another St Johnstone hero, Steven MacLean as Assistant to join the ever-reliable Alec Cleland. |
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The trio, together with their back room staff should be immensely proud of their achievements during the course of the period although it is fair to say that in terms of results, the Season did get off to a slow start. |
The lowly position in the League towards the end of 2020 belied the fact that the team were playing well, without necessarily getting their just rewards. |
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How this was to change into 2021. |
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The Betfred Cup campaign kicked off with matches against Group opponents Kelty Hearts, Brechin City, Dundee United and Peterhead, before the Club progressed through difficult away ties at Motherwell and Championship leaders Dunfermline. |
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Hampden beckoned and a convincing win against Hibs in the semi-final had everyone asking whether the Club would make it third time lucky. |
There was no requirement for luck as the team comfortably overcame a Livingston side to win the competition for the first time. |
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There was little time for the euphoria to subside before the Scottish Cup commenced and this was played over a very short period of weeks between the 3rd April and the 22nd May. |
St Johnstone Football Club Limited (Registered number: SC007629) |
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Chairman's Report |
for the Year Ended 31 May 2021 |
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Difficult ties against Dundee, Clyde, Rangers and St Mirren (in the semi-final at Hampden) were all successfully negotiated which set the Club up for a unique opportunity for a Cup Double in the Final against Hibs. |
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The Final was won by another 32nd minute Shaun Rooney header, although his unique contribution to both competitions was very nearly overshadowed by the cameo appearance of Zander Clark in the opposition box in the quarter final at Ibrox! |
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Everyone associated with the Club can take great pride in the tremendous achievements of the Management and Team in bringing two pieces of silverware to McDiarmid Park in a Season like no other, and the joy of these Cup triumphs must have brought great pleasure to the many thousands of St Johnstone fans throughout the World. |
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The great shame of our four straight Hampden victories was that none of our fans were able to properly enjoy the matches and celebrate the victories in the customary fashion. |
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And what of the fans? |
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Their support during the course of the year has been fantastic. |
Season Tickets were purchased with no guarantee of attendances at matches, donations were made to our Youth Development Fund and Club merchandise was generously purchased. |
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The Club did its bit with calls to vulnerable and older fans, innovative Social Media output to lighten the mood and the catering team recreated Matchday kiosk fare with pie selections being sold for fans to enjoy at home whilst watching the live streaming of the matches on Saints TV. |
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On the SFA Club Licencing front, the Club once again attained the Gold Award. |
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The Youth Academy and the St Johnstone Ladies Football Team were severely disrupted by the COVID shutdown. A number of games were played by the various teams between October and December, but with the introduction of the Red Zone to protect the First Team bubble, access to and from the McDiarmid Park facilities was restricted and the Teams did what they could to maintain fitness and morale via Zoom and other lines of communication. |
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It was very pleasing to see a number of former Academy players going on to win silverware in the first team. |
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Off the field, Scott Boyd joined the Club as the new Head of Football Operations and he has been a welcome addition to the team. |
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Commercial activity which normally caters for around 25% of our turnover was almost non-existent and with no gate receipts, any form of income was most welcome. |
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The continuing requirements for COVID testing and implementation of all associated Football Protocols and the financial cost of providing this, created the perfect storm of substantial outgoings without the day-to-day ability to meet these commitments. |
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Philanthropist, James Anderson kindly donated substantial funds into assisting Football Clubs through the Pandemic and the prize money from the Cup Wins went some way to assuaging the losses. |
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Given the straightened financial circumstances faced by the Club during the financial year, the loss of £507,358.00, whilst unwelcome, is not as challenging as it might otherwise have been. |
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By December 2020, the Club had eaten through 50% of its cash reserves which had been prudently built up over a number of years. At that point in time, the Club was made aware of the Scottish Government's Premiership Support Fund. The Directors took the opportunity of a 20-year interest free loan of £2.6M, as a precautionary measure, as it was not known at that stage how long the financial hardship in both Football and our Commercial activities was going to last. This has been ring fenced and hopefully, it will not be required. |
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The Financial Year ended on a note of optimism. |
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St Johnstone Football Club Limited (Registered number: SC007629) |
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Chairman's Report |
for the Year Ended 31 May 2021 |
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The ever increasing members of the population who had been double vaccinated gave rise to the possibility that the most important people- the fans -could soon return to matches and some semblance of normality might be restored. |
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It was hopefully, the beginning of the end of a terrible period of financial hardship and widespread uncertainly for the Club, which had endured a very cloudy period with two very notable silver linings. |
St Johnstone Football Club Limited (Registered number: SC007629) |
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Balance Sheet |
31 May 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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
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9 |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Revaluation reserve | 13 |
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Retained earnings | 13 | 1,577,487 | 2,086,035 |
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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St Johnstone Football Club Limited (Registered number: SC007629) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2021 |
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1. | STATUTORY INFORMATION |
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St Johnstone Football 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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The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. |
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The Board of Directors acknowledge that there is a level of uncertainty in the general economic environment which may impact the trading position of its customers and suppliers.The Board of Directors have undertaken a thorough review of the company's forecasts and associated risk. The extent of this review takes into account the current economic environment, the clubs current and projected trading, and the expected position in the Scottish Football League. |
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The Board of Directors confirm that it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the statutory financial statements. |
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Preparation of consolidated financial statements |
The financial statements contain information about St Johnstone Football Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover represents the income arising from football for the year in respect of gate receipts, advertising boards, sponsorships and corporate hospitality and is stated exclusive of value added tax. |
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Season ticket sales are deferred and, together with gate and other matchday revenues, recognised through the football season as games are played. Sponsorship and other 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 broadcasting revenue for live coverage or other highlights are recognised when the relevant televised match is played. Merit awards are recognised when they are certain. |
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Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Player registrations are being amortised evenly over the length of the contract. |
St Johnstone Football Club Limited (Registered number: SC007629) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Government grants and assistance |
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. |
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Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme (furlough). |
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The company has also received government assistance in the form of an interest free loan of £2.6m from the Premier Division Support Fund, which is repayable over 21 years with no payments required in the first year. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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 |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). |
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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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Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
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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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St Johnstone Football Club Limited (Registered number: SC007629) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 June 2020 |
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Additions |
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At 31 May 2021 |
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AMORTISATION |
At 1 June 2020 |
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Amortisation for year |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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St Johnstone Football Club Limited (Registered number: SC007629) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
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COST |
At 1 June 2020 |
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Additions |
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Disposals |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
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COST OR VALUATION |
At 1 June 2020 |
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26,256 |
Share of profit/(loss) | - | 5,890 | 5,890 |
Dividends received | - | 741 | 741 |
At 31 May 2021 |
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32,887 |
NET BOOK VALUE |
At 31 May 2021 |
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32,887 |
At 31 May 2020 |
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26,256 |
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Cost or valuation at 31 May 2021 is represented by: |
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Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2020 | 2 | 32,885 | 32,887 |
St Johnstone Football Club Limited (Registered number: SC007629) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Deferred income |
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Social security and other taxes |
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VAT |
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Other creditors |
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Accrued expenses |
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Deferred grants |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Other loans (see note 10) |
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Deferred grants > 5yrs |
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Deferred grants 2-5 yrs |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Government loan >5yrs | 2,080,000 | - |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2021 | 2020 |
£ | £ |
Amounts falling due between one and two years: |
Government loan 1-2yrs | 130,000 | - |
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Amounts falling due between two and five years: |
Government loan 2-5yrs | 390,000 | - |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Government loan >5yrs | 2,080,000 | - |
St Johnstone Football Club Limited (Registered number: SC007629) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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11. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 52,796 | 51,606 |
Stadium maintenance | 70,837 | 77,697 |
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Stadium |
Deferred | Maintenanc |
tax | e |
£ | £ |
Balance at 1 June 2020 |
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Utilised during year |
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Balance at 31 May 2021 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £0.25 | 157,500 | 157,500 |
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13. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 June 2020 |
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2,132,064 |
Deficit for the year | ( |
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At 31 May 2021 |
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1,623,516 |
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14. | 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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15. | RELATED PARTY DISCLOSURES |
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G S Brown Construction Limited, is a company in which Geoff Brown, majority shareholder in St Johnstone Football Club Limited, is a majority shareholder. During the year G S Brown Construction Limited charged a total of £26,009 (2020 - £22,840) for rent and repair expenses incurred. St Johnstone Football Club Limited charged the company a total of £7,637 (2020 - £25,773) for sales relating to advertising and hospitality.St Johnstone Football Club Limited refunded the company a total of £10,627 (2020 - nil) for advertising and hospitality cancelled or restricted due to the Covid-19 pandemic. |
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Amount due to related party at the balance sheet date was £366 (from related party 2020 - £14,075). |