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Audited Financial Statements |
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for the Year Ended 30 June 2019 |
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for |
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Airdrieonians FC Ltd |
REGISTERED NUMBER:
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Audited Financial Statements |
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for the Year Ended 30 June 2019 |
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for |
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Airdrieonians FC Ltd |
Airdrieonians FC Ltd (Registered number: SC042250) |
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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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Airdrieonians FC Ltd |
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Company Information |
for the Year Ended 30 June 2019 |
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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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Chartered Accountants & Statutory Auditors |
Dumfries Enterprise Park |
Heathhall |
Dumfries |
DG1 3SJ |
Airdrieonians FC Ltd (Registered number: SC042250) |
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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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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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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
signed on its behalf by: |
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Airdrieonians FC Ltd (Registered number: SC042250) |
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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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Airdrieonians FC Ltd is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 support where necessary of the company's directors and parent |
company. On the basis that this support will continue in the short to medium term, the directors believe the going |
concern basis to be appropriate. |
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Turnover |
Turnover represents the income arising from the football for the year in respect of gate receipts, advertising |
boards, sponsorships and corporate hospitality and is shown net of VAT and other sales taxes. |
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Season ticket sales are deferred and together with gate receipts and other matchday revenues recognised |
throughout the football season as games are played. Sponsorship and other commercial income is recognised |
over the duration of the respective contracts.Broadcasting revenues are recognised when the relevant televised |
match is played. Merit awards are recognised when they are certain. |
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Tangible fixed assets |
Tangible fixed assets are recognised at cost less accumulated depreciation and accumulated impairment losses. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Fixtures and fittings - 20% on cost |
Motor vehicles - 25% on cost |
Computer equipment - 25% on 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 |
Basic financial instruments, including cash, bank balances, debtors and creditors with no stated interest rate and |
receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are |
recognised in the profit and loss account in administrative expenses. |
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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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Airdrieonians FC Ltd (Registered number: SC042250) |
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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 |
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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Player registrations |
The directors have considered the FRS 102 Section 1A accounting standard in respect to the valuation of |
intangible assets, including football players registrations. FRS 102 Section 1A requires intangible assets to be |
incorporated into the balance sheet and amortised over their useful life. |
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The directors, given the present stage of the development of the club and the market in which it operates do not |
consider it prudent to recognise the value of player registrations at this time. |
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Costs associated with the acquisition of players' registrations are included in profit or loss in the year in which |
they arise. |
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Impairment losses |
At each reporting date fixed assets not carried at fair value, like fixtures & fittings and motor vehicles, are |
reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of |
possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value |
in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable |
amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is |
recognised immediately in profit or loss. |
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Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or |
group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or |
group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, |
and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is |
increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been |
determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A |
reversal of an impairment loss is recognised immediately in profit or loss. |
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Interest free loans from related parties |
Loans provided to the company from related parties in the year have been made under no formal agreement. |
The directors and other group company's have provided these loans on an interest free basis and are repayable |
on demand. |
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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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Airdrieonians FC Ltd (Registered number: SC042250) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2018 |
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Additions |
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Disposals |
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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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Eliminated on disposal |
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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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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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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | 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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Airdrieonians FC Ltd (Registered number: SC042250) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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8. | RELATED PARTY DISCLOSURES |
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During the year, Airdrie Football Club Limited, it's parent company provided the company with a loan amounting |
to £101,000. At the year end, the company owed £122,710 (2018 - £21,710). |
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During the year, the company repaid £25,423 to The Airdrie Diamonds Limited, it's parent company. At the year |
end, the company owed £182,775 (2018 - £208,198). |
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During the year, Excelsior Stadium Limited, a company under common control provided the company with loans |
amounting to £145,000 and the company repaid £75,000 during the year. At the year end, the company owed |
£70,000 (2018 - £Nil). |
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During the year, Executive Benefit Consultancy Limited, a company under common control provided the |
company with a loan amounting to £50,000. At the year end, the company owed £50,000 (2018 - £Nil). |
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During the year, the company repaid £10,000 to Airdrie Supporters Trust. At the year end, the company owed |
£Nil (2018 - £10,000). |
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During the year, the company repaid £10,000 of directors loans. At the year end, the company owed £Nil (2018 - |
£10,000). |
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9. | POST BALANCE SHEET EVENTS |
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Subsequent to the financial year but prior to the date of signing these financial statements, the global Covid-19 |
pandemic required the club to cease trade for a period in line with recommendations of the Scottish Government. |
Making use of State and Governing Body support the Directors hope to return to trade as quickly as possible but |
note that there may be a potentially significant effect on the financial statements of the following periods. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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