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Audited Financial Statements |
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for the Year Ended 30 June 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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30.6.20 | 30.6.19 |
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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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
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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 2020 |
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1. | STATUTORY INFORMATION |
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Airdrieonians FC Ltd is a
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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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Plant & machinery - 20% on cost |
Fixtures and fittings - 20% 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 2020 |
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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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Grant income |
Grants relating to tangible fixed assets are recognised in the Income Statement based on the performance method as permitted by FRS 102. |
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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 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Bank loans and overdrafts |
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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. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 9,167 | - |
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8. | 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 2020 |
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9. | RELATED PARTY DISCLOSURES |
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During the year, Blysthswood Square Capital, it's ultimate parent company provided the company with a loan amounting to £50,000. At the year end, the company owed £50,000 (2019 - £Nil). |
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During the year, Excelsior Stadium Limited, a company under common control provided the company with loans amounting to £68,677 and the company repaid £15,000 during the year. At the year end, the company owed £123,677 (2019 - £70,000). |
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At the year end, the company owed The Airdrie Diamonds Limited, it's parent company £283,775 (2019 - £283,775). |
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At the year end, the company owed Airdrie Football Club Limited, it's parent company £21,710 (2019 - £21,710). |
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At the year end, the company owed Executive Benefit Consultancy Limited, a company under common control £50,000 (2019 - £50,000). |
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10. | POST BALANCE SHEET EVENTS |
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At the year end the club was effectively 'mothballed' as a result of the Covid-19 pandemic. Operations were closed on 20th March 2020 in line with the requirements of the UK and Scottish Governments. At the year end very little had changed other than a confirmation that the 2019/20 football season would not be completed and would be declared completed as it stood. This decision saw us finish 3rd in League One. |
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Subsequent to the year end, League One clubs voted to re-commence the League in October 2020 with an expectation of closed door games to begin with and restricted attendances for the entire season most likely. At time of writing all football in Scotland remains behind closed doors. However, the club has made use of all areas of support available to it from local and national government and the governing bodies. Whilst it cannot be doubted that the pandemic will have a significant impact on the financial figures for the year ended 30 June 2021 it is impossible to quantify this effect at this time however the directors expect the club to be able to continue throughout. |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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