Registration number:
for the Year Ended
Swindon Town Football Company Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Swindon Town Football Company Limited
(Registration number: 00053100)
Balance Sheet as at 31 May 2020
Note |
2020 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
6,237,293 |
6,237,293 |
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Profit and loss account |
(12,856,053) |
(11,584,147) |
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Shareholders' deficit |
(6,618,760) |
(5,346,854) |
Swindon Town Football Company Limited
(Registration number: 00053100)
Balance Sheet as at 31 May 2020
For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Swindon Town Football Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors acknowledge the impact of the global coronavirus pandemic and have secured sufficient personal funding to support all of the company's liabilities as they fall due. As such the directors believe the continued use of the going concern basis to be appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in the normal course of business, net of discounts and other sales-related tax.
Merchandising revenue is recognised when goods are paid for and title has passed.
Gate receipts and other match day revenues are recognised as the games are played.
Prize money in respect of cup competitions is recognised when received.
Sponsorship and similar commercial income is recognised over the duration of the respective contracts. Broadcasting revenues received for live coverage or highlights are taken when earned whilst merit awards are allowed for only when known.
Match day turnover which is received in advance of the year end but relating to the following year (mainly sale of seasonal facilities) is treated as deferred income. The deferred income is then released to turnover as the games are played.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Swindon Town Football Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Property improvements |
3 to 20 years straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Player and football staff acquisition costs |
Straight line basis over period of contract |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Swindon Town Football Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Prior year adjustments
(Profit)/loss on disposal of intangible fixed assets (£559,410) was recognised within turnover in 2019. This has been reclassified as administrative expenses.
Income relating to transfer fees in 2016 of £1,355,061 was misidentified as capital introduced through the director loan account. This has been corrected and restated in the accounts.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Swindon Town Football Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Intangible assets |
Players' registrations |
Total |
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Cost or valuation |
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At 1 June 2019 |
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Additions acquired separately |
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Disposals |
( |
( |
At 31 May 2020 |
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Amortisation |
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At 1 June 2019 |
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Amortisation charge |
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Amortisation eliminated on disposals |
( |
( |
At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
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At 31 May 2019 |
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Swindon Town Football Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2019 |
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At 31 May 2020 |
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Depreciation |
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At 1 June 2019 |
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Charge for the year |
- |
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At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
- |
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At 31 May 2019 |
- |
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Included within the net book value of land and buildings above is £Nil (2019 - £Nil) in respect of freehold land and buildings.
Stocks |
2020 |
2019 |
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Other inventories |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Swindon Town Football Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2020 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Hire purchase contracts |
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2020 |
(As restated) |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Unsecured debentures |
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Other borrowings |
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Swindon Town Football Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 June 2019 |
Advances to directors |
Repayments by director |
At 31 May 2020 |
Mr Lee Michael Power |
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Director loan account |
( |
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( |
( |
2019 |
At 1 June 2018 |
Advances to directors |
Repayments by director |
At 31 May 2019 |
Mr Lee Michael Power |
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Director loan account |
( |
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( |
( |
Summary of transactions with other related parties
Recruitment fees of £225,000 (2019: £158,333) were paid to Power Geneva Limited, a company controlled by L Power.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is