Company registration number 00062367 (England and Wales)
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr C H Grant - Chairman
Mr R J Rowlinson - Vice chairman
Mr I R Williamson
Mr S M Whitby
Mr K R Hancock
Mr A P Davison
Mr M D Beavan
Mr M A Blakemore
Secretary
Mr M A Blakemore
Company number
00062367
Registered office
Mornflake Stadium
Gresty Road
Crewe
CW2 6EB
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 17
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2022.
Principal activities
The principal activity of the company continued to be that of a professional football league club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C H Grant - Chairman
Mr R J Rowlinson - Vice chairman
Mr I R Williamson
Mr S M Whitby
Mr K R Hancock
Mr A P Davison
Mr J M Bowler
(Resigned 8 August 2021)
Mr M D Beavan
Mr M A Blakemore
Auditor
In accordance with the company's articles, a resolution proposing that Afford Bond Holdings Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
Mr M A Blakemore
Secretary
19 December 2022
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
- 3 -
Opinion
We have audited the financial statements of The Crewe Alexandra Football Club Company Limited (the 'company') for the year ended 30 June 2022 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter - Going Concern
We draw your attention to the accounting policies note in the financial statements concerning the company's ability to continue as a going concern. On the basis of continued financial support from related party companies and the Board of Directors, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements, which are not qualified, do not include any
adjustments that would result if the company ceased trading, accordingly our opinion is not modified in this respect.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
- 4 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Directors' Report
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur, is based on ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5. An understanding of the significance of irregularities in the context of the financial statements as a whole is required for our assessment. Whilst considering how our audit work addresses the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. We obtain an understanding of the entity’s risk assessment process, including the risk of fraud, as part of our work on the entity's systems and controls. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
- 5 -
The laws and regulations identified as being of significance in the context of the entity are those considered to
form part of United Kingdom Generally Accepted Accounting Practice. An understanding of the legal and
regulatory framework applicable to the entity and how the entity is complying with that framework is necessary
for our assessment and requires an understanding of the entity’s policies and procedures on compliance with
laws and regulations, including documentation of any instances of non-compliance.
Walkthrough testing is carried out on the recorded systems notes to check that the controls operate as stated
and contain sufficient levels of supervision. Segregation of duties should be commensurate with the size of the
entity. Analytical procedures are used to review the client's data for unusual entries, highlighting those
transactions requiring further explanations as to the reasons for such variations arising. This also includes the
identification and testing of unexpected journal entries to judge their appropriateness. Evaluation of the
assumptions and judgements used by management within significant accounting estimates is undertaken to
assess if these indicate evidence of potential management bias occurring. Detailed testing is carried out in
respect of significant transactions. An evaluation is done of the business rationale behind any amounts which
appear unusual or outside the company’s normal course of business. The financial statements are then reviewed
with relevant disclosures tested against supporting underlying documentation, as applicable.
Matters about non-compliance with laws and regulations and fraud are communicated with the engagement
team, who are assessed as having the appropriate competence and capabilities to identify any potential issues
regarding non-compliance in order to conduct their work effectively on the assignment. Communication of
relevant matters to all members of the audit team is necessary to ensure that they understand the particular risks
specific to the entity, in order that the audit procedures are planned appropriately to mitigate against these
identified risks.
Audit response to risks identified
Our audit response will depend on the risks identified but may include:
-
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
-
Enquiry of entity staff in tax and compliance functions to identify any instances of non - compliance with laws and regulations.
-
Reviewing minutes of meetings of those charged with governance.
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business including reviewing accounting estimates for bias.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Bailey (Senior Statutory Auditor)
For and on behalf of Afford Bond Holdings Limited
19 December 2022
Chartered Accountants
Statutory Auditor
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
Year
11 months
ended
ended
30 June
30 June
2022
2021
Notes
£
£
Turnover
5,743,560
5,096,440
Administrative expenses
(5,590,467)
(4,235,100)
Profit before taxation
153,093
861,340
Tax on profit
4
24,019
32,801
Profit for the financial year
177,112
894,141
Retained earnings brought forward
(3,580,912)
(4,475,053)
Retained earnings carried forward
(3,403,800)
(3,580,912)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 8 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
6
999,071
973,885
Current assets
Stocks
78,276
73,332
Debtors
7
858,421
1,037,826
Cash at bank and in hand
238,258
206,474
1,174,955
1,317,632
Creditors: amounts falling due within one year
8
(2,537,627)
(2,742,705)
Net current liabilities
(1,362,672)
(1,425,073)
Total assets less current liabilities
(363,601)
(451,188)
Creditors: amounts falling due after more than one year
9
(40,199)
(105,705)
Provisions for liabilities
10
(24,019)
Net liabilities
(403,800)
(580,912)
Capital and reserves
Called up share capital
12
3,000,000
3,000,000
Profit and loss reserves
(3,403,800)
(3,580,912)
Total equity
(403,800)
(580,912)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2022 and are signed on its behalf by:
Mr C H Grant - Chairman
Mr R J Rowlinson - Vice chairman
Director
Director
Company Registration No. 00062367
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 9 -
1
Accounting policies
Company information
The Crewe Alexandra Football Club Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Mornflake Stadium, Gresty Road, Crewe, CW2 6EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for at least twelve months from the date of signing these financial statements. The company is financially supported by its related companies to provide loans to assist with cash flow. If required, the Board of Directors have also indicated their willingness to provide additional financial support. On the basis of this continued financial support, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the company ceased trading.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional 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
it is probable will be
recover
ed
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 10 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Player registrations
Over the term of the contract
The costs associated with the acquisition of players' registrations are capitalised as intangible fixed assets. These costs are fully amortised, in equal instalments, over the period of the players' initial contract. Permanent diminutions in values below the amortised value, such as through injury or loss of form, are provided for when the directors become aware that the diminution is permanent. No amounts are included for players developed within the company.
Signing on fees are charged to the profit and loss account over the period of the player's contract. Signing on fees which become payable to players if they are still in the service of the company at specific future dates, are accounted for in the year in which they fall due for payment.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2.5% per annum straight line
Fixtures and fittings
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 11 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 12 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
258
199
4
Taxation
2022
2021
£
£
Current tax
Adjustments in respect of prior periods
(29,513)
Deferred tax
Origination and reversal of timing differences
(24,019)
(3,288)
Total tax credit
(24,019)
(32,801)
The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
153,093
861,340
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
29,088
163,655
Tax effect of utilisation of tax losses not previously recognised
(15,585)
(168,238)
Adjustments in respect of prior years
(29,513)
Other permanent differences
(13,503)
4,583
Deferred tax adjustments in respect of prior years
(24,019)
(3,288)
Taxation credit for the year
(24,019)
(32,801)
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 14 -
5
Intangible fixed assets
Player registrations
£
Cost
At 1 July 2021 and 30 June 2022
92,500
Amortisation and impairment
At 1 July 2021 and 30 June 2022
92,500
Carrying amount
At 30 June 2022
At 30 June 2021
6
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2021
1,068,866
1,826,238
2,500
2,897,604
Additions
102,004
102,004
At 30 June 2022
1,068,866
1,928,242
2,500
2,999,608
Depreciation and impairment
At 1 July 2021
538,843
1,382,710
2,166
1,923,719
Depreciation charged in the year
26,722
50,012
84
76,818
At 30 June 2022
565,565
1,432,722
2,250
2,000,537
Carrying amount
At 30 June 2022
503,301
495,520
250
999,071
At 30 June 2021
530,023
443,528
334
973,885
The Reaseheath training complex costing £1,068,866 is included within tangible fixed assets at a carrying value of £503,301 (2021: £530,023)
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
757,882
938,580
Other debtors
20,386
26,990
Prepayments and accrued income
80,153
72,256
858,421
1,037,826
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 15 -
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
39,385
49,113
Other loans
109,099
96,887
Trade creditors
733,695
448,611
Amounts owed to group undertakings
86,853
120,013
Taxation and social security
170,054
90,211
Directors loans
675,000
1,179,000
Accruals and deferred income
723,541
758,870
2,537,627
2,742,705
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other loans
40,199
105,705
Bank loans are unsecured.
Directors loans and Other loans are unsecured and interest free.
10
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
24,019
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
79,850
37,486
Other timing differences
(79,850)
(13,467)
-
24,019
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
11
Deferred taxation
(Continued)
- 16 -
2022
Movements in the year:
£
Liability at 1 July 2021
24,019
Credit to profit or loss
(24,019)
Liability at 30 June 2022
-
Deferred tax is not recognised
as an asset
in respect of
tax
losses
to the extent that
it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
12
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £30 each
3,000,000
3,000,000
13
Related party transactions
During the period the company had arms length/commercial dealings with various group undertakings. Details of its transactions are given below:-
Station Park Crewe Limited, a fellow subsidiary - incomes receivable of £9,600 (2021: £9,600), costs incurred of £9,600 (2021: £9,600), amounts owing at period end of £76,174 (2021: £109,140).
Alexandra Stadium (Crewe) Limited, a fellow subsidiary - amounts owing at period end of £10,679 (2021: £10,873).
The amounts owed by and to related parties are unsecured balances for agreed consideration, preferably cash settlement.
No guarantees have been given or received.
THE CREWE ALEXANDRA FOOTBALL CLUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 17 -
14
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties. Leases are typically negotiated for a term of 3-5 years.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
153,693
147,140
Between two and five years
77,394
157,757
In over five years
231,087
304,897
15
Parent company
The company is a wholly owned subsidiary of Crewe Alexandra Group Limited.
Crewe Alexandra Group Limited
is
the ultimate parent company and its board of directors the ultimate controlling party.
2022-06-30
2021-07-01
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CCH Software
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Mr C H Grant - Chairman
Mr R J Rowlinson - Vice chairman
Mr I R Williamson
Mr C H Grant - Chairman
Mr K R Hancock
Mr A P Davison
Mr R J Rowlinson - Vice chairman
Mr I R Williamson
Mr S M Whitby
Mr M A Blakemore
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