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REGISTERED NUMBER:
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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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REGISTERED NUMBER:
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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED (REGISTERED NUMBER: 00183917) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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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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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
15 Warwick Road |
Stratford upon Avon |
Warwickshire |
CV37 6YW |
THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED (REGISTERED NUMBER: 00183917) |
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BALANCE SHEET |
30 JUNE 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital reserve |
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Other reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED (REGISTERED NUMBER: 00183917) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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1. | STATUTORY INFORMATION |
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The Northampton Town Football Club Limited is a
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Wales. The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The financial statements have been prepared on the going concern basis, which assumes that the company will |
continue in operational existence for the foreseeable future. |
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During the year, the company made a loss before exceptional item of £2,194,406. As at 30 June 2018, the company |
had net current liabilities of £5,232,088 and net liabilities of £2,411,967. The financial statements indicate that the |
company has insufficient cash reserves to continue trading without securing additional funding.The directors |
believe that it is appropriate to prepare the financial statements on the going concern basis due to the ongoing |
financial support of the parent entity, Northampton Town Ventures Limited and the directors. |
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Turnover |
Turnover represents the total amount receivable by the company in the ordinary course of business from playing |
and associated activities, including gate receipts and receipts from the Football League. |
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Income from match receipts, and commercial activities which has been received prior to the year end relating to |
future football seasons is treated as deferred income. |
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Intangible fixed assets - transfer fees |
The costs of players' registrations are capitalised and amortised over the period of the respective players contracts. |
Transfers are recognised in the year in which the transfer is registered with the relevant football governing body |
except where the contract becomes conditional upon registration in which case the transfer is recognised when the |
contract becomes unconditional (usually when payment is made or received). Payments or receipts which are |
contingent on the performance of team or player are not recognised until the events crystallising such payments or |
receipts have taken place. |
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Tangible fixed assets |
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Leasehold ground improvements | - |
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Plant and equipment | - |
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Motor vehicles | - |
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Office equipment | - |
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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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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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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED (REGISTERED NUMBER: 00183917) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Grants receivable |
Grants received from the Football Trust in respect of capital expenditure are credited to the profit and loss account |
over the estimated useful lives of the assets for which the grants are received. Grants received to reimburse |
expenditure incurred are credited against the cost of the expenditure in the year in which it is incurred. |
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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 the profit or loss in the period to which they relate. |
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The company makes contributions in relation to its share of a deficit in the Football League Pension and Life |
Assurance Scheme. As one of the a number of participating employers of this scheme the company is only advised |
of its share of the schemes deficit and recognises a liability in respect of this. Contributions payable to scheme |
reduce the liability. Any movement in deficit is charged to the profit and loss account and liability adjusted |
accordingly. |
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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 |
Players |
registrations |
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COST |
At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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AMORTISATION |
At 1 July 2017 |
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Amortisation for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED (REGISTERED NUMBER: 00183917) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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5. | TANGIBLE FIXED ASSETS |
Assets | Leasehold |
under | ground | Plant and |
construction | improvements | equipment |
£ | £ | £ |
COST |
At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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The company signed a 150 year lease with Northampton Borough Council on 13th April 2004 regarding land at |
Sixfields, Northampton. The rent is one peppercorn per year (if demanded). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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THE NORTHAMPTON TOWN FOOTBALL CLUB |
LIMITED (REGISTERED NUMBER: 00183917) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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9. | LEASING AGREEMENTS |
The total of future minimum lease payments under non-cancellable operating leases as at 30 June 2018 was |
£130,442 (2017 - £119,990). |
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10. | 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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Emphasis of matter |
In forming our opinion, which is not qualified, we have considered the adequacy of the disclosure made in note 2 of |
the financial statements concerning the company's ability to continue as a going concern. The company incurred a |
net loss before exceptional item during the year of £2,194,406. As at 30 June 2018 the company had net current |
liabilities of £5,232,088 and net liabilities of £2,411,967. These conditions along with the other matters explained |
in note 2 to the financial statements indicate the existence of material uncertainty which may cast significant doubt |
about the company's ability to continue as a going concern. The financial statements do not include adjustments that |
would result if the company was unable to continue as a going concern. |
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for and on behalf of
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11. | RELATED PARTY DISCLOSURES |
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Northampton Town Ventures Limited owns a controlling interest in the company. At the year end the company |
owed £1,291,028 (2017 £1,291,028) to Northampton Town Ventures Limited. |
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Belle De Jour Limited is a related company by virtue of common directors who control both companies. At the year |
end the company owed £2,562,997 (2017 £nil) to Belle De Jour Limited. |