Registered number: 315587
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
COMPANY INFORMATION
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
CONTENTS
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
CHAIRMANS REPORT (INCORPORATING STRATEGIC REPORT)
FOR THE YEAR ENDED 30 JUNE 2019
The chairman presents his report for the year ended 30 June 2019.
The Board of Directors are delighted and encouraged to return a profit for the fourth year in succession. It is very reassuring when comparing the financial issues facing Clubs especially in League One and League Two as we have seen over the past 12 months with some of our rivals. Included in our Balance Sheet at 30th June 2019 we have added following an independent valuation of the former Powerleague bar/changing rooms and associated pitches as the Club took over these facilities in February 2019 due to Powerleague entering into a CVA and the facility reverting to the Club. The facilities are now run jointly by Shrewsbury Town FC and Shrewsbury Town in the Community.
During 2018/19 we have continued to invest heavily in the playing squad, including breaking our all time transfer record fee, in addition to the club’s infrastructure and facilities. For example projects such as; the new vastly upgraded home dressing room and associated showers and wet room, the renovation of Smithy’s Bar and the Fanzone. We also continued to further invest in the training ground to ensure the players and staff have the best possible facilities going forward.
Season 2018/19 was understandably going to be difficult to repeat the previous season’s success with the Manager and many of that squad leaving the Football Club. In December 2018 the Board, following our previous policy appointed a young and modern Manager in Sam Ricketts who replaced John Askey and successfully guided the team away from the relegation zone and an 18th place finish in League One, resulting in our fifth successive season at this level. During the season we also had an excellent Cup run reaching the 4th Round of the FA Cup beating Stoke City along the way before narrowly losing to Wolves in a replay at Molineux Stadium. The successful cup run bringing in much appreciated revenues, so important to Clubs at our level.
Our average home league attendance continues to grow despite not having as successful a season with an average crowd of 6,386 which was the highest for at least the past 10 years which was very satisfactory. I am sure there are many factors contributing to the increase including the excellent work by our charity partner Shrewsbury Town in the Community especially their expansion into 47 local schools which should help to grow our fanbase specifically the next generation of Shrewsbury Town supporters.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
CHAIRMANS REPORT INCORPORATING STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
The Club’s relationship with the Supporters Parliament continues to blossom with our Chief Executive and other staff working very closely with the group to ensure many aspects of the matchday experience are fed back and improved where possible. We opened the first Safe Standing area in England and Wales in August 2018 following a very close working relationship between the Supporters Parliament and the Club. This area not only provides fans the choice as to whether they want to sit or stand it has also brought the Club and town much media interest which has improved the Club’s profile. It has been a very successful addition to the matchday experience with an improved atmosphere at matches and it is hoped that long term that many younger fans will migrate to this area from other areas in the future.
I would like to take this opportunity to thank all of our sponsors for their continued support throughout the season. It is great to have so many local businesses involved with the Club such as Main Sponsors Montgomery Waters, Tuffins, Shropshire Homes, Salop Leisure , Technocover, Emcon, DM Recruitment and Assist. In February 2019 we appointed David Longwell to run our Youth Academy. David comes with an incredible track record of producing young players during his 25 years experience working in Scotland and USA. I firmly believe that David will continue to provide quality Academy prospects which will be the future of STFC. Under the stewardship of Jamie Edwards it is fantastic to see how involved our Club is within our local Community. Shrewsbury Town in The Community continues to take Shrewsbury Town Football Club into the heart of Shropshire; empowering people to realise their potential and achieve their goals. As an organisation they have taken the opportunity to engage, inspire and strengthen the Shropshire community we live in. Almost 7,000 sessions were delivered with over £1m being invested into the Shropshire Community and with attendances of almost 85,000 over the year to June 2019. Finally I would also like to take this opportunity to thank all staff at the Club for their hard work and commitment throughout the year and also our fans who continue to support the Club in great numbers both home and away throughout the season.
This report was approved by the board
and signed on its behalf.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2019
The directors present their report and the financial statements for the year ended
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙
make judgments 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 to 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 profit for the year, after taxation, amounted to £
2,253,671
(2018 -
£
340,878
)
.
The directors do not propose a dividend for the current year.
The directors who served during the year were:
Please refer to the Chairmans report for details of future developments.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
There have been no significant events affecting the Company since the year end.
The auditors, Whittingham Riddell LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB LIMITED
We have audited the financial statements of Shrewsbury Town Football Club Limited (the 'Company') for the year ended 30 June 2019, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity
and the related notes, including a summary of 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:
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB LIMITED (CONTINUED)
knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' Responsibilities Statement on page 3, 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.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB LIMITED (CONTINUED)
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 Auditors' 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members
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 Auditors' 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
REGISTERED NUMBER:
315587
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 12 to 26 form part of these financial statements.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
The entity is a limited liability company limited by shares incorporated in England. The principal activity of the Company is the running of a professional football club.
The registered address of the Company is Oteley Road, Shrewsbury, SY2 6ST.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The
Company
is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by
section 402 of the Companies Act 2006
.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on a straight line and reducing balance basis.
Depreciation is provided on the following basis:
The stadium is held by the Company as at 30 June 2018 £11,266,025 after allocating the capital grant received in relation to the building of the stadium.
The stadium is not depreciated on the basis that it is constantly maintained and updated. This policy represents a departure from the statutory accounting principals which require depreciation to be provided on all fixed assets. The directors consider this policy is necessary in order that the Financial Statements show a true and fair view because the current value is of prime importance rather than the systematic annual depreciation.
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
Accounting policies (continued)
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
Estimates and judgments are continually elevated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the relates actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying amount of the assets and liabilities within the next financial year.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
Legislation to reduce the main rate of UK corporation tax from 19% to 17% has been enacted in Finance Act 2019 and will take effect from 1 April 2020. This will reduce the company's future current tax charge accordingly.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
Included within freehold property is land & buildings which has been revalued as at the balance sheet date by an independent valuer on a replacement cost basis. A revaluation gain of £917,000 has been recognised in the year and applied to land & buildings which would have a cost of £nil if the cost model were applied.
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
Revaluation reserve
Profit and loss account
Eligible staff are members of the Football League Limited Pension Life Assurance Scheme, which is a defined benefit scheme. The assets of this scheme are held separately from those of the Company, being invested with an insurance Company.
The total pension costs charged in the year amounted to £31,899 (2018: £23,664) and there were no payments outstanding at year end.
The Company is under the control of R Wycherley who owns more than 50% of the share capital.
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