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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED |
MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED (REGISTERED NUMBER: 00415853) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Regency Court |
62-66 Deansgate |
Manchester |
Lancashire |
M3 2EN |
MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED (REGISTERED NUMBER: 00415853) |
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BALANCE SHEET |
30 JUNE 2017 |
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30.6.17 | 30.6.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED (REGISTERED NUMBER: 00415853) |
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BALANCE SHEET - continued |
30 JUNE 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED (REGISTERED NUMBER: 00415853) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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1. | STATUTORY INFORMATION |
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Macclesfield Town Football Club,Limited is a
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specified/Other. 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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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
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These financial statements for the year ended 30/06/2017 are the first financial statements of Macclesfield Town |
Football Club Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the |
UK and Republic of Ireland. The date of transition to FRS 102 was 01/07/2016. The reported financial position |
and financial performance for the previous period are not affected by the transition to FRS 102. |
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The nature of the company's business is such that there can be considerable and unpredictable variations in the |
amount of revenue received. As at the balance sheet date, the company had net current liabilities of £333,215 and |
net liabilities of £1,656,322. The directors have prepared projected financial information for a period of 12 |
months from the date of approval of these financial statements. On the basis of this financial information, the |
directors of the parent company, Ramy Limited, have reviewed the funding requirements of the company and |
have indicated their willingness to continue to support the company for the foreseeable future. The directors |
therefore consider it appropriate to prepare the financial statements on the going concern basis.The financial |
statements do not include any adjustments that would result from a withdrawal of funding by the parent |
company. |
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Furthermore, on the 1st November 2017, long term loans to the value of £1,400,000 were converted to equity in |
the form of £1 Ordinary A Shares, £240,929 long term loans were converted to equity in the form of 365,044 |
£0.66 Ordinary B Shares and £200,496 of long term loans were agreed to be waived by the debt holder, |
strengthening the net assets of the company by £1,841,425. |
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Turnover |
Income is shown as the actual amounts received or receivable from the company's principal activity. This |
includes gate receipts, sponsorship, advertising, programme and club shop sales, catering, club events, donations |
and prize money, less VAT where appropriate. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Tangible fixed assets are recorded at cost less depreciation. |
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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. Cost includes all direct expenditure and an appropriate proportion of fixed and variable |
overheads. |
MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED (REGISTERED NUMBER: 00415853) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS102 to all of its financial statements. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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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. |
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Basic financial assets |
Basic financial assets, which includes 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 present |
value of the future receipts discounted at a market rate of interest. Financial asserts classified as receivable |
within one year are not amortised. |
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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. |
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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 payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Amounts 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 rate method. |
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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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MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED (REGISTERED NUMBER: 00415853) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2016 |
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Additions |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Trade debtors |
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Other debtors |
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MACCLESFIELD TOWN FOOTBALL CLUB,LIMITED (REGISTERED NUMBER: 00415853) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Other creditors |
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On 19th December 2005 a debenture was created in favour of Ramy Limited for all monies, liabilities and |
obligations incurred by the company to Ramy Limited and secured on the assets of the company. |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.17 | 30.6.16 |
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Bank overdrafts |
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Parent company loan | 1,676,975 | 1,794,277 |
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9. | RELATED PARTY DISCLOSURES |
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The company was under the control of Ramy Limited throughout the current and previous year. Mr A Alkadhi is |
a director of Ramy Limited. |
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As at 30 June 2017 Ramy Limited were due £1,676,975 (2015: £1,794,277) by the company. The company has |
received assurances from Ramy Limited that this loan is not repayable within the 12 months following the date of |
approval of these accounts. |
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All transactions were taken place at arms length. |
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There were no further transactions undertaken with related parties. |