Company Registration No. 00470509 (England and Wales)
OXFORD UNITED FOOTBALL CLUB LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
OXFORD UNITED FOOTBALL CLUB LIMITED
COMPANY INFORMATION
Directors
Mr S Thanakarnjanasuth
Mr H J F Geicke
Mr A N Bakrie
Company number
00470509
Registered office
The Kassam Stadium
Grenoble Road
Oxford
Oxfordshire
OX4 4XP
Accountants
Ross Bennet Smith
Ground Floor, Charles House
5-11 Regent Street, St James's
London
SW1Y 4LR
OXFORD UNITED FOOTBALL CLUB LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Statement of comprehensive income
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 18
OXFORD UNITED FOOTBALL CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
- 1 -
The Directors present their annual report and financial statements for the year ended 30 June 2021.
Principal activities
The principal activity of the company
is the running of a professional football club and related activities.
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S Thanakarnjanasuth
Mr Z M Nuseibah
(Resigned 6 October 2020)
Mr H J F Geicke
Mr A N Bakrie
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S Thanakarnjanasuth
Director
30 March 2022
OXFORD UNITED FOOTBALL CLUB LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OXFORD UNITED FOOTBALL CLUB LIMITED FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oxford United Football Club Limited for the year ended 30 June 2021 set out on pages 3 to 18 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Oxford United Football Club Limited, as a body, in accordance with the terms of our engagement letter dated 21 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Oxford United Football Club Limited
and state those matters that we have agreed to state to the Board of Directors of Oxford United Football Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oxford United Football Club Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Oxford United Football Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Oxford United Football Club Limited. You consider that Oxford United Football Club Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit of the financial statements of Oxford United Football Club Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ross Bennet Smith
30 March 2022
Chartered Accountants
Ground Floor, Charles House
5-11 Regent Street, St James's
London
SW1Y 4LR
OXFORD UNITED FOOTBALL CLUB LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
2021
2020
as restated
£
£
Turnover
5,962,767
6,597,060
Cost of sales
(7,414,927)
(6,874,878)
Gross loss
(1,452,160)
(277,818)
Administrative expenses
(3,451,698)
(3,073,939)
Other operating income
302,077
430,017
Profit on disposal of players
1,841,905
5,701,408
Amortisation of player contracts
(312,938)
(227,607)
Payments in respect of player contracts
(563,901)
(854,950)
Operating (loss)/profit
(3,636,715)
1,697,111
Interest payable and similar expenses
(101,626)
(203,462)
(Loss)/profit before taxation
(3,738,341)
1,493,649
Tax on (loss)/profit
(Loss)/profit for the financial year
(3,738,341)
1,493,649
OXFORD UNITED FOOTBALL CLUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
- 4 -
2021
2020
as restated
£
£
(Loss)/profit for the year
(3,738,341)
1,493,649
Other comprehensive income
-
-
Total comprehensive income for the year
(3,738,341)
1,493,649
OXFORD UNITED FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 5 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
660,341
469,279
Tangible assets
6
1,029,792
1,020,936
1,690,133
1,490,215
Current assets
Stocks
65,213
45,191
Debtors
7
1,011,317
4,011,216
Cash at bank and in hand
156,733
405,414
1,233,263
4,461,821
Creditors: amounts falling due within one year
8
(19,867,437)
(19,209,036)
Net current liabilities
(18,634,174)
(14,747,215)
Total assets less current liabilities
(16,944,041)
(13,257,000)
Creditors: amounts falling due after more than one year
9
(413,337)
(362,037)
Net liabilities
(17,357,378)
(13,619,037)
Capital and reserves
Called up share capital
11
3,570,527
3,570,527
Share premium account
6,426
6,426
Capital redemption reserve
75
75
Other reserves
298,336
298,336
Profit and loss reserves
(21,232,742)
(17,494,401)
Total equity
(17,357,378)
(13,619,037)
OXFORD UNITED FOOTBALL CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 6 -
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 30 March 2022 and are signed on its behalf by:
Mr S Thanakarnjanasuth
Director
Company Registration No. 00470509
OXFORD UNITED FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
£
As restated for the period ended 30 June 2020:
Balance at 1 July 2019
3,570,527
6,426
75
-
(18,689,714)
(15,112,686)
Effect of correction to prior year error
-
298,336
(298,336)
-
As restated
3,570,527
6,426
75
298,336
(18,988,050)
(15,112,686)
Year ended 30 June 2020:
Profit and total comprehensive income for the year
-
-
-
-
1,493,649
1,493,649
Balance at 30 June 2020
3,570,527
6,426
75
298,336
(17,494,401)
(13,619,037)
Year ended 30 June 2021:
Loss and total comprehensive income for the year
-
-
-
-
(3,738,341)
(3,738,341)
Balance at 30 June 2021
3,570,527
6,426
75
298,336
(21,232,742)
(17,357,378)
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 8 -
1
Accounting policies
Company information
Oxford United Football Club Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Kassam Stadium, Grenoble Road, Oxford, Oxfordshire, UK, OX4 4XP.
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
T
he financial statements have been prepared on a going concern basis, which the directors consider appropriate due to expected continued financial support of the ultimate controlling party. Should this support cease, and the going concern basis were no longer appropriate, adjustments would need to be made to reflect that position.
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
.
Turnover and other income includes transfer fees, gate receipts, sponsorship, advertising, fund-raising, television fees, Football League contributions, donations and sundry related income. It is stated net of vat and net of amounts due to the Football League and visiting football clubs.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 9 -
1.4
Intangible fixed assets other than goodwill
The element of a player's transfer fee which relates to registration, together with associated costs, is capitalised as an intangible asset and amortised as follows:
Players' contracts
Over the period of players' contract,including any subsequent agreed extension
No provision is made for the value of players developed within the company.
Conditional amounts receivable in respect of players transferred are accounted in the year in which the condition is met. Signing on fees and loyalty bonuses are included within direct operating costs in the year of 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 improvements
10% straight line or over the term of the lease
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
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
.
No depreciation is provided on freehold land.
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).
In the case of player contracts, recoverable amount would be based upon management's assessment of fair value less sales costs.
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.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 10 -
1.8
Cash at bank and in hand
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.
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.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 11 -
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.
The company has estimated tax losses of £20,551,778 (2020: £17,454,154) available for carry forward against future profits.
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
The company contributes to a defined contribution pension scheme in respect of certain employees. The cost of such contributions to the scheme is charged to the profit and loss account as incurred. The assets of the schemes are held separately from those of the company, mainly in funds administered by the Football League Limited Pension and Life Assurance Scheme.
The company no longer contributes to the Football League defined benefit scheme but still has a liability arising under the scheme.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 12 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets
'
fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
The company is in receipt of a loan under the Bounce Back Loan Scheme. Business interruption
payments settled by the UK Government to cover the cost of any fees and interest accruing in the first
twelve months following receipt of the loan are included in other operating income on an accruals basis.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Intangible fixed assets
The directors asses
s
whether there is any reason to consider player contracts impaired. If they consider there are indications of impairment, an impairment review is conducted in line with note 1.6
3
Other operating income
Other operating income includes government
COVID-19
funding for employee salaries.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 13 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
146
168
5
Intangible fixed assets
Other
£
Cost
At 1 July 2020
781,000
Additions
504,000
At 30 June 2021
1,285,000
Amortisation and impairment
At 1 July 2020
311,721
Amortisation charged for the year
312,938
At 30 June 2021
624,659
Carrying amount
At 30 June 2021
660,341
At 30 June 2020
469,279
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 14 -
6
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2020
739,168
893,843
1,633,011
Additions
229,577
62,094
291,671
At 30 June 2021
968,745
955,937
1,924,682
Depreciation and impairment
At 1 July 2020
50,795
561,280
612,075
Depreciation charged in the year
91,085
191,730
282,815
At 30 June 2021
141,880
753,010
894,890
Carrying amount
At 30 June 2021
826,865
202,927
1,029,792
At 30 June 2020
688,373
332,563
1,020,936
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Motor vehicles
13,848
27,697
13,848
27,697
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
317,900
3,229,510
Other debtors
31,704
62,256
Prepayments and accrued income
201,835
237,044
551,439
3,528,810
2021
2020
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
459,878
482,406
Total debtors
1,011,317
4,011,216
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 15 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loan
833
Trade creditors
960,241
985,721
Amounts owed to group undertakings
17,298,900
14,178,449
Taxation and social security
474,932
1,084,575
Other creditors
1,132,531
2,960,291
19,867,437
19,209,036
Included in other creditors is a balance of £46,288 (2020: £43,916) owed to the Football League Limited Pension and Life Assurance Scheme.
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loan
49,167
Obligations under finance leases
19,397
26,917
Other borrowings
122,000
152,400
Other creditors
222,773
182,720
413,337
362,037
Included in other creditors is a balance of £222,771 (2020: £182,720) owed to the Football League Limited Pension and Life Assurance Scheme.
The bank loan totals £50,000 (20
20
: £Nil) and is repayable by instalments.
An amount of
£
9,167
(20
20
: £Nil) of the above
balance is repayable after five years.
10
Defined benefit pension
The company has a liability under the Football League defined benefit scheme which closed in 1999. No contribution has been made to this scheme during the year. A balance of £269,059 remained outstanding at 30 June 2021 (2020: £226,635) in total, which is allocated between creditors falling due within and after one year. The most recent actuarial valuation took place in the year ended 1 September 2020 on which the amounts in the financial statements are based. The movement on the balance of £226,635 at 30 June 2020 to a balance of £269,059 at 30 June 2021 is represented by payments to the scheme of £43,916 and interest charged of £39,952 during the year and an actuarial loss of £43,236.
The scheme is a multi employer scheme in which the football club no longer actively participates. The football league arranges actuarial valuations every three years and the club is informed of its share of liabilities and payments due over the next three years, As the club is unable to independently identify its own share of assets and liabilities, it treats and discloses the scheme as a defined contribution scheme whilst recognising known liabilities for which it has a contractual obligation.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 16 -
11
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
800 Ordinary 1 shares of £7 each
5,600
5,600
2,549,927 Ordinary shares of £1 each
2,549,927
2,549,927
2,555,527
2,555,527
Preference share capital
Issued and fully paid
1,015,000 Preference shares of £1 each
1,015,000
1,015,000
The rights conferred by the ordinary shares are as follows:-
a) Ordinary shares carry one vote for every £1 of nominal capital. Subject to this, the ordinary shares of £7 each and the ordinary shares of £1 each rank pari passu in all respects and constitute one class.
b) No dividend can exceed the maximum allowed from time to time by the Football Association. Subject thereto, and the Companies Act 2006, interim dividends may be declared and paid by the directors in their discretion if the profits so justify. Subject as above the payment of final dividends requires an ordinary resolution.
c) Ordinary shares are not redeemable.
d) On a winding up the ordinary shares rank behind the preference shares in respect of any surplus assets but if such surplus assets are more than sufficient to pay to members the whole amount paid up on their shares, the balance shall be given to the Football Association Benevolent Fund or to some other similar club or institute in Oxfordshire.
The rights conferred by the preference shares are as follows:-
a) Holders are entitled to a fixed preferential dividend at the rate of 5.25% per annum on the amounts for the time being paid thereon. This dividend ranks for payment in priority to the payment on other shares of the company and is payable in respect of any accounting reference period (if and so far as, in the opinion of the directors, the profits of the company justify such payment) six months after the accounting reference date which concludes that period, provided such preference shares were in issue during the whole of such period.
b) On a winding up or other repayment of capital, holders are entitled to have the assets of the company available for distribution amongst the members applied, in priority to any other class of shares, in paying to them pari passu the capital paid up on their preference shares.
c) Holders are not entitled to receive notice of or attend or vote at any General Meeting unless the business of the meeting includes the consideration of a resolution for winding up the company or reducing its share capital.
d) Holders do not have the right to any further or other participation in the profits or assets of the company.
e) Preference shares are not redeemable.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 17 -
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
2,164,648
2,712,331
13
Events after the reporting date
Since the year-end, the Club has contracted for the purchase and sale of various players. The net amount receivable from this activity, and that will be reflected in the Profit & Loss Account of the 30th June 2022 year-end, is approximately £1,186,822.
At the year-end further amounts were potentially receivable in respect of players sold, and amounts payable in respect of players purchased, conditional upon future events. In accordance with the accounting policy in note 1, these will be accounted for in the year in which the condition is met.
14
Related party transactions
Oxford United in the Community Limited
During the year Oxford United in the Community Limited, a company with a director in common, made repayments to the company of £1,031 (2020: £7,047) and recharged costs of £10,459 (2020: £2,313). At the balance sheet date the amount due by Oxford United in the Community Limited was £4,694 (2020: £4,733 creditor).
Oxford United WFC Limited
During the year, the company provided £59,891 (2020: £39,396) against balances due from this company under common control. There were no balances outstanding at the balance sheet date (2020: £Nil).
15
Parent company
The company is controlled by Oxford Investment Holding PTE Ltd, a company registered in Singapore. The ultimate controlling party of the company is a director, Mr S Thanakarnjanasuth.
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 18 -
16
Prior period adjustment
Capital reserve arising on interest-free shareholder loan
During the financial year ended 30 June 2018, the company received an interest-free shareholder loan. The loan was initially recognised at below its face value to reflect the fact that it had not been granted at market value and to reflect the fact that the lender had been acting in their capacity as shareholder rather than as an independent lender. The discount estimated at the time was £298,336 however, this amount was credited to the profit and loss reserve rather than to a capital reserve. A prior period adjustment is included in these financial statements to correct this error. The effect of this correction on these financial statements is to increase the deficit on the profit and loss reserve at 1 July 2019 by £298,336 and to increase the balance on the capital reserve by the same amount.
Operating lease upfront payment
During the financial year ended 30 June 2020, the company made an upfront payment for a lease for freehold land and buildings which in substance is an operating lease. Due to an accounting error, the lease was treated in the financial statements to 30 June 2020 as a finance lease and the upfront payment was capitalised as freehold land and buildings. A prior year adjustment is reflected in these financial statements to correct this error. The effect of this prior year adjustment is to increase prepayments, as previously stated at 30 June 2020, by £519,500 and to reduce the cost of freehold land and buildings by the same amount. Furthermore, the depreciation charge and depreciation provision, as previously stated at 30 June 2020, have both been reduced by £19,956 and the comparative financial information to 30 June 2020 also now include an operating lease expense of £14,566.
Reclassification of expenses
In the prior year, the cost of operating the ticket system was included in repairs and maintenance and the directors believe that this cost should have been included in cost of sales. A reclassification between administration expenses and cost of sales has therefore been made. The effect of this is to reduce administration expenses in the year to 30 June 2020, as previously reported, by £40,711 with a corresponding increase in cost of sales.
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