Company Registration No. 01922742 (England and Wales)
ST ALBANS CITY FOOTBALL & ATHLETIC CLUB LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
FILLETED ACCOUNTS
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Herts
AL1 3SE
ST ALBANS CITY FOOTBALL & ATHLETIC CLUB LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ST ALBANS CITY FOOTBALL & ATHLETIC CLUB LTD
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,506
6,199
Current assets
Debtors
4
18,224
39,533
Cash at bank and in hand
11,282
28,986
29,506
68,519
Creditors: amounts falling due within one year
5
(49,081)
(103,367)
Net current liabilities
(19,575)
(34,848)
Total assets less current liabilities
(14,069)
(28,649)
Creditors: amounts falling due after more than one year
6
(710,973)
(553,983)
Net liabilities
(725,042)
(582,632)
Capital and reserves
Called up share capital
7
630,000
630,000
Profit and loss reserves
(1,355,042)
(1,212,632)
Total equity
(725,042)
(582,632)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ST ALBANS CITY FOOTBALL & ATHLETIC CLUB LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2019 and are signed on its behalf by:
Mr L M Levy
Mr J McGowan
Director
Director
Company Registration No. 01922742
ST ALBANS CITY FOOTBALL & ATHLETIC CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information
St Albans City Football & Athletic Club Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Faulkner House, Victoria Street, St Albans, Herts, AL1 3SE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is supported by a loan from the holding company, Hertfordshire Sports Holdings Limited.
On this basis, the directors 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 the loan by the holding company.
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
.
1.4
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:
Buildings improvements
5% straight line
Fixtures, fittings & equipment
15% reducing balance
1.5
Cash at bank and in hand
Cash at bank and in hand
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.
ST ALBANS CITY FOOTBALL & ATHLETIC CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2017 - 14).
3
Tangible fixed assets
Buildings improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 July 2017
119,523
40,161
159,684
Additions
-
274
274
At 30 June 2018
119,523
40,435
159,958
Depreciation and impairment
At 1 July 2017
119,523
33,962
153,485
Depreciation charged in the year
-
967
967
At 30 June 2018
119,523
34,929
154,452
Carrying amount
At 30 June 2018
-
5,506
5,506
At 30 June 2017
-
6,199
6,199
ST ALBANS CITY FOOTBALL & ATHLETIC CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
12,670
35,863
Other debtors
5,554
3,670
18,224
39,533
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
20,185
36,156
Taxation and social security
4,189
7,104
Other creditors
24,707
60,107
49,081
103,367
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
710,973
553,983
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
630,000 ordinary shares of £1 each
630,000
630,000
630,000
630,000
8
Control
The ultimate controlling party is Hertfordshire Sports Holdings Limited who owns 99.997% of the issued shares. Hertfordshire Sports Holdings Limited is jointly controlled by Mr L M Levy and Mr J McGowan who are both directors of the company.