Company Registration No. 03359117 (England and Wales)
FLEETWOOD WANDERERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
FLEETWOOD WANDERERS LIMITED
COMPANY INFORMATION
Directors
S Curwood
A J Pilley
Secretary
P Brown
Company number
03359117
Registered office
Poolfoot Farm
Butts Road
Thornton-Cleveleys
FY5 4HX
Auditor
Cowgill Holloway LLP
Regency House
45-53 Chorley New Road
Bolton
BL1 4QR
FLEETWOOD WANDERERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
FLEETWOOD WANDERERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2021
- 1 -
The directors present the strategic report for the year ended 30 June 2021.
Business Review
The year was the club’s seventh year in the Sky Bet League One, the third tier of professional football. The season was again hit by the COVID-19 pandemic, a phased return of fans was implemented through the early part of the season.
Simon Grayson was appointed in January 2021 until the end of the season.
The club continues to invest in its long-term future, during the season 10 academy players had involvement in first team football to assist in their development.
Principal Risks and Uncertainties
The company seeks to manage risk through a combination of Board oversight, operational routines, and policies and the principal risks are aggregated as follows:
Liquidity Risk
The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. For short to medium term flexibility, from time to time the other companies within the group in which Fleetwood Town operates provide cash loans.
Industry Specific Risks
The principal risk to the business is poor on field performance which could result in relegation that would potentially damage the income levels. Management are aware of this and are working towards a restructuring of the business model to mitigate such risk.
The club is impacted directly by the regulations and rules set by the FA, EFL, UEFA, and FIFA. The board monitors any changes within these regulations and ensure compliance to them.
Brexit risk
Following the UK leaving the European Union on 31 January 2020 the value of young English players has increased significantly, this is due to higher passport and visa requirements for overseas players to compete in the English football league.
Coronavirus Risk
At the time of filing we
are faced with the effect of Coronavirus (COVID19). Whilst no one can predict the extent of the impact this will have, the company is taking steps to protect against the worst effects. This includes eliminating unnecessary meetings and travel, preparations in case employees are recommended to self-isolate, implementing improved hygiene processes and protecting the company’s liquidity.
During the year, w
e furloughed
football players and
non-essential staff,
principally due to the restrictions imposed for both football matches and training
.
As soon as return to football matches was permitted the company recommenced activities,
albeit
slowly, with the return of fans to the stadium later in the year.
The company
continues to
monitoring the situation daily and is in continuing close liaison with both its trading partners
, players, fans
and its employees.
From a financial perspective, the company utilise
d
the available payment deferral schemes offered by HMRC to ease cash flow.
FLEETWOOD WANDERERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
Key Performance Indicators
2021 2020
£ £
Turnover
4,815,996
4,398,811
Profit/(loss) after taxation (2,
921,299
) (4,856,357)
Shareholder’s funds (23,
205,748
) (20,284,449)
Turnover increased by 9.48% during the year. This was linked to the recovery post COVID-19 lockdowns and the permitted phased return of fans to matches. In the prior year, due to the Covid-19 pandemic, the stadium was closed to the public from 18
th
March 2020 until the end of the season taking away matchday, hospitality, sponsorship and retail revenues until the end of the year.
Future Developments
The club continues to invest strongly in its long-term future with significant investment into the club’s academy. During the season 10 academy players were involved in first team football supporting their development.
A J Pilley
Director
29 March 2022
FLEETWOOD WANDERERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2021.
Principal activities
The principal activity of the company continued to be that of a professional football club.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Going concern
The Company is in a net current liabilities position. The directors have considered the future profitability of the wider group and its ability to continue as a going concern, and have prepared profit and cash flow forecasts for the next 12 months. These forecasts include expected support from group companies. Based on these projections, the directors are satisfied that, for the foreseeable future, the company can meet its projected working capital requirements. Implicit within these projections is the assumption that there will be continued support from group and related party companies. Consequently, the financial statements have been prepared on a going concern basis.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Curwood
A J Pilley
Auditor
The auditor, Cowgill Holloway LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-
make judgements 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 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.
FLEETWOOD WANDERERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
A J Pilley
Director
29 March 2022
FLEETWOOD WANDERERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLEETWOOD WANDERERS LIMITED
- 5 -
Opinion
We have audited the financial statements of Fleetwood Wanderers Limited (the 'company') for the year ended 30 June 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
-
give a true and fair view of the state of the company's affairs as at 30 June 2021 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
Auditor's
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 UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport 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.
FLEETWOOD WANDERERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEETWOOD WANDERERS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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.
Auditor's responsibilities for the audit of the financial statements
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
auditor's
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
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
FLEETWOOD WANDERERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEETWOOD WANDERERS LIMITED
- 7 -
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: laws related to
the operation of a football team
, employment law, data protection and health and safety.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance
.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations
We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:
-
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
-
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
-
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
FLEETWOOD WANDERERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLEETWOOD WANDERERS LIMITED
- 8 -
This report is made solely to the company's members, as a body, 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 auditor's 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, as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Stansfield (Senior Statutory Auditor)
For and on behalf of Cowgill Holloway LLP
29 March 2022
Chartered Accountants
Statutory Auditor
Regency House
45-53 Chorley New Road
Bolton
BL1 4QR
FLEETWOOD WANDERERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2021
- 9 -
2021
2020
Notes
£
£
Turnover
3
4,815,996
4,398,811
Cost of sales
(736,219)
(1,027,502)
Gross profit
4,079,777
3,371,309
Administrative expenses
(8,012,241)
(9,398,111)
Other operating income
1,094,423
1,170,445
Operating loss
4
(2,838,041)
(4,856,357)
Interest receivable and similar income
7
(67,536)
Interest payable and similar expenses
8
(15,722)
Loss before taxation
(2,921,299)
(4,856,357)
Tax on loss
9
Loss for the financial year
(2,921,299)
(4,856,357)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
FLEETWOOD WANDERERS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
10
20,715
203,337
Tangible assets
11
3,597,199
4,013,614
Investments
12
150,000
128,175
3,767,914
4,345,126
Current assets
Stocks
13
24,370
31,747
Debtors
14
432,960
567,467
Cash at bank and in hand
123,299
249,590
580,629
848,804
Creditors: amounts falling due within one year
15
(26,128,473)
(25,289,444)
Net current liabilities
(25,547,844)
(24,440,640)
Total assets less current liabilities
(21,779,930)
(20,095,514)
Creditors: amounts falling due after more than one year
16
(1,425,818)
(188,935)
Net liabilities
(23,205,748)
(20,284,449)
Capital and reserves
Called up share capital
20
100
100
Share premium account
900
900
Profit and loss reserves
(23,206,748)
(20,285,449)
Total equity
(23,205,748)
(20,284,449)
The financial statements were approved by the board of directors and authorised for issue on 29 March 2022 and are signed on its behalf by:
A J Pilley
Director
Company Registration No. 03359117
FLEETWOOD WANDERERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2019
100
900
(15,429,092)
(15,428,092)
Year ended 30 June 2020:
Loss and total comprehensive income for the year
-
-
(4,856,357)
(4,856,357)
Balance at 30 June 2020
100
900
(20,285,449)
(20,284,449)
Year ended 30 June 2021:
Loss and total comprehensive income for the year
-
-
(2,921,299)
(2,921,299)
Balance at 30 June 2021
100
900
(23,206,748)
(23,205,748)
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 12 -
1
Accounting policies
Company information
Fleetwood Wanderers Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Poolfoot Farm, Butts Road, Thornton-Cleveleys, FY5 4HX.
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Jaymel Limited
. These consolidated financial statements are available from its registered office
,
Poolfoot Farm, Butt Road, Thornton-Cleveleys, FY5 4HX.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company's balance sheet shows net current liabilities of £
25,547,844
(20
20
: £
24,440,640
) and excess of liabilities over assets of £23,
205,748
(20
20
: £20,284,449).
The company requires continuing financial support from its director A J Pilley, fellow group companies and other companies controlled by him. A J Pilley has indicated that he is willing to provide such continued financial support for the foreseeable future.
As at 30 June 202
1
the company owed fellow group companies £
21,777,079
(20
20
: £
21
,
608
,
987
) and related companies £
1,346,743
(20
20
: £
1,441,552
). These balances are included within other creditors less than one year, on the basis that there is no formal loan agreements and therefore are deemed to repayable upon demand. However assurance has been gained that these loans will not be recalled until the company is in a position to repay them.
The directors have considered the future profitability of the wider group and its ability to continue as a going concern, and have prepared profit and cash flow forecasts for the next 12 months. These forecasts include expected support from group companies. Based on these projections and the items above, the directors are satisfied that, for the foreseeable future, the company can meet its projected working capital requirements. Implicit within these projections is the assumption that that there will be continued support from group and related party companies. Consequently, the financial statements have been prepared on a going concern basis.
1.3
Turnover
Turnover is recognised as services and events are provided. Income generated from football matches is recognised as matches are played, this includes seasonal packages which are split equally between league home games. Sponsorship and similar commercial income is recognised over the duration of the football season whilst additional facility fee for live coverage or highlights are taken when earned. Merit awards, where applicable, are accounted for only when known at the end of the season.
Where turnover represents prize money it is recognised in the accounting period in which the prize money is determined.
Merchandise sales are recognised at the fair value of the consideration received for goods sold and is shown net of VAT and other sales related taxes.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets other than goodwill
In accordance with FRS102 "Goodwill and Intangible Assets", fees payable on the transfer of players' registrations are capitalised at cost and written off over the length of the players' contracts. Profit or loss on the sale of players' registrations is based on transfer fees receivable and amortised cost of the players and is recognised in the period in which the transfers are made. Players' registrations are written down for impairment when the carrying amount exceeds the amount recoverable through use or sale. Future payments for the acquisition of a player's registration, which may become due dependent on the performance of the team and/or the individual player, are recognised within the original cost of acquisition if, in the opinion of the Directors, it is probable that these payments will eventually be made. Similar terms may exist in contracts for the sale of players' registrations but such payments are not recognised as part of the proceeds of disposal until the event upon which the payment is dependent is known to have occurred. Provision is made for any impairment.
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 land and buildings
5% p.a. straight line basis
Plant and equipment
15% p.a. reducing balance basis
Fixtures and fittings
15% p.a. reducing balance basis
Computers
33% p.a. straight line basis
Motor vehicles
25% p.a. reducing balance basis
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
.
1.6
Fixed asset investments
Fixed asset investments are
initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
1.7
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). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 15 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and n
et realisable value after making due allowance for obsolete and slow moving items.
1.9
Cash and cash equivalents
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.
1.10
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
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.
1.12
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
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Government grants
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.
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.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Tangible fixed assets
The useful economic life of tangible fixed assets has to be estimated by the director of the company to ensure and appropriate depreciation charge is recognised each year.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Football operations
4,749,489
4,020,300
Non-Football operations
66,507
378,511
4,815,996
4,398,811
2021
2020
£
£
Other significant revenue
Interest income
(67,536)
-
Grants received
794,284
719,239
4
Operating loss
2021
2020
Operating loss for the year is stated after charging/(crediting):
£
£
Government grants
(794,284)
(719,239)
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
10,000
Depreciation of owned tangible fixed assets
477,923
503,201
Loss on disposal of tangible fixed assets
6,264
Amortisation of intangible assets
129,193
432,442
Profit on disposal of intangible assets
(174,010)
Government grants received in the year related to claims made for the Coronavirus Job Retention Scheme.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Playing staff
43
59
Non-playing staff
94
139
Total
137
198
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
5,679,730
6,447,328
Social security costs
529,704
598,492
Pension costs
35,091
45,148
6,244,525
7,090,968
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
133,159
138,459
Company pension contributions to defined contribution schemes
2,932
2,657
136,091
141,116
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Other interest income
(67,536)
8
Interest payable and similar expenses
2021
2020
£
£
Other interest
15,722
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 20 -
9
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Loss before taxation
(2,921,299)
(4,856,357)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(555,047)
(922,708)
Tax effect of expenses that are not deductible in determining taxable profit
20,263
591
Unutilised tax losses carried forward
50,325
441,847
Adjustments in respect of prior years
(17,673)
Group relief
437,446
452,403
Depreciation on assets not qualifying for tax allowances
50,006
50,006
Other
(2,993)
(4,466)
Taxation charge for the year
-
-
10
Intangible fixed assets
Player Registrations
£
Cost
At 1 July 2020
1,136,763
Disposals
(994,500)
At 30 June 2021
142,263
Amortisation and impairment
At 1 July 2020
933,426
Amortisation charged for the year
129,193
Disposals
(941,071)
At 30 June 2021
121,548
Carrying amount
At 30 June 2021
20,715
At 30 June 2020
203,337
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 21 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2020
5,263,842
1,674,882
2,676,736
114,454
390,982
10,120,896
Additions
67,772
67,772
Disposals
(12,000)
(12,000)
At 30 June 2021
5,263,842
1,730,654
2,676,736
114,454
390,982
10,176,668
Depreciation and impairment
At 1 July 2020
2,507,743
1,199,380
2,014,148
94,552
291,459
6,107,282
Depreciation charged in the year
263,192
79,322
99,238
11,341
24,830
477,923
Eliminated in respect of disposals
(5,736)
(5,736)
At 30 June 2021
2,770,935
1,272,966
2,113,386
105,893
316,289
6,579,469
Carrying amount
At 30 June 2021
2,492,907
457,688
563,350
8,561
74,693
3,597,199
At 30 June 2020
2,756,099
475,502
662,588
19,902
99,523
4,013,614
12
Fixed asset investments
2021
2020
£
£
Unlisted investments
150,000
128,175
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
12
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2020
128,175
Additions
89,361
At 30 June 2021
217,536
Impairment
At 1 July 2020
-
Impairment losses
67,536
At 30 June 2021
67,536
Carrying amount
At 30 June 2021
150,000
At 30 June 2020
128,175
13
Stocks
2021
2020
£
£
Finished goods and goods for resale
24,370
31,747
14
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
231,588
85,261
Corporation tax recoverable
21,589
Amounts owed by group undertakings
82,496
Other debtors
107,040
276,668
Prepayments and accrued income
11,836
183,949
432,960
567,467
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 23 -
15
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Other borrowings
17
771,254
60,800
Trade creditors
673,863
883,071
Amounts owed to group undertakings
21,777,079
21,608,987
Taxation and social security
1,266,773
806,735
Deferred income
18
93,362
8,923
Other creditors
1,359,323
1,451,641
Accruals and deferred income
186,819
469,287
26,128,473
25,289,444
16
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other borrowings
17
1,366,570
122,000
Deferred income
18
59,248
66,935
1,425,818
188,935
17
Loans and overdrafts
2021
2020
£
£
Other loans
2,137,824
182,800
Payable within one year
771,254
60,800
Payable after one year
1,366,570
122,000
Other borrowings includes a £2,000,000 unsecured, non-interest bearing loan from the EFL. For accounting purposes an interest rate of 2.5% p.a. has been applied to discount this loan as required by accounting standard for non-market rate loans. Repayments of £333,333 commence on 13 August 2021, twice yearly and full repayment due by 15 January 2024.
Other borrowings also includes a £82,800 total unsecured, non-interest bearing advance from the EFL. On the grounds of immateriality, no discounting has been applied for this loan. Repayments of £30,400 commence on 1 October 2021, twice yearly and full repayment due by 1 April 2024.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 24 -
18
Deferred income
2021
2020
£
£
Arising from government grants
66,935
74,622
Other deferred income
85,675
1,236
152,610
75,858
Deferred income is included in the financial statements as follows:
Current liabilities
93,362
8,923
Non-current liabilities
59,248
66,935
152,610
75,858
The grants are secured by way of a negative pledge over leasehold property assets of the company.
19
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,091
45,148
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
34,784
51,368
Between two and five years
5,621
39,864
40,405
91,232
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 25 -
22
Related party transactions
The company has taken advantage of the exemption available in accordance with F
inancial Reporting Standard 102 Section 33,
not to disclose transactions entered into between two or more members of a group,
where any subsidiary party to the transaction is wholly owned.
During the year the company has charged rent of £150,000 (2020: £150,000), sponsorship of £700,000 (2020: £700,000) and other services of £1,556 (2020: £4,978) to Business Energy Solutions Ltd, a company under common control. Also during the year purchases were made from Business Energy Solutions Ltd of £124,622 (2020: £105,671). During the year £Nil (2020: £625,000) was repaid to Business Energy Solutions Ltd, there are no official repayment terms for the remaining balance, however it is expected to be repaid over a number of years and is non-interest bearing. At the year end an amount of £670,429 (2020: £776,595) was owed to Business Energy Solutions Ltd, this amount is included within other creditors.
During the year the company has charged rent of £150,000 (2020: £150,000) and other services of £12,962 (2020: £Nil) to BES Commercial Electricity Ltd, a company under common control. During the year £Nil (2020: £625,000) was advanced by BES Commercial Electricity Ltd, there are no official repayment terms for the remaining balance, however it is expected to be repaid over a number of years and is non-interest bearing. Also during the year purchases were made from BES Commercial Electricity Ltd of £10,416 (2020: £47,645). At the year end an amount of £625,091 (2020: £641,488) was owed to BES Commercial Electricity Ltd, this amount is included within other creditors.
During the year the company has charged services of £Nil (20
20
: £6,027) to Smart Choice Metering Limited, a company under common control. At the year end an amount of £65 (2020: £Nil) was owed
by
Smart Choice Metering Limited, this amount is included within other debtors.
During the year the company has charged rent of £15,000 (2020: £15,000) and other services of £Nil (2020: £4,027) to Fleetwood Town Community Trust, a trust under common control. Also during the year purchases were made from Fleetwood Town Community Trust of £5,361 (2020: £Nil). At the year end an amount of £1,608 (2020: £1,960) was owed by Fleetwood Town Community Trust, this amount is included within other debtors.
During the year the company has recognised purchases from Breck Apartments LLP of £38,382 (2020: £14,875), a partnership under common control. At the year end an amount of £120 (2020: £Nil) was owed to Breck Apartments LLP, this amount is included within other creditors.
During the year the company made sales of £160 (2020: £100,638) to and purchases of £36,939 (2020: £23,092) from Card Saver Limited, a company under common control. At the year-end an amount of £33,658 (2020: £190,461) was owed from Card Saver Limited, this amount is included within other debtors.
At the year end an amount of £
4,540
(2020: £2,029) was owed to The Leisure Channel Limited, a company under common control, this amount is included within other creditors.
During the year the company has recognised sales of £46 (2020: £Nil) to and purchases of £18,720 (2020: £23,092) from New Primrose Developments LLP, a partnership under common control. At the year end an amount of £
12,905
(2020: £20,000) was owed to New Primrose Developments LLP, this amount is included within other creditors.
During the year the company has recognised purchases of £900 (2020: £3,518), from The Hospitality Academy Limited, a company under common control. At the year end an amount of £Nil (2020: £1,440) was owed to The Hospitality Academy Limited, this amount is included within other creditors.
FLEETWOOD WANDERERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
22
Related party transactions
(Continued)
- 26 -
During the year the company recharged other administrative expenses of £24,124 (2020: £Nil) from Commercial Power Ltd, a company under common control. During the year sales were made to Commercial Power of £1,430 (2020: £366) and sponsorship of £100,000 (2020: £100,000). During the year £125,000 (2020: £1,110,000) was advanced from Commercial Power, there are no official repayment terms, however it is expected to be repaid over a number of years and is non-interest bearing. At the year end an amount of £
20,263,768
(2020: £
20,121,403
) was owed to Commercial Power, this amount is included within group c
reditors
.
At the year end an amount of £82,496 (2020: £Nil) was owed by Jaymel Limited, the parent company as
included within group debtors.
23
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director loan
2.25
-
37,452
(37,452)
-
-
37,452
(37,452)
-
24
Ultimate controlling party
The ultimate parent company is Jaymel Limited, a company registered in England and Wales.
Fleetwood Wanderers Limited is consolidated within the Jaymel Limited's group financial statements and copies can be be obtained from the group's registered office, Poolfoot Farm, Butts Road, Thornley-Cleveleys, FY5 4HX.
The ultimate controlling party is A J Pilley based on his majority shareholding in the parent company, Jaymel Limited.
2021-06-30
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