Company Registration No. 04989487 (England and Wales)
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Unaudited accounts
for the year ended 30 June 2021
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Unaudited accounts
Contents
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Company Information
for the year ended 30 June 2021
Directors
A Lemsagam
M Lemsagam
A Morallee
Company Number
04989487 (England and Wales)
Registered Office
BOUNDARY PARK
FURTHERWOOD ROAD
OLDHAM
OL1 2PB
ENGLAND
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Statement of financial position
as at
30 June 2021
Tangible assets
1,182,699
1,322,220
Cash at bank and in hand
46,732
39,523
Creditors: amounts falling due within one year
(2,968,126)
(3,381,800)
Net current liabilities
(2,722,410)
(2,869,350)
Total assets less current liabilities
(1,539,711)
(1,547,130)
Creditors: amounts falling due after more than one year
(1,449,219)
(1,550,000)
Net liabilities
(2,988,930)
(3,097,130)
Called up share capital
20,200
20,200
Share premium
2,284,722
2,284,722
Profit and loss account
(5,293,852)
(5,402,052)
Shareholders' funds
(2,988,930)
(3,097,130)
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2022 and were signed on its behalf by
A Lemsagam
Director
Company Registration No. 04989487
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2021
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04989487. The registered office is BOUNDARY PARK, FURTHERWOOD ROAD, OLDHAM, OL1 2PB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
In accordance with their responsibilities the directors have considered the appropriateness of the going concern basis for the preparations of the financial statements.
The company's ability to remain a going concern is dependent on the on-going support of the Chairman of the Board of Directors due to the company having a large amount of net current liabilities.
The company's short term (12 months) and medium term (3 years) cash flow projections were reviewed and it was the Directors' view, given the impact of the cost control measures put in place and the emphasis on increasing revenues, that the company's financial position would be expected to improve rather than deteriorate, given currently known factors.
The Chairman has reiterated his commitment to fund any cash shortfalls, a requirement that is significantly lower now compared with previous years due to cost control exercises carried out recently.
The impact of the coronavirus pandemic during the whole of the financial year was largely cushioned by accessing the government's Job Retention Scheme, and insurance payouts on the club's business interruption policy.
Directors are satisfied in their judgement that the company will have access to adequate resources to continue to operate as a professional football club for a period of at least twelve months from the date of approving these accounts.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2021
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
25 years
Fixtures & fittings
5 years
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2021
5
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2020
1,909,175
52,423
324,654
2,286,252
At 30 June 2021
1,909,175
52,423
324,654
2,286,252
At 1 July 2020
593,967
52,423
317,642
964,032
Charge for the year
137,871
-
1,650
139,521
At 30 June 2021
731,838
52,423
319,292
1,103,553
At 30 June 2021
1,177,337
-
5,362
1,182,699
At 30 June 2020
1,315,208
-
7,012
1,322,220
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
133,879
448,983
Accrued income and prepayments
59,946
315
Other debtors
5,159
23,629
7
Creditors: amounts falling due within one year
2021
2020
Obligations under finance leases and hire purchase contracts
50,057
43,836
Trade creditors
1,240,448
1,610,984
Taxes and social security
301,014
186,755
Other creditors
764,110
594,996
Loans from directors
458,309
636,037
Deferred income
128,160
241,707
8
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
1,400,000
1,500,000
Contingent liabilities: £882k (2019/20: £920k)
The contingent liabilities are attributable primarily to potential liabilities arising from matters relating to taxes and customs duties, relating to transactions carried out in 2016 (£882k). This is currently under formal review.
OLDHAM ATHLETIC (2004) ASSOCIATION FOOTBALL CLUB LIMITED
Notes to the Accounts
for the year ended 30 June 2021
10
Average number of employees
During the year the average number of employees was 227 (2020: 203).