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Financial Statements for the Year Ended 30 June 2019 |
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THE ALBION ROVERS FOOTBALL CLUB LTD |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 June 2019 |
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for |
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THE ALBION ROVERS FOOTBALL CLUB LTD |
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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THE ALBION ROVERS FOOTBALL CLUB LTD |
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Company Information |
for the Year Ended 30 June 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
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Balance Sheet |
30 June 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2019 |
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1. | STATUTORY INFORMATION |
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The Albion Rovers Football Club Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts received from gate and television receipts, sponsorship and commercial income, |
and transfer fees, exclusive of value added tax. Consideration is given to the point at which the company is |
entitled to receive the income. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is |
not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of |
the cash-generating unit to which the asset belongs. |
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Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets |
below this threshold is charged directly to the profit and loss account in the period it is incurred. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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3. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Going concern |
The directors consider it appropriate to prepare the financial statements on a going concern basis. |
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The Board of directors continue the progress they have made in managing costs within the Football Club, and |
continue to develop income streams that has brought the Football Club back on to an even footing in financial |
terms, over the past few years. Results for the current financial year to date indicate that this has been continued |
and the club continues to meet its liabilities as they fall due. |
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The directors continue to look to match the costs associated with running the Football Club to the income being |
generated to avoid the need for additional external funding in the medium to longer terms. A budget and |
cashflow analysis continues to be used to assist with this process. |
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The going concern is subject to the continued support from the Football Club's bank, the Club's creditors, as well |
as the continued support from the fans. The directors fully expect that this support will continue. |
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The financial statements do not include any adjustments that would result from a withdrawal of support from the |
various groups mentioned above. |
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Player and manager registrations |
Gains or losses on fees receivable from other football clubs on the transfer of players' or managers' registrations |
are recorded in the profit and loss account in the accounting period in which the transfer takes place. No value is |
attached to any registrations currently in place. |
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Payments or receipts which are contingent on the performance of the team or players are not recognised until the |
events crystallising such payments or receipts have taken place. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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Included in cost or valuation of land and buildings is freehold land of £ 250,000 (2018 - £ 250,000 ) which is not |
depreciated. |
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Cost or valuation at 30 June 2019 is represented by: |
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Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 1990 | 342,430 | - | 342,430 |
Valuation in 2006 | 758,230 | - | 758,230 |
Valuation in 2014 | (117,000 | ) | - | (117,000 | ) |
Cost | 16,340 | 129,728 | 146,068 |
1,000,000 | 129,728 | 1,129,728 |
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If freehold land and buildings had not been revalued they would have been included at the following historical |
cost: |
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2019 | 2018 |
£ | £ |
Cost | 16,340 | 16,340 |
Aggregate depreciation | 184 | 184 |
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Land was valued on an open market basis on 1 October 2014 by DM Hall, Chartered Surveyors . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts and finance leases |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts and finance leases | - | 41,785 |
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The bank overdraft is secured by a standard security over the stadium and a bond and floating charge over the |
whole of the company's assets. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for qualified opinion |
A valuation of the land and property has been carried out independently by DM Hall as at October 2014 based |
on development value as they would not foresee any interest from the existing sector. It assumed no adverse |
ground conditions or environmental conditions. We were unable to determine whether these elements would |
require any material adjustments to the financial statements and are therefore unable to verify the valuation in |
the financial statements. |
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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 Auditors' 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 the provisions available for small entities, in the circumstances set out in note |
twelve to the financial statements, 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 qualified opinion. |
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for and on behalf of
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THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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11. | CONTINGENT LIABILITIES |
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There is a contingent liability to North Lanarkshire Council for the sum of £22,480. Payment of this amount is |
contingent on the sale of Cliftonhill Stadium. This relates to the cost of geological work carried out by North |
Lanarkshire Council. |
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12. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns |
to the tax authorities and assist with the preparation of the financial statements. |
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13. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |