|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 30 June 2018 |
|
for |
|
THE ALBION ROVERS FOOTBALL CLUB LTD |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 30 June 2018 |
|
for |
|
THE ALBION ROVERS FOOTBALL CLUB LTD |
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
THE ALBION ROVERS FOOTBALL CLUB LTD |
|
Company Information |
for the Year Ended 30 June 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
|
Balance Sheet |
30 June 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation reserve |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
|
|
|
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
|
Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
|
1. | STATUTORY INFORMATION |
|
The Albion Rovers Football Club Ltd is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
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. |
|
Tangible fixed assets |
|
Land and buildings | - |
|
Plant and machinery etc | - |
|
|
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. |
|
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. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
|
3. | ACCOUNTING POLICIES - continued |
Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
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. |
|
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. |
|
Going concern |
The directors consider it appropriate to prepare the financial statements on a going concern basis. |
|
The Board of directors have taken further steps since the last season to cut costs in the Football Club, wherever |
possible, and to generate additional income streams to bring the Football Club back on to an even footing in financial |
terms. Results for the current financial year to date indicate that this has been the continuing trend of lowering costs |
and continuing to open new income streams. |
|
In the near future the directors are looking 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 continue to be used to reduce costs and review the club finances. The Club is in on-going |
discussions with the Royal Bank of Scotland regarding the overdraft facility to reduce the pressure of short term |
cashflow challenges. |
|
The going concern is subject to the continued support from the Football Club's funders, the Club's creditors, as well |
as the continued support from the fans. The directors fully expect that this support will be ongoing. |
|
The financial statements do not include any adjustments that would result from a withdrawal of support from the |
various groups mentioned above. |
|
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. |
|
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. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
|
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2017 |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 30 June 2018 |
|
|
|
DEPRECIATION |
At 1 July 2017 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 30 June 2018 |
|
|
|
NET BOOK VALUE |
At 30 June 2018 |
|
|
|
At 30 June 2017 |
|
|
|
|
Included in cost or valuation of land and buildings is freehold land of £ 250,000 (2017 - £ 250,000 ) which is not |
depreciated. |
|
Cost or valuation at 30 June 2018 is represented by: |
|
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 | 122,125 | 138,465 |
1,000,000 | 122,125 | 1,122,125 |
|
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
|
2018 | 2017 |
£ | £ |
Cost | 16,340 | 16,340 |
Aggregate depreciation | 184 | 184 |
|
Land was valued on an open market basis on 1 October 2014 by DM Hall, Chartered Surveyors . |
|
Included in fixed asset are assets with a net book value of £483 (2017 - £1,416) that are subject to finance leases. |
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts and finance leases |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts and finance leases |
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank overdrafts |
|
|
Hire purchase contracts and finance leases | 41,785 | 74,511 |
|
|
|
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. The finance leases are secured over the assets concerned. |
THE ALBION ROVERS FOOTBALL CLUB LTD (REGISTERED NUMBER: SC010466) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
|
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was qualified on the following basis: |
|
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 assumes no adverse ground |
conditions or environmental conditions. We were unable to determine whether these elements would require any |
financial adjustments to the financial statements. |
|
The shareholders register is incomplete and a substantial number of shareholders are unidentified. We cannot |
therefore verify full shareholder details. |
|
|
for and on behalf of
|
|
11. | CONTINGENT LIABILITIES |
|
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. |
|
12. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
|
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. |
|
13. | ULTIMATE CONTROLLING PARTY |
|
There is no ultimate controlling party. |