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Financial Statements for the Year Ended 30 June 2021 |
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The Albion Rovers Football Club, Ltd. |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 June 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(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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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 and authorised for issue on
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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 2021 |
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1. | STATUTORY INFORMATION |
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The Albion Rovers Football Club, Ltd. is a
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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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As explained in the directors' report, the company's ongoing trade is facing a impact from the Covid-19 pandemic. At this stage it is not possible to say how significant this impact will be or for how long it will be experienced. As a result of the potential fall in turnover the directors have taken steps to reduce costs in the short term and intend to make full use of any government assistance that is available as and when required so that the company can continue trading as a going concern. |
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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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Grants |
Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate. |
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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. |
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 2021 |
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3. | ACCOUNTING POLICIES - continued |
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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 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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Included in cost or valuation of land and buildings is freehold land of £ 250,000 (2020 - £ 250,000 ) which is not depreciated. |
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Cost or valuation at 30 June 2021 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 | 177,845 | 194,185 |
1,000,000 | 177,845 | 1,177,845 |
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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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2021 | 2020 |
£ | £ |
Cost | 16,340 | 16,340 |
Aggregate depreciation | 551 | 551 |
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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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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 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
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 |
2021 | 2020 |
£ | £ |
Other creditors |
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9. | 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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10. | 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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11. | FRC 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. |
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 2021 |
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12. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate controlling party. |