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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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LIVINGSTON FOOTBALL CLUB LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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FOR |
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LIVINGSTON FOOTBALL CLUB LIMITED |
LIVINGSTON FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC142420) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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LIVINGSTON FOOTBALL CLUB LIMITED |
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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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Chartered Accountants & Registered Auditor |
22 Backbrae Street |
Kilsyth |
G65 0NH |
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BANKERS: |
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Almondvale South |
Livingston |
West Lothian |
EH54 6SN |
LIVINGSTON FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC142420) |
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BALANCE SHEET |
30 June 2019 |
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30.6.19 | 30.6.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
LIVINGSTON FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC142420) |
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BALANCE SHEET - continued |
30 June 2019 |
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The financial statements were approved by the Board of Directors on
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LIVINGSTON FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC142420) |
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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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Livingston Football Club Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover and revenue recognition |
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when |
goods and services are provided to the customer. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Intangible fixed assets |
The stamp duty on the stadium lease has been capitalised and is being amortised over the length of the lease, |
which is 50 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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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Deferred tax |
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. |
LIVINGSTON FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC142420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Stamp |
duty |
£ |
COST |
At 1 July 2018 |
and 30 June 2019 |
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AMORTISATION |
At 1 July 2018 |
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Amortisation 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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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2018 |
and 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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LIVINGSTON FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC142420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2019 |
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6. | STOCKS |
30.6.19 | 30.6.18 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | 97,411 | 32,280 |
Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Other creditors |
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Directors' loan accounts | - | 138,359 |
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10. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 July 2018 | ( |
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(2,499,995 | ) |
Profit for the year |
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Non Repayable Loans | - | (172,260 | ) | (172,260 | ) |
At 30 June 2019 | ( |
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(2,304,725 | ) |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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LIVINGSTON FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC142420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2019 |
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12. | RELATED PARTY DISCLOSURES |
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The company is related to the following parties due to a common ownership and control: |
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Livingston 5 Ltd |
Opcco6 Ltd |
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The balances due from the related parties are as follows: |
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30/06/2019 | 30/06/2018 |
£ | £ |
Livingston 5 Ltd | 25,175 | 25,175 |
Opcco6 Ltd | - | - |
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The total is disclosed within other debtors in Note 8 of the financial statements. |
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13. | POST BALANCE SHEET EVENTS |
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Due to the current coronavirus pandemic the SFA have postponed a number of games and Scottish Football as a |
whole remains under review. This is an unprecedented event and at present the impact to Livingston Football |
Club remains unknown. |
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14. | ULTIMATE CONTROLLING PARTY |
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The controlling party is OPCCO6 Ltd. |
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The ultimate controlling party is
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15. | GOING CONCERN |
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At the balance sheet date the company's liabilities exceeded its assets by £658,754. To continue operating as a |
going concern the company requires the continuing financial support of its directors and other lenders. The total |
amounts owed to these individuals are £756,090 and are shown in note 10 of the financial statements. These |
lenders have agreed not to charge interest on their loans and all directors have also agreed not to request any |
material repayment for the next twelve months. The loans are not repayable on demand. |
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16. | NON REPAYABLE LOANS |
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These loans are not repayable on demand but can however be converted to shares. This is per the Court of |
Session Decree issued on 17th April 2015 as instructed all loans prior to October 2013 will only be repaid when |
the company is in a financially viable position. |
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Included within other creditors there is a balance of £469,587.48 that is non repayable. |