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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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BARNET 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 2018 |
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FOR |
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BARNET FOOTBALL CLUB LIMITED |
BARNET FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01239681) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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BARNET FOOTBALL CLUB LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
BARNET FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01239681) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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( |
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PROVISIONS FOR LIABILITIES | 8 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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BARNET FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01239681) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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1. | GENERAL INFORMATION |
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Barnet Football Club Limited 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. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In preparing the financial statements, management is required to make estimates and assumptions which affect |
reported income, expenses, assets and liabilities. Use of available information and application of judgement are |
inherent in formation of estimates, together with past experience and expectations of future events which are |
believed to be reasonable under the circumstances. |
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The following are the key judgements that management have made in the process of applying the Company's |
accounting policies and that have the most significant effect on the amounts recognised in the financial |
statements: |
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a) Amortisation of intangible assets: amortisation is provided as to write down assets to their residual value over |
their estimated useful lives. |
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b) Taxation: tax benefits are not recognised unless it is probable that they will be obtained. Tax provisions are |
made if it is probable that a liability will arise. The Company reviews each significant tax liability or benefit to |
assess the appropriate accounting treatment. |
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Turnover |
Revenue of the Company comprises match receipts and income from club activities recognised at the point |
earned and grant income and sponsorship income recognised as incurred over the relevant period. |
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Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and |
the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or |
receivable, excluding value added tax. |
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Intangible assets |
Intangible assets comprising player registrations are initially recognised at cost. After recognition, under the cost |
model, intangible assets are measured at cost less any accumulated amortisation and any accumulated |
impairment losses. |
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All intangible assets are considered to have a finite useful life. The directors have deemed the useful life to be 30 |
months, being the average length of players' contracts. |
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Profits or losses on the sale of player registrations represent the transfer fee receivable, net of any transaction |
costs, less the unamortised cost of the applicable player’s registration and are recognised within operating |
expenses. |
BARNET FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01239681) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors and loans to and from related parties. |
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Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method, less any impairment. |
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice |
of not more than 24 hours. |
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using |
the effective interest method. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
accounts receivable and payable, are initially measured at present value of the future cash flows and |
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or |
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the |
undiscounted amount of the cash or other consideration expected to be paid or received. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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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 statement of financial position 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 |
statement of financial position 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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BARNET FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01239681) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 July 2017 |
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Additions |
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Disposals | ( |
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Impairments | (12,626 | ) |
At 30 June 2018 |
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AMORTISATION |
At 1 July 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
2018 |
£ |
Deferred tax |
Accelerated capital allowances |
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BARNET FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 01239681) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 July 2017 | ( |
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Charge to Income Statement during year |
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Balance at 30 June 2018 |
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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 unqualified. |
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for and on behalf of
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10. | RELATED PARTY TRANSACTIONS |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Under section 33.1 A of FRS 102, disclosures need not be given between two or more wholly owned members of |
a group. Given that the Company is not wholly owned by its immediate parent undertaking, the Company does |
not qualify for this exemption and the relevant related party disclosures are required. |
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At the year end, the Company was owed £403,740 (2017: £616,668) by fellow subsidiaries. |
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During the year, the Company has made sales £317,200 (2017: £391,197) and purchases of £53,709 (2017: |
£49,834) to related undertakings having a director in common. |
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During the year, the Company has made purchases of £65,787 (2017: £84,744) to fellow subsidiaries. |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The immediate parent company is Barnet Football Club Holdings Limited. The ultimate parent company is |
Double A group Limited. |