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Registration number: NI028649

Ballymena United Football Club Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2021

 

Ballymena United Football Club Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 23

 

Ballymena United Football Club Limited

Company Information

Directors

D Blair

J Murray

D Stirling

J Taggart

C Selwood

Company secretary

S Torrington

Registered office

51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

Solicitors

Sara Edge Solicitors
4 Ballymoney Road
Ballymena
Co.Antrim
BT43 5BY

Auditors

D T Carson & Co.
Chartered Accountants & Registered Auditors
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

 

Ballymena United Football Club Limited

Strategic Report for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

Principal activity

The principal activity of the company is that of a football club

Fair review of the business

At the end of the year, the total net assets/(liabilities) totalled £444,908 (2020 £400,663)

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2021

2020

Turnover

£

705,318

630,595

Turnover growth

%

12

(32)

Gross profit margin

%

100

100

Profit before tax

£

56,315

80,617

Approved and authorised by the Board on 30 March 2022 and signed on its behalf by:
 

.........................................
S Torrington
Company secretary

 

Ballymena United Football Club Limited

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Director of the company

The directors who held office during the year were as follows:

D Blair

J Murray

D Stirling

J Taggart

C Selwood

Dividends

The directors recommend a final dividend payment of £Nil be made in respect of the financial year ended 31 December 2021. This dividend has not been recognised as a liability in the financial statements.

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances and loans to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Loans comprise loans from the directors and others. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

Going concern

The directors have considered the issue of going concern. They are aware that the future trading of the company is dependent on the continued support of the directors and main sponsors, and are confident that this support will remain in place for the foreseeable future.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of D T Carson & Co. as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 30 March 2022 and signed on its behalf by:
 

.........................................
S Torrington
Company secretary

 

Ballymena United Football Club Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ballymena United Football Club Limited

Independent Auditor's Report to the Members of Ballymena United Football Club Limited

Opinion

We have audited the financial statements of Ballymena United Football Club Limited (the 'company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor 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 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Ballymena United Football Club Limited

Independent Auditor's Report to the Members of Ballymena United Football Club Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Ballymena United Football Club Limited

Independent Auditor's Report to the Members of Ballymena United Football Club Limited

• We obtained an understanding of the legal and regulatory framework applicable to the Company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws and we determined that the financial reporting framework used was FRS 102 section 1A;
• We obtained an understanding of how the Company are complying with those legal, regulatory and financial reporting frameworks by making inquiries of management and through the review of the meetings of the directors; and
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Audit procedures performed included:
- identifying the nature of the industry sector and business performance;
- enquiring of management about their own identification and assessment of the risk of irregularities and whether they have any knowledge of any actual, suspected or alleged fraud;
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- identifying and assessing the extent of compliance with laws and regulations and enquiring of management if they are aware of any instance of noncompliance;
- assessing assumptions and judgements made by management in its significant accounting estimates for reasonableness;
- performing analytical procedures to identify any unusual or unexpected variations that may indicate risk of material misstatement due to fraud;
- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- enquiring of management concerning actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Ballymena United Football Club Limited

Independent Auditor's Report to the Members of Ballymena United Football Club Limited

......................................
Edwin McLaughlin (Senior Statutory Auditor)
For and on behalf of D T Carson & Co., Statutory Auditor

51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ

30 March 2022

 

Ballymena United Football Club Limited

Profit and Loss Account for the Year Ended 31 December 2021

Note

2021
£

2020
£

Turnover

3

705,318

630,595

Gross profit

 

705,318

630,595

Administrative expenses

 

(648,831)

(549,939)

Operating profit

4

56,487

80,656

Other interest receivable and similar income

38

92

Interest payable and similar expenses

5

(210)

(131)

   

(172)

(39)

Profit before tax

 

56,315

80,617

Tax on profit

8

(12,070)

(870)

Profit for the financial year

 

44,245

79,747

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ballymena United Football Club Limited

Statement of Comprehensive Income for the Year Ended 31 December 2021

2021
£

2020
£

Profit for the year

44,245

79,747

Total comprehensive income for the year

44,245

79,747

 

Ballymena United Football Club Limited

(Registration number: NI028649)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

9

13,498

5,625

Tangible assets

10

-

832

 

13,498

6,457

Current assets

 

Stocks

13

-

14,525

Debtors

14

49,123

161,686

Cash at bank and in hand

 

461,552

297,939

 

510,675

474,150

Creditors: Amounts falling due within one year

16

(56,663)

(50,944)

Net current assets

 

454,012

423,206

Total assets less current liabilities

 

467,510

429,663

Creditors: Amounts falling due after more than one year

16

(22,602)

(29,000)

Net assets

 

444,908

400,663

Capital and reserves

 

Called up share capital

236,225

236,225

Profit and loss account

208,683

164,438

Shareholders' funds

 

444,908

400,663

Approved and authorised by the Board on 30 March 2022 and signed on its behalf by:
 

.........................................
D Stirling
Director

.........................................
J Taggart
Director

 

Ballymena United Football Club Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2021

236,225

164,438

400,663

Profit for the year

-

44,245

44,245

Total comprehensive income

-

44,245

44,245

At 31 December 2021

236,225

208,683

444,908

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2020

236,225

84,691

320,916

Profit for the year

-

79,747

79,747

Total comprehensive income

-

79,747

79,747

At 31 December 2020

236,225

164,438

400,663

 

Ballymena United Football Club Limited

Statement of Cash Flows for the Year Ended 31 December 2021

Note

2021
 £

2020
 £

Cash flows from operating activities

Profit for the year

 

44,245

79,747

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

7,209

12,497

Finance income

(38)

(91)

Finance costs

5

210

131

Income tax expense

8

12,070

870

 

63,696

93,154

Working capital adjustments

 

Decrease/(increase) in stocks

13

14,525

(14,525)

Decrease/(increase) in trade debtors

14

112,563

(161,686)

(Decrease)/increase in trade creditors

16

(10,480)

23,941

Cash generated from operations

 

180,304

(59,116)

Income taxes paid

8

(871)

-

Net cash flow from operating activities

 

179,433

(59,116)

Cash flows from investing activities

 

Interest received

38

92

Acquisitions of tangible assets

-

(22,998)

Proceeds from sale of tangible assets

 

-

22,998

Acquisition of intangible assets

9

(14,250)

(6,500)

Net cash flows from investing activities

 

(14,212)

(6,408)

Cash flows from financing activities

 

Interest paid

5

(210)

-

Proceeds from bank borrowing draw downs

 

-

30,000

Repayment of bank borrowing

 

(1,398)

-

Payments to finance lease creditors

 

-

(1,131)

Net cash flows from financing activities

 

(1,608)

28,869

Net increase/(decrease) in cash and cash equivalents

 

163,613

(36,655)

Cash and cash equivalents at 1 January

 

297,939

334,594

Cash and cash equivalents at 31 December

 

461,552

297,939

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the Board on 30 March 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements and specifically in light of the Covid-19 pandemic. The directors note the positive trading and cashflow position at the date of sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible assets

25% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Transfer fees

Amortised over the term of the contract

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2021
£

2020
£

Income from trade

537,196

397,338

Grants received

168,122

233,257

705,318

630,595

Income from broadcasting rights is £nil (2020 - £nil).

4

Operating profit

Arrived at after charging/(crediting)

2021
£

2020
£

Depreciation expense

832

8,505

Amortisation expense

6,377

3,992

5

Interest payable and similar expenses

2021
£

2020
£

Interest on bank overdrafts and borrowings

210

-

Interest on obligations under finance leases and hire purchase contracts

-

131

210

131

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2021
£

2020
£

Wages and salaries

378,831

291,855

Social security costs

14,722

7,512

Pension costs, defined contribution scheme

6,066

4,841

Other employee expense

10,738

9,666

410,357

313,874

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2021
No.

2020
No.

Administration and support

26

28

Other departments

40

30

66

58

The amount paid in employee benefits was £nil (2020 - £nil).

7

Auditors' remuneration

2021
£

2020
£

Audit of the financial statements

2,000

2,000

Other fees to auditors

All other assurance services

200

750


 

8

Taxation

Tax charged/(credited) in the income statement

2021
£

2020
£

Current taxation

UK corporation tax

12,070

870

Tax charged in the income statement is £12,070 (2020 - £870).

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

9

Intangible assets

Transfer fees
£

Total
£

Cost or valuation

At 1 January 2021

14,750

14,750

Additions acquired separately

14,250

14,250

At 31 December 2021

29,000

29,000

Amortisation

At 1 January 2021

9,125

9,125

Amortisation charge

6,377

6,377

At 31 December 2021

15,502

15,502

Carrying amount

At 31 December 2021

13,498

13,498

At 31 December 2020

5,625

5,625

The carrying value of intangible assets is £13,498 (2020 - £5,625).

Amortisation charge for the year is £6,377 (2020 - £3,993).

The profit/(loss) on disposal of intangible assets - players is nil (2020 - £nil).

There are no other intangible assets.

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

10

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

34,020

34,020

At 31 December 2021

34,020

34,020

Depreciation

At 1 January 2021

33,188

33,188

Charge for the year

832

832

At 31 December 2021

34,020

34,020

Carrying amount

At 31 December 2021

-

-

At 31 December 2020

832

832

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2021
£

2020
£

Other property, plant and equipment

-

-

     

The profit/(loss) on disposal of assets is nil (2020 -£nil).

11

Investment properties

The carrying value of investment properties is £nil (2020 - £nil).

12

Investments in subsidiaries, joint ventures and associates

The carrying value of investments is £nil (2020 - £nil).

13

Stocks

2021
£

2020
£

Stock of playing equipment

-

14,525

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

14

Debtors

2021
£

2020
£

Trade debtors

46,093

161,686

Other debtors

889

-

Prepayments

2,141

-

49,123

161,686

Debtors includes £nil (2020- £nil) receivable after more than one year.

Amounts receivable from group entities is £nil (2020 - £nil).

Amounts receivable from tax assets is £nil (2020 - £nil).

Amounts receivable from player transfers is £nil (2020 - £nil).

15

Cash and cash equivalents

2021
£

2020
£

Cash on hand

2,200

2,120

Cash at bank

77,051

39,967

Short-term deposits

382,301

255,852

461,552

297,939

Bank overdrafts is £nil (2020 - £nil).

 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

16

Creditors

Note

2021
 £

2020
 £

Due within one year

 

Loans and borrowings

19

6,000

1,000

PAYE and NIC

 

7,750

6,551

VAT

 

17,972

1,887

Outstanding defined contribution pension costs

 

2,470

1,686

Other payables

 

1,252

-

Accrued expenses

 

9,150

38,950

Income tax liability

8

12,069

870

 

56,663

50,944

Due after one year

 

Loans and borrowings

19

22,602

29,000

Amounts payable relating to player transfers in £nil (2020 - £nil).

Amounts payable to employees is £1,100 (2020 - £nil).

Amounts payable to group entities is £nil (2020 - £nil).

Amounts payable for other tax liabilities is £nil (2020 - £nil).
 

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £6,066 (2020 - £4,841).

Contributions totalling £2,470 (2020 - £1,686) were payable to the scheme at the end of the year and are included in creditors.

18

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £0.50 each

472,450

236,225

472,450

236,225

         
 

Ballymena United Football Club Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

19

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

22,602

29,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

6,000

1,000

20

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2020 - £Nil).

21

Related party transactions

Summary of transactions with other related parties

Amounts owing to/from related parties at 31 December 2021 is £nil (2020 - £nil)